Achieve Broad Market Protection

Cboe's SPX® options products provide investors with the tools to gain efficient exposure to the U.S. equity market and execute risk management, hedging, asset allocation, and income generation strategies.

Benefits of SPX Options

Cash Settlement & European Exercise
Trading account credited/debited in cash, not ETF shares, and no risk of early assignment
Global Trading Hours
Unlike ETF options, SPX options begin trading at 3 A.M. Eastern time. View Global Trading Hours.
Large Notional Size or Mini
Trade S&P 500 Index options with a $100 multiplier (SPX) or a $10 multiplier (XSP)
Contract Flexibility
Choose A.M. or P.M.-settled contracts; standard, weekly or month-end expirations; or customize your own with FLEX
Covered Margin Treatment
Offset SPY or IVV ETF exposure on a "covered" basis in a margin account**
60/40 Tax Treatment
Capital gains may benefit from 60/40 tax treatment*

Comparison of SPX Option Products

Cboe offers a comprehensive suite of listed options on the S&P 500 Index, including both standard and mini contract size, A.M. and P.M.-settlement, and standard, weekly or month-end expirations. Investors can even customize the key contract specifications with FLEX® options.

Options Chain Root Ticker Settlement Settlement Date* Settlement Type Exercise Style GTH Available**
SPX Options Traditional (AM-Settled on 3rd Friday of Every Month)
SPX SPX SPX AM-settled 3rd Friday Cash European Yes
SPX Options Non-Traditional (PM-Settled on Various Expiration Dates)
SPX Weeklys SPX SPXW PM-settled Mondays
Wednesdays
Fridays
Cash European Yes
SPX End-of-Month (EOM) SPX SPXW PM-settled Last Trading Day of Month Cash European Yes
SPX Options - Mini (1/10th the Notional Size)
Min-SPX Index Options (Weeklys Available) XSP XSP PM-settled Fridays Cash European No
SPY Options - SPDR ETF
SPDR ETF Options (3rd Fridays, Weeklys, and Quarterlys) SPY SPY PM-settled Fridays or End of Quarters Physical ETF American No

* In the case of a holiday on the settlement date, the settlement date is moved back one business day (e.g. from Friday to Thursday), with the exception of Monday Weeklys, where the settlement date will move forward one business day (i.e. Monday to Tuesday). In addition, no SPX EOW, Wednesday Weeklys, or Monday Weeklys will be listed that would have an expiration date that coincides with the expiration date of a traditional SPX option or SPX EOM option.

** Global Trading Hours (GTH) The trading hours for options on the SPX, SPXW (SPX Weeklys and SPX End-of-Month), and SPXPM begin at 3:00 a.m. Eastern time and end at 9:15 a.m Eastern time. Please visit the Global Trading Hours webpage for more details - www.cboe.com/gth.

Strategy Benchmarks

Cboe offers more than 35 benchmark indexes that show the performance of hypothetical strategies that use SPX Index options. The chart below illustrates the relative performance of the Cboe S&P 500 BuyWrite Index (BXMSM) and the Cboe S&P 500 PutWrite Index (PUTSM) versus the S&P 500 Index. Visit Cboe Strategy Benchmark Indexes to see performance data and learn more.

Select Research

Visit Research Library

Download Whitepaper

Options-Based Benchmark Indexes: Performance, Risk and Premium Capture

Wilshire Associates

Download Whitepaper

Options Based Equity Strategies

Meketa Investment Group

Download Whitepaper

Historical Performance of Put-Writing Strategies

Prof. Oleg Bondarenko

The inclusion of research not conducted or explicitly endorsed by Cboe should not be construed as an endorsement or indication of the value of any research.

*Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options, including SPX, are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the investor involved and the strategy employed satisfy the criteria of the Tax Code. Investors should consult with their tax advisors to determine how the profit and loss on any particular option strategy will be taxed. Tax laws and regulations change from time to time and may be subject to varying interpretations.

**Cboe Regulatory Circular RG15-183 notes that Cboe rules allow a short position in a cash-settled-index option established and carried in a margin account to receive covered margin treatment if the short option position is offset in the same account by an equivalent or greater position in an index-tracking ETF that is based on the same index that underlies the short option(s) and provided the investor's brokerage firm has such policies in place.

The information on this website is provided for general education and information purposes only. No statement(s) within this website should be construed as a recommendation to buy or sell a security or futures contract, as applicable or to provide investment advice. Supporting documentation for any claims, comparisons, statistics or other technical data in this website is available by contacting Cboe Global Markets.

Trading FLEX options may not be suitable for all options-qualified investors; the strategies discussed in this report should only be considered by investors with extensive prior options trading experience.