Advisor Resources

With the Options Institute, you have the leading options exchange in the U.S. on your side. Check out some of the resources available to you:

Advisor eNews
Discover the latest in technology and resources at CBOE, and learn the benefits to you and your customers.

CBOE Bookstore
Visit the CBOE Bookstore in order to access a special collection of books, audio/video tapes and DVDs, all specifically targeted to the financial professional and individual investor.

Taxes & Portfolio Management
Some of the many ways in which a very flexible investment tool - listed options - can help high-net-worth investors pursue their financial goals.

IRA and Options Brochure (pdf format)

BXM Study by Callan Associates (pdf format)
In 2006 Callan Associates, an investment services consulting firm, published a new study on the CBOE S&P 500 BuyWrite Index, with an analysis of performance from June 1988 through August 2006. The new Callan Associates study had several key findings, including:

• BXM generated superior risk-adjusted returns over the last 18 years, generating a return comparable to that of the S&P 500 with approximately two-thirds of the risk. (The compound annual return of the BXM was 11.77% compared to 11.67% for the S&P 500, and BXM returns were generated with a standard deviation of 9.29%, two-thirds of the 13.89% volatility of the S&P 500.)



• The risk-adjusted performance, as measured by the monthly Stutzer Index over the 18-year period, was 0.20 for the BXM vs. 0.15 for the S&P 500. A comparison using the monthly Sharpe Ratio yielded similar results (0.22 vs. 0.16, respectively), confirming the relative efficiency of the BXM over the 219-month study period.



• The BXM underperformed the S&P 500 during most rising equity markets and consistently outperformed the S&P 500 in all periods of declining equity markets, demonstrating the return cushion provided by income from writing the calls.



• The BXM generates a return pattern different from that of the S&P 500, offering a source of potential diversification. The addition of the BXM to a diversified investor portfolio would have generated significant improvement in risk-adjusted performance over the past 18 years.