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CBOE Options on SPDR Gold Shares (GLD)

CBOE Options on SPDR Gold Shares (GLD)  
SPX 1992.37 5.86
XSP 199.24 0.59
SPY 199.50 0.58
BXM 1102.68 1.06
VIX 11.76 -0.02
Delayed Quotes

In recent years many investors have expressed increased interest in gold as an investment and portfolio diversification tool.

The introduction of CBOE Options on SPDR Gold Shares (GLD) provides investors with another tool for portfolio and risk management. The SPDR Gold Trust, which is an exchange traded fund (ETF), issues SPDR Gold Shares that represent a fractional, undivided interest in gold bullion held by the SPDR Gold Trust.

On February 28, 2011, CBOE Holdings, Inc. announced plans to launch futures and options on the CBOE Gold ETF Volatility Index (GVZ).

Key Facts about SPDR Gold Shares (GLD)

Inception Date. The GLD ETF was launched on November 12, 2004 (originally with the name streetTRACKS® Gold Trust).
Year-end Prices for the GLD ETF were 51.58 in 2005, 63.21 in 2006, and 82.46 in 2007 (see also the graphs below).
Asset Size. In April 2008 the GLD ETF was the 6th largest US-based ETF, with more than $16 billion in assets (see also the table below).

CBOE Options on GLD

Key features for CBOE GLD options include:

  • Underlying—100 shares of the GLD ETF.
  • Exercise Style: American—GLD options generally may be exercised on any business day before the expiration date.
  • Settlement of Option Exercise: Physical Delivery of GLD shares.
    Click here for specifications
    Click here for position limits

Please visit these links for more information on CBOE and options strategies:

June 2, 2008 Press Release - includes Product Specifications
Commodity-based ETF Options
Options Trading Strategies
Reasons to Choose CBOE
Press Release - CBOE Launch of Quarterly GLD Options on April 9, 2010

Price Charts



VIX index and CBOE Gold Volatility Index

Gold Price

Volatility Indexes - GVZ VIX EVZ

GLD — One-year Graph -

GLD — Five Year Graph -

Historic Volatility

Historic Volatility oil, gold, SPX

Historic volatility of gold since 1993

Low or Negative Correlations

Some investors consider gold to have the potential to help diversify a portfolio of traditional investments, and the GLD has had low or negative correlations with a number of benchmark indexes.

Options Profit-and-Loss Diagrams

* In the Protective Put and Buy-write diagrams, the faint grey line represents an equity position, and the colored "hockey-stick-shaped" line represents the combined stock plus options position. For more details, please click on strategies.

CBOE Volatility Index (VIX)