CBOE Mini Options www.cboe.com/Mini

 
MINI   GLD7  

CBOE Mini Options

New CBOE Mini options with physical settlement began trading on March 18, 2013. The new Mini options represent a deliverable of 10 shares of an underlying security, whereas standard equity options represent a deliverable of 100 shares. The options symbol for the new Mini options will be the underlying security symbol followed by the number 7 (see examples in the table below).

In addition, please note that the cash-settled Mini-SPX options (ticker XSP (1/10th the size of SPX, with a multiplier of 100)) have been listed since 2006 www.cboe.com/XSP.

The Mini options are designed to provide added investment flexibility. For example, for an investor who holds 10 to 90 shares of AAPL or GOOG stock, the new mini options could provide that investor with tools that have the potential to be more efficient and tailored for strategies such as covered call writing or hedging.


Security Mini Options Symbol* Underlying Security Symbol Mini Options Multiplier Notional value covered by Mini
option (if option were offered on February 8, 2013, approximate)
Mini options with physical settlement; launched in March 2013 -
Amazon.com Inc. AMZN7 AMZN 10 $2,620 (10 x $262)
Google Inc. GOGL7 GOOG 10 $7,850 (10 x $785)
SPDR Gold Trust GLD7 GLD 10 $1,620 (10 x $162)
SPDR S&P 500 SPY7 SPY 10 $1,520 (10 x $152)
Mini options with cash settlement; launched in 2005 -
Mini-SPX Index (1/10 the size of SPX) XSP XSP 100 $15,200 (100 x $152)

*The options symbol for the new Mini options usually is the underlying security symbol followed by the number 7 (see examples in the table above). However, if there is a corporate action, the symbol could be further modified and appended with an 8 such as "XYZ8." Investors can access the options chain for standard and Mini-sized options at the CBOE Delayed Quotes web page.

Equity Volatility Indexes

Ticker Index Delayed Quotes
Sym Last Pt. Change
VXAZN CBOE Equity VIX® on Amazon
VXAZN 29.83 -1.75
VXGS CBOE Equity VIX® on Goldman Sachs
VXGS 17.95 -0.04
VXGOG CBOE Equity VIX® on Google
VXGOG 19.17 -1.07
VXIBM CBOE Equity VIX® on IBM
VXIBM 15.95 -0.70

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.