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S&P 500 Index Options - SPX

VIX - CBOE Volatility Index  
SPX 2018.05 23.40
XSP 201.81 2.34
BXM 1069.60 1.53
PUT 1438.72 1.47
VIX 14.03 -0.49
Delayed Quotes

Jack Hanson "The Clifton Group is an investment management company which serves the fund sponsor community as an overlay risk manager. Our emphasis in constructing client protection programs is to produce a risk management structure which is cost effective and also satisfies the client's requirement for confidence in outcomes. Clifton finds the fulfillment of these protection management needs is best satisfied by the liquidity and price efficiency available through exchange-traded options. Client portfolios are most often hedged using the standard and FLEX index options on the S&P and Russell 2000 indexes. Exchange-traded contracts provide further benefit in that they satisfy client counter party risk concerns in part related to the perception of high equity market risk levels and the uncertainty associated with the coming millennium. Clifton utilizes exchange-traded contracts on risk management overlay programs covering over $7 billion in assets."

Jack L. Hansen, CFA
Senior Portfolio Manager and Principal
The Clifton Group
Minneapolis, MN

The CBOE S&P 500 BuyWrite Index (BXMSM) is designed to represent a proposed hypothetical buy-write strategy. Like many passive indexes, the BXM Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes. Investors attempting to replicate the BXM Index should discuss with their brokers possible timing and liquidity issues. Transaction costs and taxes for a buy-write strategy such as the BXM could be significantly higher than transaction costs for a passive strategy of buying-and-holding stocks. Past performance does not guarantee future results. Standard & Poor's, S&P, and S&P 500 are registered trademarks of The McGraw-Hill Companies, Inc. and are licensed for use by the Chicago Board Options Exchange, Incorporated (CBOE). CBOE, not S&P, calculates and disseminates the BXM Index. The CBOE has a business relationship with Standard & Poor's on the BXM and PUT Indexes. CBOE S&P 500 BuyWrite IndexSM BXMSM are servicemarks of the CBOE. The methodology of the CBOE S&P 500 BuyWrite Index is owned by CBOE and may be covered by one or more patents or pending patent applications.

Options involve risk and are not suitable for all investors. Prior to buying or selling options, a person must receive a copy of Characteristics and Risks of Standardized Options(ODD). Copies of the ODD are available from your broker, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. The information in these materials is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected in these materials. No statement within these materials should be construed as a recommendation to buy or sell a security or to provide investment advice. Any strategies discussed, including examples, do not include commissions, dividends, margin, taxes, and other transaction costs. However, these costs will affect the outcome of transactions and should be considered. S&P 100 and S&P 500 are registered trademarks of the McGraw-Hill Companies, Inc., and are licensed for use by the Chicago Board Options Exchange, Inc. (CBOE). The "Russell 2000 Index is a registered trademark of Frank Russell Company. The Nasdaq 100 is a registered mark of The Nasdaq Stock Market, Inc. "Dow Jones SM", Dow Jones Industrial AverageSM", "Dow Jones Transportation AverageSM," and "Dow Jones Utility AverageSM" are service marks of Dow Jones & Company, Inc. and have been licensed for certain purposes by the CBOE. LEAPS, FLEX, FLexible EXchange, CBOE, Chicago Board Options Exchange and OEX are registered trademarks of CBOE, and Long-term Equity AnticiPation SecuritiesTM and SPXTM are trademarks of the CBOE.

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CBOE Volatility Index (VIX)