February proved to be a tale of two markets as the weakness among “Magnificent 10” stocks impacted the cap-weighted S&P 500® Index leading to outperformance in small-cap and equal-weighted strategies. The S&P 500 Equal Weight Index (SPEQX) led all major benchmarks with a gain of 3.4%, finishing near all-time highs, while the Russell 2000® Index added 0.71%.
In February 2026, Cboe FX Spot ADV reached $59.7 billion, a 24.2% increase from February 2025's ADV of $48.0 billion.
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At 1/10th the size of SPX, XSP offers very similar notional size, weekly expirations, and PM-settlement to SPY, but with even more potential benefits.
If you're an active trader, you work hard to generate profits in your trading account. You study the charts, you watch the day's headlines, and research your entry and exit points before placing an order. If things go your way, you end up with a winning trade in your account. But if you're using a broad-market ETF to trade options on the S&P 500®, you may be paying more in taxes than you would by using index options.* That means you may be giving up more of your hard-earned trading profits.
There are a number of different types of options contracts available on broad-based U.S. equity indexes. Some of the most actively traded products include options on SPY, SPX and XSPSM (Mini-SPX). They all track the S&P 500® and both SPY and XSP options have the same notional size, making them somewhat interchangeable. A key difference, however, is settlement style.
European equity trading volumes reached all-time highs in February, with Cboe Europe posting record monthly volumes for total trading, Periodic Auctions, Cboe BIDS Europe and Cboe Closing Cross (3C)
January 2026 European Cash Equities highlights included record volumes for Cboe Periodic Auctions and continued strong momentum in the Cboe Europe EBBO retail service.
January 2026 U.S. Cash Equities highlights include the launch of Enhanced Retail Price Improvement (ERPI) on BYX and the addition of Member Usage and Peer Ranking Reports.
