2025 was a year of changing market dynamics, and Cboe’s U.S. Cash Equities team evolved with it, continuing to deliver customer-driven solutions and providing insightful analysis.
2025 was the sixth consecutive record year for U.S. listed options. Unprecedented industry participation was driven by strong equity performance, bouts of elevated volatility and increased retail and institutional flow. Total options volume topped 15.2 billion contracts in 2025, 26% above 2024 — the previous record.
Cboe Global Markets mourns the loss of Edward J. Joyce, former President and Chief Operating Officer of Cboe, who passed away on January 15. Cboe extends its heartfelt condolences to the Joyce family and expresses sincere gratitude for Joyce’s significant contributions to Cboe and the U.S. options industry throughout his distinguished 38-year career.
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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.
Many trading strategies, such as covered-call or spread trading, involve options writing (selling), where the primary risks are market movement and volatility. But there's another risk if you happen to be writing options on dividend-paying equities like SPY ETFs: early assignment.
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.
2025 brought many wins for the U.S. Exchange Traded Fund (ETF) industry spanning multi-share class approval, a rules-based approach to digital asset ETP development, record flows and record product launches. Product innovation continues to drive the ETF renaissance, culminating best-in-class thinking across mandate structuring, distribution and service provider engagement.
Canadian equities volumes remained strong at 1.42 billion Average Daily Volume (ADV), up 27% year-over-year. Cboe Canada’s four trading books captured 13.0% market share in November, up 50 basis points month-over-month.
Periodic Auctions continued momentum after significant milestones in October. Increasing number of member firms participating in Periodic Auctions with 23 members trading in November. A new record number of 1,000 Periodic Auctions traded in a single day was set on November 26, with 13 members trading.
