Cboe's Strategy Benchmark Indexes www.cboe.com/Benchmarks

BuyWrite Indexes

Delayed Quotes
Sym Last Pt. Change
BXM 1400.66 0.00
BXD 338.43 0.00
BXMC 1467.59 0.00
BXMD 2602.87 0.00
BXMW 162.32 0.00
BXN 619.78 0.00
BXR 258.83 0.00
BXRC 222.68 0.00
BXRD 317.52 0.00
BXY 2072.09 0.00

PutWrite Indexes

Delayed Quotes
Sym Last Pt. Change
PUT 1828.34 0.00
PUTR 368.06 0.00
WPUT 189.46 0.00
WPTR 111.95 0.00

Combo Index

Delayed Quotes
Sym Last Pt. Change
CMBO 1884.53 0.00

Butterfly and Condor Indexes

Delayed Quotes
Sym Last Pt. Change
BFLY 456.21 0.00
CNDR 714.14 0.00

Collar Indexes

Delayed Quotes
Sym Last Pt. Change
CLL 909.34 0.00
CLLR 242.63 0.00
CLLZ 998.29 0.00

Put Protection Index

Delayed Quotes
Sym Last Pt. Change
PPUT 903.67 0.00

Risk Reversal Index

Delayed Quotes
Sym Last Pt. Change
RXM 1046.40 0.00

VIX-related Benchmark Indexes

Delayed Quotes
Sym Last Pt. Change
VPD 398.88 0.00
VPN 358.99 0.00
VXTH 238.73 0.00
LOVOL 224.32 0.00
VSTG 148.21 0.00

Updated Price Charts


Target Outcome Indexes

Delayed Quotes
Sym Last Pt. Change
SPEN 3229.58 0.00
SPRI 5102.36 0.00
SPAI 379.99 0.00
SPATI 381.34 0.00
SUPDN 5699.73 0.00
SPEB01 2166.01 0.00
SPEB04 2056.78 0.00
SPEB07 2237.39 0.00
SPEB10 2108.05 0.00
SPEG01 3164.13 0.00
SPEG04 3126.87 0.00
SPEG07 3092.47 0.00
SPEG10 2647.01 0.00
SPRF01 2015.47 0.00
SPRF04 1840.28 0.00
SPRF07 2066.58 0.00
SPRF10 1949.15 0.00
SPRS01 1959.78 0.00
SPRS04 1917.74 0.00
SPRS07 1976.74 0.00
SPRS10 1695.61 0.00

Excerpts from News Clips

Options for Nervous Investors

"...Research suggests investors who use covered calls can turn the risk-reward trade-off in their favor by using a strategy based on stock indexes rather than individual stocks...Over 10 years through November, the BXM returned 4.2% a year, versus 2.9% for the S&P 500. Over 20 years, which counts the go-go 1990s, its lead is narrower: 8.4% versus 8.3%. During both periods its volatility was significantly lower than that of the S&P 500...

Wall Street Journal December 10, 2011


Buy Writing Makes Comeback as Way to Hedge Risk

"Pension executives are once again beginning to consider a long-standing but long-dormant derivatives strategy - covered call writing, or buy writing - to hedge their downside equity risk and add incremental alpha ... While options industry executives said the strategy is not new, two developments have given it more credibility. First, in 2002, the Cboe Options Exchange created a buy-write index based on the S&P 500, the Cboe S&P 500 BuyWrite Index, or BXM. ... Second, and possibly more important for institutional investors, Ibbotson Associates, Chicago, released a report...

Pensions & Investments. May 16, 2005.


Microsite chart
Microsite chart

The BXM, BXD, BXN, BXY, CLL and PUT indexes (the "Indexes") are designed to represent proposed hypothetical options strategies. The actual performance of investment vehicles such as mutual funds or managed accounts can have significant differences from the performance of the Indexes. Investors attempting to replicate the Indexes should discuss with their advisors possible timing and liquidity issues. Like many passive benchmarks, the Indexes do not take into account significant factors such as transaction costs and taxes. Transaction costs and taxes for strategies such as the Indexes could be significantly higher than transaction costs for a passive strategy of buying-and-holding stocks. Investors should consult their tax advisor as to how taxes affect the outcome of contemplated options transactions. Past performance does not guarantee future results. This web page contains index performance data based on back-testing, i.e., calculations of how the index might have performed prior to launch. Backtested performance information is purely hypothetical and is provided in this web page solely for informational purposes. Back-tested performance does not represent actual performance and should not be interpreted as an indication of actual performance. It is not possible to invest directly in an index. Cboe calculates and disseminates the Indexes. Supporting documentation for any claims, comparisons, statistics or other technical data is available from Cboe upon request. The methodologies of the Indexes are the property of Cboe Options Exchange, Incorporated (Cboe).

Copyright 2019 Cboe Options Exchange, All Rights Reserved