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

BuyWrite Indexes

Delayed Quotes
Sym Last Pt. Change
BXM 1471.67 0.90
BXD 350.79 0.24
BXMC 1530.70 2.28
BXMD 2709.49 3.37
BXMW 167.95 0.25
BXN 658.14 1.78
BXR 289.80 0.24
BXRC 257.15 0.41
BXRD 364.39 0.80
BXY 2174.96 4.42

PutWrite Indexes

Delayed Quotes
Sym Last Pt. Change
PUT 1963.48 0.93
PUTR 413.53 0.36
WPUT 201.65 0.40
WPTR 133.45 0.32

Combo Index

Delayed Quotes
Sym Last Pt. Change
CMBO 1979.77 2.52

Butterfly and Condor Indexes

Delayed Quotes
Sym Last Pt. Change
BFLY 546.74 -1.79
CNDR 783.06 -0.50

Collar Indexes

Delayed Quotes
Sym Last Pt. Change
CLL 839.60 1.92
CLLR 267.82 0.61
CLLZ 995.89 2.05

Put Protection Index

Delayed Quotes
Sym Last Pt. Change
PPUT 897.40 2.02

Risk Reversal Index

Delayed Quotes
Sym Last Pt. Change
RXM 1048.00 1.26

VIX-related Benchmark Indexes

Delayed Quotes
Sym Last Pt. Change
VPD 396.44 0.00
VPN 361.44 0.00
VXTH 248.92 0.60
LOVOL 230.81 0.38
VSTG 181.90 0.27

Updated Price Charts

VXTH:



Target Outcome Indexes

Delayed Quotes
Sym Last Pt. Change
SPRO 2214.50 0.00
SPEN 3233.61 0.00
SPRI 4729.20 0.00
SPAI 378.94 0.00
SUPDN 5967.36 0.00
SPEB01 2088.72 0.00
SPEB04 1975.15 0.00
SPEB07 2190.83 0.00
SPEB10 2099.18 0.00
SPEG01 3225.19 0.00
SPEG04 2961.84 0.00
SPEG07 3018.98 0.00
SPEG10 2685.65 0.00
SPRF01 1957.75 0.00
SPRF04 1812.57 0.00
SPRF07 2064.28 0.00
SPRF10 1943.20 0.00
SPRS01 2025.11 0.00
SPRS04 1877.68 0.00
SPRS07 1979.48 0.00
SPRS10 1709.01 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.

Charts

Microsite chart
Microsite chart

The BXM, BXD, BXN, BXY, CLL and PUT indices (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).

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