In October 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $51.8 billion, a 20.9% increase from October 2024 ($42.8 billion).
After a volatile start to the month, October turned out generally positive for equities investors. The S&P 500® Index finished the month up 2.27% at 6,840.20 and the Russell 2000® Index gained 1.76% to finish above 2,479. Both benchmarks were just shy of all-time closing highs in the final week of the month.
In the third quarter of 2025, listed options trading saw unprecedented levels of activity driven by double-digit returns for equity investors and increased volatility through macroeconomic events.
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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.
Canadian volumes are strong at 1.57 billion Average Daily Volume (ADV), up 33% month-over-month. Cboe Canada total market share is 12.25%
Cboe BYX® Equities Exchange (BYX) Periodic Auctions had over 1,562 unique stocks entered this month. Learn more about Periodic Auctions here. September notional traded value was $81.1 million with 1,231 distinct stocks trading.
U.S.-listed Exchange Traded Funds (ETFs) account for 35% of total U.S. fund Assets Under Management (AUM) as of August 2025, illustrating a steady increase from 15% in 2014 and highlighting a broader shift toward ETFs for both tactical and strategic asset allocation.
