Metrics That Matter: Derivatives

November Highlights

U.S. Index Options

SPX Record Volumes

• S&P 500 Index Options (SPX) set multiple monthly Average Daily Volume (ADV) records including 4.6 million SPX contracts overall, up 4% from October.
• 2.85 million zero-days-to-expiry (0DTE) SPX options contracts were traded in November, a 7% increase from October.
• 122,000 SPX contracts were traded during Global Trading Hours (GTH).
• On November 20, 6.39 million SPX contracts were traded, the second-best day for SPX

XSP Record Volumes

• Mini S&P 500 Index Options (XSP) set a new monthly ADV record of 132,000 contracts, surpassing the January 2020 ADV record of 125,000 contracts.

RUT Record Volumes

• 93,700 Russell 2000 Index options (RUT) contracts were traded in November, the third best month on record.

Source: Cboe Global Markets

U.S. Multi-List Options

• Cboe’s multi-list options ADV was 14.43 million contracts, the third best month.
• Cboe C1 Options Exchange (C1): C1 had its second-best month on record, with an ADV of 6.68 million contracts.

U.S. Futures

• IBIG Record High: Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures (IBIG) ADV reached an all-time high of 1,284 contracts.
• VIX Index Futures (VX): VX futures experienced an exceptionally strong month, with an ADV of 274,000 contracts.
• IBHY High Volumes: Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures (IBHY) had an ADV of 1,500 contracts, the highest since July 2021.

European Derivatives

• Open Interest Record: A new open interest record was set on November 20, with 52,600 contracts traded.

News and Insights

• Cboe to Offer Nearly 24-Hour Trading for Russell 2000 Options, Expanding Global Access to U.S. Small-Cap Equities
• Cboe Global Markets Reports Trading Volume for November 2025
• Cboe to Launch Trading of Cboe Magnificent 10 Index Futures and Options on December 8

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