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

BuyWrite Indexes

Delayed Quotes
Sym Last Pt. Change
BXM 1432.77 0.00
BXD 346.53 0.00
BXMC 1502.44 0.00
BXMD 2668.67 0.00
BXMW 164.63 0.00
BXN 636.95 0.00
BXR 264.02 0.00
BXRC 226.60 0.00
BXRD 322.87 0.00
BXY 2124.46 0.00

PutWrite Indexes

Delayed Quotes
Sym Last Pt. Change
PUT 1870.98 0.00
PUTR 375.49 0.00
WPUT 188.64 0.00
WPTR 112.25 0.00

Combo Index

Delayed Quotes
Sym Last Pt. Change
CMBO 1930.27 0.00

Butterfly and Condor Indexes

Delayed Quotes
Sym Last Pt. Change
BFLY 468.07 0.00
CNDR 723.81 0.00

Collar Indexes

Delayed Quotes
Sym Last Pt. Change
CLL 927.32 0.00
CLLR 245.30 0.00
CLLZ 1017.29 0.00

Put Protection Index

Delayed Quotes
Sym Last Pt. Change
PPUT 918.69 0.00

Risk Reversal Index

Delayed Quotes
Sym Last Pt. Change
RXM 1059.97 0.00

VIX-related Benchmark Indexes

Delayed Quotes
Sym Last Pt. Change
VPD 405.72 0.00
VPN 364.84 0.00
VXTH 241.68 0.00
LOVOL 228.47 0.00
VSTG 149.92 0.00

Updated Price Charts

VXTH:



Target Outcome Indexes

Delayed Quotes
Sym Last Pt. Change
SPRO
SPEN 3323.91 0.00
SPRI 5025.05 0.00
SPAI 393.39 0.00
SPATI 394.76 0.00
SUPDN 5741.96 0.00
SPEB01 2193.29 0.00
SPEB04 2090.66 0.00
SPEB07 2283.21 0.00
SPEB10 2149.55 0.00
SPEG01 3221.76 0.00
SPEG04 3202.22 0.00
SPEG07 3203.56 0.00
SPEG10 2738.95 0.00
SPRF01 2040.48 0.00
SPRF04 1870.73 0.00
SPRF07 2103.87 0.00
SPRF10 1977.08 0.00
SPRS01 1982.83 0.00
SPRS04 1946.45 0.00
SPRS07 2022.12 0.00
SPRS10 1722.81 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 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).

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