Cboe Bitcoin U.S. ETF Index options
FLEX Your Bitcoin Strategy
Cboe Bitcoin U.S. ETF Index (CBTX) options and Cboe Mini Bitcoin U.S. ETF Index (MBTX) options offer tools to hedge, capitalize on price movements, or express directional views on the world’s largest cryptocurrency without holding the asset.
Why Trade CBTX and MBTX ?
- Cash-Settled and European Exercise
- Trades settle in cash at expiration, eliminating unwanted physical delivery of Bitcoin ETFs and early assignment risk.
- Reduces Counter Party Risk
- All trades are cleared by The Options Clearing Corporation® (OCC), enhancing transaction security.
- Flexible Trading
- Access standard monthly and end-of-month (EOM) options, or fine-tune strategies with FLEX options that accommodate custom expiration dates and other key contract terms.
- Targeted Exposure
- At 1/10th the notional value of the standard options, Cboe Mini Bitcoin U.S. ETF Index (MBTX) options are also available to manage basis risk or achieve more targeted exposure in portfolios of varying sizes.
Product Comparison
| Description | Cboe Bitcoin U.S. ETF Index Options | Cboe Mini Bitcoin U.S. ETF Index Options | ||
|---|---|---|---|---|
| Options Chain | CBTX | CBTX | MBTX | MBTX |
| Root Ticker | CBTX | CBTXW | MBTX | MBTXW |
| AM or PM Settlement | AM | PM | AM | PM |
| Settlement Date*** | 3rd Friday | Last Trading Day of Month | 3rd Friday | Last Trading Day of Month |
| Settlement Value Ticker | CBTXS | CBTX | MBTXS | MBTX |
| Approximate Notional Size (if Cboe Bitcoin U.S. ETF Index level is 2000) | $200,000 | $200,000 | $20,000 | $20,000 |
| Settlement Type | Cash | |||
| Exercise Style | European | |||
| FLEX Available | Yes | |||
About the Underlying Index
Cboe Bitcoin U.S. ETF Index options are based on Cboe Bitcoin U.S. ETF Index (CBTX), a modified market capitalization-weighted index that is designed to track the performance of a basket of spot Bitcoin ETFs listed on U.S. exchanges. Options on Cboe Mini Bitcoin U.S. ETF Index (MBTX) is based on 1/10th the value of the Cboe Bitcoin U.S. ETF Index.
Constituents by Index Weight
| Symbol | Constituent | CUSIP | Country | Weight(%) |
|---|---|---|---|---|
| IBIT | iShares Bitcoin Trust ETF | 46438F101 | USA | 20.00 |
| GBTC | Grayscale Bitcoin Trust | 389637109 | USA | 10.00 |
| FBTC | Fidelity Wise Origin Bitcoin Fund | 315948109 | USA | 10.00 |
| BITB | Bitwise Bitcoin ETF Trust | 09174C104 | USA | 10.00 |
| ARKB | ARK 21Shares Bitcoin ETF | 040919102 | USA | 10.00 |
| HODL | VanEck Bitcoin Trust | 92189K105 | USA | 10.00 |
| BRRR | Coinshare Valkyrie Bitcoin Fund | 91916J100 | USA | 9.81 |
| BTCO | Invesco Galaxy Bitcoin ETF | 46091J101 | USA | 8.72 |
| EZBC | Franklin Bitcoin ETF | 354921108 | USA | 7.38 |
| BTCW | WisdomTree Bitcoin Fund | 97720F101 | USA | 4.09 |
Data as of November 26, 2024