Cboe Global Markets

The Future of Credit is Here

Cboe Credit Index Futures
Dollar

Easy to Short

Enter a short position as easily as a long position, free from securities shorting regulation.

Hand holding percent symbol

Mitigate Counterparty Risk

Trade with confidence using exchange traded, centrally cleared products. No complex ISDA or bilateral agreements.

Gavel

Broad Exposure

Quickly add or remove exposure to the credit bond market.

Products at a Glance

    High Yield Investment Grade Emerging Market Debt
    Contract Specifications High Yield Futures Investment Grade Futures EM Debt Futures
    Ticker Symbol IBHY IBIG IEMD
    Underlying Exposure iBoxx® iShares® $ High Yield Corporate Bond Index iBoxx® iShares® $ Investment Grade Corporate Bond Index iBoxx® $USD Liquid Emerging Markets Sovereigns & Sub-Sovereigns Index
    Expiration Cycle Monthly and Quarterly
    (Mar, Jun, Sep, Dec)    		 Monthly and Quarterly
    (Mar, Jun, Sep, Dec)
    Contract Multiplier $1000 $100
IBHY High Yield
IBIG Investment Grade
IEMD Emerging Market Debt
IBYO High Yield
IBGO Investment Grade

Portfolio Use Cases

Piggy bank under umbrella
Portfolio Overlay

Tactically adjust credit risk exposure without disrupting underlying holdings

Piggy bank under umbrella
Liquidity Management

Quickly adjust credit allocations in response to inflows, outflows, or changing market conditions.

Piggy bank under umbrella
Cash Equitization

Maintain targeted credit exposure while awaiting investment opportunities or managing fund flows.

Piggy bank under umbrella
Hedging

Efficiently manage credit risk exposure and protect against adverse market moves

Piggy bank under umbrella
Relative Value

Capitalize on discrepancies between credit market segments or specific issuers

Piggy bank under umbrella
Yield Enhancement

Generate additional income by writing options on credit futures, potentially boosting returns

Portfolio Overlay

Tactically adjust credit risk exposure without disrupting underlying holdings

Liquidity Management

Quickly adjust credit allocations in response to inflows, outflows, or changing market conditions.

Cash Equitization

Maintain targeted credit exposure while awaiting investment opportunities or managing fund flows.

Hedging

Efficiently manage credit risk exposure and protect against adverse market moves

Relative Value

Capitalize on discrepancies between credit market segments or specific issuers

Yield Enhancement

Generate additional income by writing options on credit futures, potentially boosting returns

Which Credit Product is Right for You?

Navigating the diverse landscape of credit products can be challenging for portfolio managers. Let's explore how these products compare across key dimensions to help you determine the best fit for your investment strategy and operational requirements.

Feature Cboe Credit Derivatives ETFs Total Return Swaps CDX
Unfunded ✓ X ✓ ✓
Interest Rate Risk ✓ ✓ ✓ X
Expiration Cycle ✓ Borrow must be located; ✓ ✓
Contract Multiplier ✓ ✓ X X
Cboe Credit Derivatives
ETF
Total Return Swaps
CDX

Additional
Resources and Tools

Corporate Bond Futures

Right arrow Contract Specifications
Right arrow Fact Sheet
Right arrow Options on Corporate Bond Futures
Right arrow iBoxx iShares $ High Yield Corporate Bond Index Methodology
Right arrow iBoxx iShares $ Investment Grade Corporate Bond Index Methodology Right arrow Block/ECRP Trade Participants

Quote Vendor Symbols

Right arrow IBHY - Cboe High Yield Corporate Bond Index Futures
Right arrow IBIG - Cboe Investment Grade Corporate Bond Index Futures