S&P 500® Index Options Products

Access the most actively traded U.S. index options.

Products at a Glance

Cboe Index Options SPX® XSP® (Mini-SPX®) NANOS
Contract Size 1 1/10th of SPX 1/100th of XSP
Contract Multiplier $100 $100 $1
Approx. Notional Size (if S&P 500 is $4,500) $450,000 $45,000 $450
Settlement Type Trading account credited or debited in cash
Exercise Style European style, exercised at expiration, no risk of early exercise or assignment
Tax Treatment Capital gains may benefit from 60% / 40% tax treatment*
Extended Trading Hours Global trading hours available** Standard market trading hours
Certainty of Settlement Settlement and exercise style eliminate potential economic and tax risk for writers
More SPX details More XSP details More Nanos details

* Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options, including SPX Options, are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the investor involved and the strategy employed satisfy the criteria of the Tax Code. Investors should consult with their tax advisors to determine how the profit and loss on any particular option strategy will be taxed. Tax laws and regulations change from time to time and may be subject to varying interpretations.

** Global Trading Hours (GTH) The trading hours for options on the SPX, SPXW (SPX Weeklys and SPX End-of-Month), and XSP (Mini-SPX) begin at 8:15 p.m. Eastern time and end at 9:15 a.m. Eastern time. Please visit the Global Trading Hours page for more details.

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S&P 500 (SPX®) and Mini-SPX (XSP) Index Options

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There are important risks associated with transacting in any of the Cboe Company products or any digital assets discussed here. Before engaging in any transactions in those products or digital assets, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers. These products and digital assets are complex and are suitable only for sophisticated market participants. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2024 Cboe Exchange, Inc. All Rights Reserved.