Benefits of XSP Options

Cash Settlement & European Exercise
Trading account credited/debited in cash, not ETF shares, and no risk of early assignment
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60/40 Tax Treatment
Capital gains may benefit from 60/40 tax treatment*
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Mini Contract
Greater flexibility with smaller contracts.
$3900 SPX = $390 XSP
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Covered Margin Treatment
Offset SPY or IVV ETF exposure on a "covered" basis in a margin account**
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Currently Trading S&P 500 ETF Options?
It's Time to Go Mini

Comparing Cboe Minis – XSP and MRUT

The Cboe Mini-Russell 2000 Index option contract, known by its symbol MRUT, is an index option product designed to track the underlying Russell 2000 Index. This chart shows MRUT compared to XSP, an index option product designed to track the underlying S&P 500 Index.

Trading XSP

XSP options trade on Cboe's Hybrid Trading System, which provides investors with the combined advantages of electronic trading and an open-outcry market on a single platform.

Comparison of S&P 500® Option Products

Mini-SPX® Index Options SPX® Index Options SPX Weekly and End of Month Nanos S&P 500 Index Options SPDR® S&P 500® ETF Options
Options Chain XSP SPX SPX NANOS SPY
Root Ticker Symbol XSP SPX SPXW NANOS SPY
AM or PM Settlement PM AM PM PM PM
Settlement Date*** Mon., Wed., Fri., 3rd Fri. and Last Trading Day of Month 3rd Friday Mon., Tue., Wed., Th., Fri., 3rd Fi and Last Trading Day of Month Mon., Wed., Fri. Mon., Wed., Fri., 3rd Fri. and Last Trading Day of Month
Approximate Notional Size (If S&P 500 Index is 3,900) $39,000 $390,000 $390,000 $39 $39,000
Settlement Type Cash Cash Cash Cash Physical Shares of ETF
Exercise Style European European European European American
Global Trading Hours Available**** Coming soon Yes Yes No No
Tax Treatment* May benefit from 60% long term, 40% short-term capital gains May benefit from 60% long term, 40% short-term capital gains May benefit from 60% long term, 40% short-term capital gains May benefit from 60% long term, 40% short-term capital gains Standard

XSP Weekly Options

Whether it's trading around specific events, such as earnings announcements or economic data reports, or executing overwriting or spread-trading strategies, Cboe XSP weekly options allow traders the granularity to more closely tailor their trades to meet their needs. And for traders executing premium collection strategies, XSP weekly options provide the opportunity to collect premium 52 times per year rather than 12.

XSP weekly options are offered with Monday, Wednesday, and Friday settlements. For Friday settlements, options contract expirations occur on non-standard Friday expirations throughout the year. Similarly, Monday and Wednesday XSP Weeklys options settlements may expire on any Monday or Wednesday of the month, other than a Monday or Wednesday that coincides with an end-of-month expiration date.

XSP Monday, Wednesday and Friday Weeklys options are typically listed on Friday, Tuesday and Thursday, respectively and will expire on their expiration date. If a standard or EOM options contract settlement exists in a week that coincides with a typical Weekly expiration date, a Weekly expiration will not exist on that expiration day. (The term Weeklys refers to the fact that the contracts are listed every week, not that they are a seven-day contract). Settlement processes for XSP weeklys are the same as their standard options counterparts (index, ETF, etc.). See the contract specification for more information.

* 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.

** Cboe Regulatory Circular RG15-183 notes that Cboe rules allow a short position in a cash-settled-index option established and carried in a margin account to receive covered margin treatment if the short option position is offset in the same account by an equivalent or greater position in an index-tracking ETF that is based on the same index that underlies the short option(s) and provided the investor's brokerage firm has such policies in place.

*** In the case of a holiday on the settlement date, the settlement date is moved back one business day (e.g. from Friday to Thursday), with the exception of Monday Weeklys, where the settlement date will move forward one business day (i.e. Monday to Tuesday). In addition, no SPX or XSP EOW, Monday Weeklys, Tuesday Weeklys, Wednesday Weeklys or Thursday Weeklys will be listed that would have an expiration date that coincides with the expiration date of a traditional SPX or XSP option, or SPX or XSP EOM option.

**** Global Trading Hours (GTH) The trading hours for options on the SPX, SPXW (SPX Weeklys and SPX End-of-Month), and SPXPM 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.