Power Tools for
Every Trade

At the heart of the Cboe S&P 500 Toolkit lies a deep pool of liquidity linked to the pulse of the S&P 500. With S&P 500 (SPX) index options at the cornerstone, the most liquid equity index options market underpins a robust pricing network for the other instruments within the suite.

Explore our growing suite of proprietary products to access different risk exposures, tenors and contract sizes. Whether it’s precision, efficiency, or versatility, Cboe has what you’re looking for.

Discover the S&P 500 Toolkit

  • Options

    SPX ®

    Ultimate Versatility

    The most actively traded and liquid index options in the world. SPX unlocks the full potential of risk management strategies based on the S&P 500.

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  • Options

    XSP ®

    Flexibility and Precision

    At 1/10 the size of the classic SPX, XSP provides more precision and granularity for scaling exposure to the S&P 500.

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  • Options

    VIX ®

    Volatility Guard

    With VIX options, hedge portfolio volatility risk distinct from market price risk and express your view of the future direction of volatility.

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  • Futures

    /VX

    Pure Play on Volatility

    With VIX futures, express your view on or hedge against expected volatility in the market.

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  • Futures

    VXM

    Agile Risk Management

    At 1/10th the size of the standard VIX futures contract, Mini VIX futures offers additional flexibility in volatility risk management and greater precision when allocating among smaller managed accounts.

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Volatile markets, meet versatile strategies

Key benefits of the S&P 500 toolkit

  • One Access Point

    Enjoy the convenience and efficiency of executing Cboe options and futures with one clearing house and one executing broker.

  • Empower Decision Making

    Guide your trading decisions with real-time market indicators, premier education and expert analysis.

  • Trade Anytime, Anywhere

    Seize opportunities whenever they strike. Trade the suite of Cboe S&P 500 tools nearly 24 hours, 5 days a week, in every time zone — U.S., Europe and Asia.

Coming Soon
The S&P 500 toolkit guide

Be among the first to receive the S&P 500 Toolkit Guide for an in-depth look into our S&P 500 products, use cases and how to leverage Cboe indices.

Get the Edge
You've Been Looking For

Customer Whitepapers

For nearly five decades, asset owners and investment managers have relied on Cboe tools as the tried and trusted solution for mastering risk. Discover how our institutional clients, from hedge funds to insurers, pensions, and RIAs, have harnessed the power of the Cboe S&P 500 Toolkit to achieve their investment goals. Select from the portfolio objectives below to view the whitepapers.

  • The rise of OTC and structured exotic derivatives in the 1990s and 2000s, facilitated by aggressive risk-taking by growing investment banks, brought a rapid rise in complexity. With that complexity came new inefficiencies that cutting-edge managers of the time were able to exploit. But that complexity also brought growing risks. This whitepaper traces that evolution of the history of the derivatives markets from a relative value volatility arbitrage manager perspective, pointing out the risks and opportunities that each cycle has brought.

    QVR Advisors — Evolution of Derivatives Markets and Arbitrage
The inclusion of research not conducted or explicitly endorsed by Cboe should not be construed as an endorsement or indication of the value of any research.

Maximize Every Trade

Fine tune your trading strategies

How you implement your trading strategies can be the defining factor in your success. Created by Cboe Labs, our suite of indices unlocks the keys to a deeper understanding of term structures, market sentiment dynamics and the ability to spot outliers.

Gain invaluable insights and make more informed decisions around positioning and timing your trades by exploring our real-time indicators below.

  • NEW

    DSPX

    Cboe S&P 500 Dispersion Index

    The Dispersion Index provides an indicator for the market’s expectation of the magnitude of idiosyncratic movements in S&P 500 constituent prices over the next 30 days.

  • VIX

    Volatility Indices

    The leading indicator of expected market volatility.

    Shortest

    Longest

    VIX1D

    VIX9D

    VIX

    VIX3M

    VIX6M

    VIX1Y

  • COR

    Implied Correlation Term Structure

    Reflects changes in relative premium between SPX index options and single-stock options.

    Shortest

    Longest

    COR1M

    COR3M

    COR6M

    COR9M

    COR1Y

Harness The Knowledge.
Wield The Power.

Engage with the experts

At Cboe, we’re dedicated to helping you navigate any market condition and efficiently manage risk. Engage with product innovators and world-class experts on how to use our tools, analyze markets and take your investment outcomes to new heights.

Biggest Week In Earnings

Cboe Labs is a cutting-edge innovation hub that brings together financial market professionals and academic experts to create solutions for real-world problems.

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The education arm of Cboe, providing best-in-class education to institutional clients for over 35 years. Access bespoke education, events, academic research and trading floor tours.

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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.