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


    Pure Play on Volatility

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

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  • Futures


    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 & Testimonials

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 client whitepapers and testimonials.

  • We believe that an index putwrite strategy can offer a cost-effective opportunity for improved risk efficiency, flexibility and liquidity in asset owners' portfolios. Our clients continue to seek methods that will allow them to earn returns more efficiently, thereby freeing up scarce risk budgeting capacity to spend in other asset classes. The index putwrite may offer investors a way to earn an equity-like return with less volatility, providing allocators with valuable flexibility to increase investments in less-efficient and/or less-liquid asset classes where return potential may be higher (e.g. private equity and debt, infrastructure). Implementing an appropriate option writing strategy for an institutional portfolio requires an in-depth analysis of asset owners' investment goals and existing portfolio allocations and an evaluation of how an option writing strategy (funded or overlay) can work toward improving the likelihood of investment success.

    Neuberger Berman — Simply PutWriting
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


    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.









  • COR

    Implied Correlation Term Structure

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