S&P 500® Index Options (SPX)

The S&P 500 is widely regarded as the best single gauge of the U.S. large-cap equities market. Responding to client demand, Cboe
provides investors with a suite of S&P 500 options products.
Comparison of S&P 500 Options Products:
Description Underlying Options Root Settlement Settlement Settlement Exercise- GTH Available**
Options Chain Ticker Symbol AM or PM Date* Type Style

SPX Options Traditional (AM-Settled on 3rd Friday of Every Month)

SPX SPX SPX AM-settled 3rd Friday Cash European Yes

SPX Options Non-Traditional (PM-Settled on Various Expiration Dates)

SPX Friday
End-of-Weeks SPX SPXW PM-settled Fridays Cash European Yes
(EOW)
SPX Wednesday SPX SPXW PM-settled Wednesdays Cash European Yes
Weeklys
SPX Monday
SPX SPXW PM-settled Mondays Cash European Yes
Weeklys
SPX
SPX SPXW PM-settled Last Trading Cash European Yes
End-of-Month
day of Month
(EOM)
SPX PM-Settled SPX SPXW PM-settled 3rd Fridays Cash European Yes
3rd Fridays

SPX Options - Mini (1/10th the Notional Size)

Mini-SPX
Index Options XSP XSP PM-settled Fridays Cash European No
(Weeklys Available)

SPY Options - SPDR ETF

SPDR ETF Options

(3rd Fridays,
Weeklys and SPY SPY PM-settled Fridays or End Physical ETF American No
Quarterlys) of Quarters

* 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 EOW, Wednesday Weeklys, or Monday Weeklys will be listed that would have an expiration date that coincides with the
expiration date of a traditional SPX option or SPX 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 2:00 a.m. Central time and end at 8:15 a.m Central time.
Please visit the Global Trading Hours webpage for more details - www.cboe.com/gth.

Key Features of S&P 500 Cash Index Options Include

Large Contract Size – SPX options have a large notional size with $100 multiplier; 10 times larger than SPDR® S&P 500 ETF (SPY) or iShares®
S&P 500 ETF (IVV) options. This may permit significant commissions cost savings based upon the number of contracts needed to attain the same
notional exposure.

Cash Settlement, European-Style Exercise – With European-style exercise, there is no risk of early assignment such as for dividends; and cash
settlement means there is no unwanted delivery or assignment of shares.

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 Margin – 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 position in
an index-tracking ETF that is based on the same index that underlies the short option(s).

In order to receive covered margin treatment, the market value of the offsetting ETF position must be equivalent or exceed the current aggregate
index value of the option being covered. One should note that not all ETFs are managed so as to maintain a share price that is a constant fraction
(e.g., 1/10 th, 1/100 th, 1/1,000 th, etc.) of the index being tracked.

Tax Treatment – Under ssection 1256 of the Tax Code, profit and loss on transactions in Cboe’s SPX, SPXW and XSP, 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 satisfies 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.

S&P 500® (SPX) Options

1,479,000
Average Daily Volume (ADV)

1,163,000
1,024,000
939,000
888,000
823,000
784,000
708,000

698,000
696,000
630,000

615,000
416,000
285,000
196,000
146,000
119,000
98,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Non-Standard SPX Expirations: Weekly, EOM, PM-Settled

1,200,000 70% Non-Standard as % of All SPX Options

1,000,000 60%
Average Daily Volume (ADV)

50%
800,000
40%
600,000
30%
400,000
20%

200,000 10%

0 0%
Apr-11
Aug-11

Apr-12
Aug-12

Apr-13
Aug-13

Apr-14
Aug-14

Apr-15
Aug-15

Apr-16
Aug-16

Apr-17
Aug-17

Apr-18
Aug-18
Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Non-Standard SPX Expira�ons Non-Standard as a % of All SPX Op�ons

Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies are
available from your broker or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. Futures trading is not suitable for all investors and involves
risk of loss. The risk of loss in futures can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial
resources. For additional information regarding futures trading risks, see the Risk Disclosure Statement set forth in CFTC Regulation §1.55(b). The information in this document is provided
solely for general education and information purposes. Past performance is not indicative of future results. No statement within this document should be construed as a recommendation
to buy or sell a security or futures contract or to provide investment advice. Supporting documentation for any claims, comparisons, statistics, or other technical data, will be supplied
upon request. Cboe®, Volatility Index®, CFE®, and VIX® are registered trademarks and Cboe Futures Exchange and Weeklys are service marks of Cboe Exchange, Inc. S&P® and S&P 500® are
registered trademarks of Standard & Poor’s Financial Services, LLC and are licensed for use by Cboe and Cboe Futures Exchange, LLC (CFE). © 2019 Cboe Exchange, Inc. All Rights Reserved.

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