S&P 100 Index Options

Core Blue-Chip Exposure 

S&P 100 Index options provide targeted access to America's mega-cap elite—offering cash settlement, European exercise, flexible expirations, and capital efficiency.

Trade Data

(as of October 30, 2025)

1

Volume

149

Open Interest

Overview

Capture S&P 100 performance with OEX (American style), XEO (European style), or Quarterly XEO. Manage risk, fine-tune market views, and leverage flexible expirations to lock in large-cap opportunities.

Benefits

Cash-Settled

Positions settle directly to cash at expiration without the need to deliver or receive unwanted shares.

60/40 Tax Treatment

Benefit from potentially favorable 60/40 tax treatment (60% long-term, 40% short-term).*

Mega-Cap Coverage

Access the 100 largest, most influential U.S. companies in one trade

European-Style Exercise

Options can only be exercised at expiration, providing certainty and eliminating early assignment risk.

Historical Performance for S&P 100 Index Options

Key Resources

Consult key specifications, margin guidelines, and strategy briefs to optimize your approach for OEX, XEO, or Quarterly XEO. 

Latest Market Insights

View All Insights

Stay current with timely market overviews, expert commentary, and best‑in‑class techniques for navigating S&P 100 options.

SPX® Skew in the 99th Percentile High as Downside Risks Rise
Derivative Market Intelligence

SPX® Skew in the 99th Percentile High as Downside Risks Rise

Following this weekend’s strikes by the US, oil markets remain fairly stable as investors wait for Iran’s response. WTI 1M implied volatility surged to as high as 68% last week before ending the week at 51%. The WTI 1M implied-realized vol spread has halved from a high of 30 pts to 14 currently, as fears of significant oil supply disruption have abated somewhat. Notably, US inflation expectations have barely budged on this latest jump in oil prices, in sharp contrast to the 2022 Russia/Ukraine invasion.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: Disclosures and Disclaimers Related to Cboe Options and Futures Products. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. 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.

*Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options, including OEX, 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.