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S&P 500 Index Options
Cboe S&P 500 Index® (SPX®) options offer broad exposure to 500 leading U.S. companies with cash settlement, European exercise, and flexible expirations—maximizing capital efficiency in one powerful contract.
Volume
Open Interest
S&P 500 Index options provide the ultimate tool for expressing directional views, hedging portfolio risk, or capitalizing on volatility—delivering institutional-grade exposure with unmatched flexibility.
Cboe has extended global trading hours (GTH) for S&P 500® Index (SPX) options, Cboe Volatility Index® (the VIX® Index) options and Mini-SPX Index (XSPSM) options to nearly 24 hours a day, five days a week. Trade or hedge broad U.S. market and global equity volatility conveniently across all time zones, day and night.
| Regular Trading Hours | Curb Trading Hours | Global Trading Hours | |
|---|---|---|---|
| Chicago MSCI World Net Total Return USD Index | 8:30 AM - 3:15 PM | 3:15 PM - 4:00 PM | 7:15 PM - 8:25 PM |
| London* | 2:30 PM - 9:15 PM | 9:15 PM - 10:00 PM | 1:15 PM - 2:25 PM |
| Hong Kong* | 10:30 AM - 5:15 AM | 8:15 AM - 9:00 AM | 9:15 AM - 10:25 AM |
| Sydney* | 1:30 AM - 8:15 AM | 5:15 AM - 6:00 AM | 12:15 AM - 1:25 AM |
S&P 500 Level
as of:
Number of Options Contracts
Enter number of SPX contracts
The Mini-SPX Index is based on 1/10th the value of the Standard and Poor's 500 Index. Calculation reflects a relationship of 1 SPX = 10 XSP.
The Mini-SPX Index is based on 1/10th the value of the Standard and Poor's 500 Index. Calculation reflects a relationship of 1 SPX = 10 XSP.
S&P 500 (SPX) Index Options
Mini-SPX (XSP) Index Options
SPX
1
XSP
10
SPX
$100
XSP
$100
SPX = Index level x $100; XSP = Index level x $100 x 1/10
SPX
$-
XSP
$-
Rounded to the closest at-the-money (ATM) price
SPX
$-
XSP
$-
based on current S&P 500 index level for today's option expiration
SPX
$-
XSP
$-
based on current S&P 500 index level for today's option expiration
SPX
$-
XSP
$-
The SPX and XSP Comparison Calculator is an educational tool intended to assist individuals in understanding the differences between the two option contracts and the values will change based upon user inputs. It is not intended to provide investment advice, and users of the SPX and XSP Comparison Calculator should not make investment decisions based upon values generated by it. Your use of the SPX and XSP Comparison Calculator is subject to the Terms and Conditions of Cboe's Websites.
Enhance your strategies with in-depth trading guides, product briefs, and real-world examples for effective SPX implementation.
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Listed options serve multiple purposes in today’s financial markets, from basic hedging and income overlays to quantitative investing strategies and even as the foundation for an entire ecosystem of structured products and defined-outcome exchange traded funds (ETFs). Another crucial benefit comes from the insight the options markets provide into forward-looking expectations and sentiment, aiding decision-making for traders and non-traders alike.
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Advance your options knowledge with modular courses. From foundational insights to complex strategies, gain the tools to support your pursuit of performance-oriented trading.
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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.