Benefits of XSP Index Options

Mini Contract
Greater flexibility with smaller contracts.
$4500 SPX = $450 XSP
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Cash Settlement
Trading account credited/debited in cash, no delivery of unwanted shares or market exposure
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European Exercise
Cash settled European style options exercise at expiration, unlike American style, which may be exercised OTM after market close — eliminating risk of early assignment
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Potential Tax Savings
Capital gains may benefit from 60/40 tax treatment*
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Certainty Of Settlement
No contra exercise risk, eliminating potential economic and tax risk for writers**
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Extended Trading Hours
Unlike ETF options, XSP options trade extended hours from 8:15 p.m. to 9:15 a.m. ET. View Global Trading Hours***
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Trading Toolkit

Weekly Options

Tailor your trades with expiries available Monday through Friday.

0DTE Trading Resources

Explore resources for all of your 0DTE needs - use cases, trading strategies, research and more.


Discover the benefits of index options vs. ETF options.

XSP Use Cases

The benefits of index options let you trade right up to market close on expiration day.

What's the Difference

Index Options vs. ETF Options

Subscription Center

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Comparison Calculator:

S&P 500 (SPX®) and Mini-SPX (XSP) Index Options

XSP Resource Toolkit

Fact Sheet

Comprehensive one-page explanation of the key facts and benefits of XSP.

Contract Specifications

Details and terms of an XSP options contract.


Navigate fast moving volatile markets with XSP.

Article Insights

Explore featured insights and our latest thinking on XSP.


Cboe Market Data

Access proprietary data from our world-class markets.

Index Data

Streaming real-time index values from Cboe and other index providers.

Derived Data

Cboe DataShop is your e-commerce destination for historical and reference data.

Cboe VIX® Index Data

View historical data on volume, open interest, and prices for futures on the VIX Index.


Cboe Hanweck

Margin-risk analytics with a real-time, data-enabled, global, cross-asset, risk-analytics platform.

FT Options

Premier portfolio management platform with risk and volatility analytics.

Cboe LiveVol

Web-based options analytics platforms to quickly analyze trading activity and identify opportunities.

Trade Alert

Cutting-edge, order-flow analysis providing context for the U.S. options market.


Market Connectivity

Leverage our established network to access major market centers for data and order entry.

Execution Platform

Silexx is a desktop execution management system that is exchange and broker neutral, plus an extensive FIX routing network.


Cboe Global Indices

The leader in derivatives-based indices, offering index design and development, including complex calculation services.

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

** 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 or greater position in an index-tracking ETF that is based on the same index that underlies the short option(s) and provided the investor's brokerage firm has such policies in place.

*** Global Trading Hours (GTH) The trading hours for options on the SPX, SPXW (SPX Weeklys and SPX End-of-Month), and XSP (Mini-SPX) begin at 8:15 p.m. Eastern time and end at 9:15 a.m. Eastern time. Please visit the Global Trading Hours page for more details.