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Benefits of XSP Index Options
- Mini Contract
- Greater flexibility with smaller contracts.
$4500 SPX = $450 XSP - Learn More
- 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 9:25 a.m. ET. View Global Trading Hours***
Trading Toolkit
Weekly Options
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0DTE Trading Resources
Explore resources for all of your 0DTE needs - use cases, trading strategies, research and more.
XSP VS. SPY
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
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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.
Video
Navigate fast moving volatile markets with XSP.
Article Insights
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Index Options and Futures Insights
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* 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 9:25 a.m. Eastern time. Please visit the Global Trading Hours page for more details.