Difference between revisions of "Standard & Poor's Index Options offered at CBOE"

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The Standard & Poor's 100 Index is a capitalization-weighted index of 100 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 100 stocks and divided by a predetermined base value. The base value for the S&P 100 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.
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The [[Chicago Board Options Exchange]] offers a broad listing of proprietary index options products based on Standard & Poor's [[index]]es.


Since 1983 investors have used, cash-settled S&P 100 options (ticker symbol OEX), with American-style exercise) to adjust their equity portfolio exposure.  
The Standard & Poor's 100 Index is a [[capitalization-weighted]] index of 100 [[stock]]s from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding [[share]]s. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 100 stocks and divided by a predetermined base value. The base value for the S&P 100 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.


In February 2001 options on iShares(SM) S&P 100 (ticker symbol OEF, with American-style exercise) were introduced, and in July 2001 the CBOE introduced cash-settled S&P 100 options (ticker symbol XEO) with European-style exercise. Some investors prefer this European-style feature, which means that XEO may be exercised only on the day just prior to expiration, and therefore XEO is not subject to the uncertainties involved with possible early exercise. Investors wishing to manage long-term exposure can use 1/5 value OEX LEAPS® or full-value XEO LEAPS®. <ref>{{cite web|url=http://www.cboe.com/micro/oex/introduction.aspx
Since 1983 when CBOE introduced CBOE 100 index options (later to become S&P 100 index options -- OEX), investors have used these cash-settled, [[American-style exercise]] products to adjust their equity portfolio exposure.
 
In February 2001 options on iShares(SM) S&P 100 (ticker symbol OEF, with [[American-style exercise]]) were introduced, and in July 2001 the [[CBOE]] introduced cash-settled S&P 100 options (ticker symbol XEO) with [[European-style exercise]]. Some investors prefer this European-style feature, which means that XEO may be exercised only on the day just prior to expiration, and therefore XEO is not subject to the uncertainties involved with possible early exercise. Investors wishing to manage long-term exposure can use 1/5 value OEX [[LEAPS]]® or full-value XEO [[LEAPS]]®. <ref>{{cite web|url=http://www.cboe.com/micro/oex/introduction.aspx
|org=cboe.com|date=Nov. 12, 2007|name="S&P 100"}}</ref>
|org=cboe.com|date=Nov. 12, 2007|name="S&P 100"}}</ref>


'''CBOE has a number of contracts based on the S&P 100, including''':
 
'''[[CBOE]] has a number of contracts based on the S&P 100, including''':


{|cellspacing=1 cellpadding=2 border=1
{|cellspacing=1 cellpadding=2 border=1
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|OEX® [[S&P 100 Index Options]] -- American Exercise*  
|OEX® [[S&P 100 Index Options]] -- American Exercise*  
|-
|-
|OEX® - S&P 100 Index LEAPS -- American Exercise
|OEX® - S&P 100 Index LEAPS -- American Exercise*
|-
|-
|[[WEEKLYS]] - Short-Term S&P 100 Index Options
|[[WEEKLYS]] - Short-Term S&P 100 Index Options*
|-
|-
|[[XEO®]] - [[European-style S&P 100 Index Options]]
|XEO® - [[European-style S&P 100 Index Options]]*
|-
|-
|XEO® - European-style S&P 100 [[LEAPS]]
|XEO® - European-style S&P 100 [[LEAPS]]*
|-
|-
|[[QUARTERLYS]] - European-style S&P 100 (XEO) Index Options  
|[[QUARTERLYS]] - [[European-style]] S&P 100 (XEO) Index Options*
|-
|-
|OEF - S&P 100 ishares,® Exchange Traded Fund -- American Exercise  
|OEF - S&P 100 ishares,® Exchange Traded Fund -- American Exercise  
|-
|-
|VXO® - CBOE S&P 100 Volatility Index®    
|VXO® - [[CBOE S&P 100 Volatility Index]]®*    
|}   
|}   
      
      
The '''Standard & Poor's 500 Index''' is a capitalization-weighted index of 500 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 500 stocks and divided by a predetermined base value. The base value for the S&P 500 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.  
The '''Standard & Poor's 500 Index''' is a capitalization-weighted index of 500 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 500 stocks and divided by a predetermined base value. The base value for the S&P 500 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.  
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{|cellspacing=1 cellpadding=2 border=1
{|cellspacing=1 cellpadding=2 border=1
|-
|-
|SPX - [[S&P 500 Index Options]]  
|[[SPX]] - [[S&P 500 Index Options]]*
|-
|-
|SPX - (Reduced-value) LEAPS  
|SPX - (Reduced-value) LEAPS*
|-
|-
|XSP - [[Mini-SPX Index Options]]  
|XSP - [[Mini-SPX Index Options]]*
|-
|-
|[[QUARTERLYS]] - Mini-SPX Index Options  
|[[QUARTERLYS]] - Mini-SPX Index Options*
|-
|-
|[[WEEKLYS]] - Short-Term S&P 500 Index Options  
|[[WEEKLYS]] - Short-Term S&P 500 Index Options*
|-
|-
|[[QUARTERLYS]] - S&P 500 (SPX) Index Options
|[[QUARTERLYS]] - S&P 500 (SPX) Index Options*
|-
|-
|SPL - [[S&P Long-Dated Options]]
|SPL - [[S&P Long-Dated Options]]*
|-
|-
|SPDR® Options (SPY)
|[[SPDRS]] Options (SPY)
|-
|-
|VTY - CBOE S&P 500® VARB-X Strategy Benchmark  
|VTY - CBOE S&P 500® VARB-X Strategy Benchmark*
|}
|}




Note: Any index marked with an (*) is a proprietary index option of Chicago Board Options Exchange.<ref>{{cite web|url=http://www.optionsclearing.com/onn/issues/search_issues.jsp|org=occ.com|date=Nov. 12, 2007|name="Directory of Listed Products"}}</ref>






== Resources ==
Also see [[CBOE index options]] for a full listing of indexes traded on CBOE.




== References ==
== References ==
<references />
<references />
{{CBOE_adbox|R}}
[[Category:Indices]]
[[Category:S&P]]
[[Category:S&P Indices]]
[[Category:Stock index Options]]
[[Category:Options Contracts Traded on CBOE]]
[[Category:Options Contracts]]
[[Category:Indexes]]
[[Category:Financial Options]]

Latest revision as of 16:54, 6 August 2021

The Chicago Board Options Exchange offers a broad listing of proprietary index options products based on Standard & Poor's indexes.

The Standard & Poor's 100 Index is a capitalization-weighted index of 100 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 100 stocks and divided by a predetermined base value. The base value for the S&P 100 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.

Since 1983 when CBOE introduced CBOE 100 index options (later to become S&P 100 index options -- OEX), investors have used these cash-settled, American-style exercise products to adjust their equity portfolio exposure.

In February 2001 options on iShares(SM) S&P 100 (ticker symbol OEF, with American-style exercise) were introduced, and in July 2001 the CBOE introduced cash-settled S&P 100 options (ticker symbol XEO) with European-style exercise. Some investors prefer this European-style feature, which means that XEO may be exercised only on the day just prior to expiration, and therefore XEO is not subject to the uncertainties involved with possible early exercise. Investors wishing to manage long-term exposure can use 1/5 value OEX LEAPS® or full-value XEO LEAPS®. [1]


CBOE has a number of contracts based on the S&P 100, including:

OEX® S&P 100 Index Options -- American Exercise*
OEX® - S&P 100 Index LEAPS -- American Exercise*
WEEKLYS - Short-Term S&P 100 Index Options*
XEO® - European-style S&P 100 Index Options*
XEO® - European-style S&P 100 LEAPS*
QUARTERLYS - European-style S&P 100 (XEO) Index Options*
OEF - S&P 100 ishares,® Exchange Traded Fund -- American Exercise
VXO® - CBOE S&P 100 Volatility Index®*


The Standard & Poor's 500 Index is a capitalization-weighted index of 500 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 500 stocks and divided by a predetermined base value. The base value for the S&P 500 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.

CBOE has a number of contracts based on the S&P 500, including:

SPX - S&P 500 Index Options*
SPX - (Reduced-value) LEAPS*
XSP - Mini-SPX Index Options*
QUARTERLYS - Mini-SPX Index Options*
WEEKLYS - Short-Term S&P 500 Index Options*
QUARTERLYS - S&P 500 (SPX) Index Options*
SPL - S&P Long-Dated Options*
SPDRS Options (SPY)
VTY - CBOE S&P 500® VARB-X Strategy Benchmark*


Note: Any index marked with an (*) is a proprietary index option of Chicago Board Options Exchange.[2]


Resources[edit]

Also see CBOE index options for a full listing of indexes traded on CBOE.


References[edit]