Cboe’s mini-SPX options reached record monthly average daily volume in July as same-day contracts accounted for a record 66.2% of activity in the exchange’s flagship SPX options market.
XSP options recorded ADV of 238,000 contracts, including 138,000 contracts in zero-days-to-expiry products. The smaller contract gives traders exposure to the S&P 500 benchmark at one-tenth the size of standard SPX options.
0DTE options expire on the same trading day and can be used to express intraday views or manage event risk over short windows. Cboe did not disclose the trading strategies behind the July records.
Smaller Contracts Gain Volume
The XSP record came as Cboe’s broader index-options business also expanded. Index options ADV reached 5.99 million contracts in July, up 34% from a year earlier, while multi-listed options rose 28.4% to 15.7 million contracts.
Smaller index products also gained share at CME in July. Micro E-mini equity index futures and options accounted for 54% of CME Group’s total Equity Index ADV, with Micro E-mini Nasdaq-100 futures ADV rising 159% year-on-year to 3 million contracts.
CME has also announced E-nano equity index futures, which will be one-tenth the size of Micro E-mini contracts, pending regulatory review.
Cboe did not provide a detailed breakdown of XSP activity by participant type. The published statistics therefore do not indicate whether retail, institutional or market-making flows drove the increase.
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Global Hours Add Another Record
Cboe also reported record activity during its Global Trading Hours session, which runs from 8:15 p.m. to 9:25 a.m. Eastern Time. Total GTH volume reached monthly ADV of 224,000 contracts, including a record 197,000 contracts in SPX options.
The strongest records cited by Cboe in US options were concentrated in S&P 500-linked index products, same-day expiries and extended-hours access.
The July data gives Cboe two separate milestones inside its S&P 500 options franchise: a record for the smaller XSP contract and a new high for the share of SPX volume coming from same-day expiries.
