Cboe Nanos
Use Cboe's SPX Suite of Index Options to
Gain Broad Market Exposure and Efficiently Respond to Market-Moving Events.
Choose the Right Contract for You, Any Time, Any Day!
Experience trading flexibility with Cboe's SPX suite of index options with Interactive Brokers.
Discover how these contracts can meet your specific
trading needs:
From Big to Small: Find the Right Fit for You
With standard, mini, and nano contracts in the SPX suite, you can choose the perfect size to match your investing goals.
Trade Around the Clock
The SPX suite lets you react to market events nearly 24 hours a day 5 days a week. Seize opportunities well beyond regular trading hours and stay ahead of the game, wherever you are in the world.
Precision and Control with Daily Expirations
Enhance your trading strategy with daily expirations. Trade weekly options up to the last day of expiration at market close every trading day of the week.
Cash Settlement & European Exercise
All contracts are cash settled and no risk of early exercise, and no delivery of unwanted shares or market exposure. Your trading account is credited or debited in cash, ensuring a seamless experience.
Additional benefits include:
60/40 Tax Treatment: Maximize your capital gains with favorable tax treatment.1
Large Notional Size, Mini or Nanos: Trade standard S&P 500 Index options (SPX) or Minis (XSP) at 1/10th the size, or Nanos at 1/100th the size of XSP.2
Global Trading Hours: Trade SPX, SPX Weeklys, and XSP index options across all time zones, nearly 24 hours a day 5 days a week.3
Lowest Cost*
Commissions
USD 0.70 to 2.51**
on SPX, per contract • all in
USD 0.31 to 0.60**
on XSP, per contract • all in
USD 0.12 to 0.13**
on Nanos, per contract • all in
* For more information, click here.
**Commissions depend on monthly traded volume and other factors.
| Time Zone | Global Trading Hours | Regular Trading Hours |
|---|---|---|
| Chicago | 7:15 PM - 8:15 AM | 8:30 AM - 3:15 PM |
| London* | 1:15 AM - 2:15 PM | 2:30 PM - 9:15 PM |
| Hong Kong, Singapore* | 9:15 AM - 10:15 PM | 10:30 PM - 5:15 AM |
| Sydney* | 12:15 AM - 1:15 PM | 1:30 AM - 8:15 AM |
*Trading hours are determined by the time in Chicago. Note that Daylight Saving Time (DST) procedures vary by time zone and will affect the times shown here. For non-U.S. clients shown in this table, the trading hours may shift by one hour as the U.S. changes between Standard Time and Daylight Saving Time.
Comparison of SPX Index Options
From veteran to new traders, the SPX suite of index options offers an array of benefits and product features.
| Product Feature | SPX Index Options – Standard | SPX Index Options – SPX Weeklys and End-of-Month | Mini-SPX Options (XSP) | Nanos S&P 500 Index Options |
|---|---|---|---|---|
Ticker Symbol |
SPX |
SPXW |
XSP |
NANOS |
Contract Multiplier |
$100 |
$100 |
$100 |
$1 |
Approximate Notional Size |
$410,000 |
$410,000 |
$41,000 |
$410 |
Premium Dollar Price |
$3000 |
$3000 |
$300 |
$3 |
A.M. or P.M. Settlement |
A.M. - settled |
P.M. - settled |
P.M. - settled |
P.M. - settled |
Settlement Type |
Cash (no delivery of physical shares) |
|||
Settlement Date |
3rd Friday |
Weeklys: Every Trading Day |
Mon., Tue., Wed., Thu., Fri., 3rd Fri. and Last Trading Day of Month |
Monday, Wednesday, Friday |
Exercise Style |
European (no risk of early assignment) |
|||
Tax Treatment |
60% long term, 40% short-term capital gains1 |
|||
Global Trading Hours3 |
Yes |
Yes |
Yes |
No |
The Rise of SPX & 0DTE Options White Paper
Cboe
U.S. options markets have seen significant growth in trading over the last few years, with volume in 2023 on pace to be a record for the fourth year in a row. With the massive increase in SPX volume, particularly 0DTE, there have been concerns around market risk associated with this growth. We look at the trends in both overall and short-dated SPX options trading, including overall volume growth, SPX volume and open interest, the history of SPX 0DTE, typical uses of 0DTE options, quote quality in SPX, costs to trade SPX, the benefits of shorter dated options and addressing some concerns related to the recent 0DTE boom.
Why Trade Cboe® SPX Index Options with Interactive Brokers?
Interactive Brokers (Nasdaq: IBKR) is an automated global electronic broker that serves individual investors, hedge funds, proprietary trading groups, registered investment advisors and introducing brokers.
Our four-decade focus on technology and automation allows us to provide our clients with a sophisticated, global trading platform with the lowest costs for managing investments. IBKR clients enjoy access to stocks, options, futures, currencies, bonds, funds and more on over 150 markets in 34 countries.
Learn why Barron's rated IBKR as "Rated #1 – Best Online Broker" in 2023. Read the full article
Open an AccountAlready a Client?
If you are an IBKR client with Options trading permission, you can already trade Cboe® Mini Index Options. If you do not have Options trading permissions, simply log into Client Portal, click the My Investment Accounts icon (the "head and shoulders" image at top right), choose Settings and then Trading Permissions (in the Trading section.)
Add Permission
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- Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options, including SPX, Mini-SPX (XSP) and Nano 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.
- Nanos trade on Cboe® as a $1 multiplier option (versus a $100 multiplier for standard options) on the Mini- S&P 500 Index, which is 1/10th the value of the S&P 500 Index. While capital risk for a contract holder is limited to the price of the premium and is thus reduced relative to the same number of standard contracts, the capital risk associated with writing Nanos by Cboe® contracts remains open-ended.
- Global Trading Hours (GTH) The trading hours for options on the SPX, SPXW (SPX Weeklys and SPX End-of-Month), and SPXPM begin at 8:15 p.m. Eastern time and end at 9:15 a.m Eastern time. Please visit the Trading Hours page for more details.
- There are important risks associated with transacting in any of the Cboe® Company products or any of the digital assets discussed here. Before engaging in any transactions in those products or digital assets, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.