An early run to new highs at the start of December was offset by a mid-month slide of nearly 2.5% for the S&P 500® Index. That decline was followed by a rebound that left most equity indices with little change by month-end. Closing levels confirmed a decline of 3.5 points, or 0.05%, for the S&P 500 Index while the Russell 2000® Index slipped 0.74%. For the year, the S&P 500 Index gained more than 16%, while the Russell 2000 Index was up 11.29%. The Cboe U.S. Lag 50 Index (LAGX) increased 11.12% in December while the Cboe U.S. Lead 50 Index (LEADX) declined 11%, indicating that investors may have been trimming recent winners in favor of underperformers. The Cboe Magnificent 10 Index (MGTN) mirrored potential rebalancing of portfolios following very strong performance, with a decline of 0.71% and a year-to-date appreciation of nearly 45%. These dynamics combined with seasonal holiday factors dampened volatility. The Cboe Volatility Index (the VIX® Index) closed below 15, 1.4 points lower than November and one of the lowest levels of the year. Conditions favored premium selling indices with the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index (BXBVW) up 1.84%, followed by the the Cboe S&P 500 BuyWrite Index (BXM) which gained 1.65%. Among indices writing puts, the Cboe Validus S&P 500 Dynamic PutWrite Index (PUTD) and Cboe S&P 500 PutWrite Index (PUT) indices both increased more than 1%. The crypto segment saw moderate stability following November’s sharp decline, with the Cboe Bitcoin U.S. ETF Index (CBTX) down 3.5% to finish 2025 down 6.58%.
Equity Indices
Source: Cboe Global Markets
The Cboe S&P 500 Index option contract, known by its symbol SPX, is designed to track the underlying S&P 500 Index and help investors achieve broad market protection. SPX® options offer the potential opportunity to manage large-cap U.S. equity exposure and execute risk management, hedging, asset allocation, and income generation strategies. The Cboe S&P 500 Equal Weighted Index option contract, SPEQX, is the equal-weight version of the widely-used S&P 500 divided by 10.0. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 Equal Weight Index is allocated a fixed weight – or 0.2% of the index total at each quarterly rebalance. The Russell 2000 Index (RUT) measures the performance of small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2000 securities based on a combination of their market cap and current index membership. RUT options are valuable tools for increasing yields and managing risk. The Cboe Magnificent 10SM Index (MGTN) is an equal-weighted equity index designed to measure the price return of a select group of large-cap U.S. technology and growth-oriented companies with listed options. The Cboe U.S. Lead 50 Index measures the total return of the 50 best performing stocks, based on the total reinvested return of each Constituent Stock since the previous rebalance date, of the 100 Constituents Stocks in the Cboe U.S. Large-Mid Cap 100 Index (CEQX). The Cboe U.S. Lag 50 Index measures the total return of the 50 worst performing stocks, based on the total reinvested return of each Constituent Stock since the previous rebalance date, of the 100 Constituents Stocks in the Cboe U.S. Large-Mid Cap 100 Index (CEQX).
Volatility Indices
Source: Cboe Global Markets
The VIX Index is based on real-time prices of options on the S&P 500 Index (SPX) and is designed to reflect investors’ consensus view of future (30-day) expected stock market volatility. Cboe 1-Day Volatility Index® (VIX1D) estimates expected volatility by aggregating the weighted prices of P.M.-settled S&P 500 Index (SPX) puts and calls over a wide range of strike prices. The Cboe 3-Month Volatility IndexSM (VIX3M) is designed to be a constant measure of 3-month implied volatility of the S&P 500 (SPX) Index options.
Dispersion and Correlation Indices
Source: Cboe Global Markets
The Cboe S&P 500 Dispersion Index (DSPX) measures the expected dispersion in the S&P 500 Index over the next 30 calendar days, as calculated from the prices of S&P 500 Index options and the prices of single stock options of selected S&P 500 Index constituents, using a modified version of the VIX index methodology. The Cboe S&P 500 Implied Correlation Indices, including COR1M and COR6M, are the first widely disseminated market estimates of the average correlation of the stocks that comprise the S&P 500. The Cboe S&P 500 Implied Correlation Indices offers insight into the relative cost of SPX options compared to the price of options on individual stocks that comprise the S&P 500.
BuyWrite Indices – Equity
Source: Cboe Global Markets
The Cboe MSCI Emerging Markets BuyWrite IndexSM (BXEF) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the MXEF index. The Cboe S&P 500 BuyWrite IndexSM (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. The Cboe S&P 500 Half BuyWrite IndexSM (BXMH) is a benchmark index designed to track the performance of a hypothetical covered call strategy. The BXMH Index is similar in design to the Cboe S&P 500 BuyWrite Index (BXM). However, the difference in methodology is as follows: the strategy only writes half a unit of an ATM monthly SPX call option while the long SPX Index position remains unchanged. The Cboe Validus S&P 500 Dynamic Call BuyWrite Index (CALD) tracks the value of a hypothetical rules-based investment strategy which consists of overlaying a basket of S&P 500 a.m.-settled standard expiry short call options over a long position invested in the S&P 500 with dividends reinvested (total return).
PutWrite Indices
Source: Cboe Global Markets
The Cboe S&P 500 PutWrite IndexSM (PUT) tracks the value of a hypothetical portfolio of securities (PUT portfolio) that yields a buffered exposure to S&P 500 stock returns. The PUT portfolio is composed of one- and three-month Treasury bills and of a short position in at-the-money put options on the S&P 500 Index (SPX puts). The number of puts sold is selected to ensure that the value of the portfolio does not become negative when the portfolio is rebalanced. The Cboe Validus S&P 500 Dynamic PutWrite Index (PUTD) is designed to track the value of a rule-based investment strategy which consists of overlaying a basket of S&P 500 (SPX) a.m. settled standard-expiry short put options over a money market account invested at the 4-week daily Treasury Bill rate. The Cboe Russell 2000 PutWrite Index (PUTR) tracks the value of a hypothetical portfolio of securities (PUTR portfolio) that yields a buffered exposure to Russell 2000 Index stock returns. The PUTR portfolio is composed of an investment of $K in one-month Treasury bills and of a short position in an at-the-money puts on the Russell 2000 Index (RUT put), where K is the strike price of the put option.
BuyWrite Indices – Fixed Income
Source: Cboe Global Markets
The Cboe HYG BuyWrite Index (BXHB) is designed to track the performance of a covered call strategy with a short iShares® iBoxx® $ High Yield Corporate Bond ETF (HYG) call option expiring monthly. The Cboe LQD BuyWrite Index (BXLB) is designed to track the performance of a covered call strategy with a short iShares® iBoxx® $ Investment Grade Corporate Bond ETF (LQD) Call option expiring monthly. The Cboe TLT 2% OTM BuyWrite Index (BXTB) is designed to track the performance of a covered call strategy with a short iShares® 20+ Year Treasury Bond ETF (TLT) Call option expiring monthly.
Target Outcome Series
Source: Cboe Global Markets
The Cboe S&P 500 Enhanced Growth Index Series (SPEN) and Cboe S&P 500 Buffer Protect Index Balanced SeriesSM (SPRO) are part of a family of Target Outcome Indices. The Indices are designed to provide target outcome returns linked to the U.S. domestic stock market. The indices measure the performance of a portfolio of hypothetical exchange traded Flexible Exchange® Options (FLEX® Options) that are based on the S&P 500 Index.
Protective Put Indices
Source: Cboe Global Markets
The Cboe VIX Tail Hedge IndexSM (VXTH) tracks the performance of a hypothetical portfolio that:
- Buys and holds the performance of the S&P 500 Index (the total return index, with dividends reinvested), and
- Buys one-month 30-delta call options on the Cboe Volatility Index. New VIX index calls are purchased monthly, a procedure known as the “roll.” The weight of the VIX index calls in the portfolio varies at each roll and depends on the forward value of the VIX index, an indicator for the perceived probability of a “swan event.”
- The weights are determined according to this schedule, and the weights applied at a particular roll date can be seen by opening the VXTH Monthly Roll Spreadsheet.
Bitcoin ETF Indices
Source: Cboe Global Markets
Cboe Bitcoin U.S. ETF Index (CBTX) options and Cboe Mini Bitcoin U.S. ETF Index (MBTX) options offer tools to hedge, capitalize on price movements, or express directional views on the world’s largest cryptocurrency without holding the asset.
- Comprised of ten listed spot Bitcoin ETFs
- Options on standard (CBTX) and mini index (MBTX), as well as FLEX options contracts
- Provides exposure to spot Bitcoin price movements through options, expanding investor access to crypto derivatives
The information herein is provided solely for informational purposes. Past performance of an index or financial product is not indicative of future results. Indices are not financial products that can be invested in directly, but they can be used as the basis for financial products (for example, without limitation, options, futures, mutual funds or exchange-traded funds) or to help manage portfolios. Nothing herein should be construed as investment advice.
The iBoxx iShares $ High Yield Corporate Bond Index and the iBoxx iShares $ Investment Grade Corporate Bond Index (“iBoxx iShares $ Corporate Bond Indices”) and the iBoxx®USD Liquid Emerging Market Sovereigns & Sub-Sovereigns Index are products of S&P Dow Jones Indices LLC or its affiliates or licensors (“S&P DJI”) and have been licensed for use by Cboe Exchange, Inc. iBoxx®, S&P®, S&P 500®, SPX®, US 500®, The 500®, DSPX®, DSPBX®, iTraxx®, CDX®, and Dividend Aristocrats® are registered trademarks of Standard & Poor’s Financial Services LLC “S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by Cboe Exchange, Inc. Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index futures and options on futures, Cboe® iBoxx®iShares® $ Investment Grade Corporate Bond Index futures and options on futures, and Cboe® iBoxx® $ Emerging Market Bond Index futures are not sponsored, endorsed, sold, or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the iBoxx iShares $ Corporate Bond Indices or the iBoxx®USD Liquid Emerging Market Sovereigns & Sub-Sovereigns Index.
The iBoxx® iShares® $ High Yield Corporate Bond Index and the iBoxx® iShares® $ Investment Grade Corporate Bond Index (the “Indexes”), futures contracts on the Indexes and options on futures contracts on the Indexes (“Contracts”) are not sponsored by, or sold by BlackRock, Inc. or any of its affiliates (collectively, “BlackRock”). BlackRock makes no representation or warranty, express or implied to any person regarding the advisability of investing in securities, generally, or in the Contracts in particular. Nor does BlackRock make any representation or warranty as to the ability of the Index to track the performance of the fixed income securities market, generally, or the performance of HYG, LQD or any subset of fixed income securities.
BlackRock has not calculated, composed or determined the constituents or weightings of the fixed income securities that comprise the Indexes (“Underlying Data”). BlackRock is not responsible for and has not participated in the determination of the prices and amounts of the Contracts, or the timing of the issuance or sale of such Contracts or in the determination or calculation of the equation by which the Contracts are to be converted into cash (if applicable). BlackRock has no obligation or liability in connection with the administration or trading of the Contracts. BlackRock does not guarantee the accuracy or the completeness of the Underlying Data and any data included therein and BlackRock shall have no liability for any errors, omissions or interruptions related thereto.
BlackRock makes no warranty, express or implied, as to results to be obtained by S&P DJI, the parties to the Contracts or any other person with respect to the use of the Underlying Data or any data included therein. BlackRock makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Data or any data included therein. Without limiting any of the foregoing, in no event shall BlackRock have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) resulting from the use of the Underlying Data or any data included therein, even if notified of the possibility of such damages.
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