Cboe Global Markets

To bring further clarity to the behavior of the #VIX Index, Cboe has developed a heuristic model to disentangle its movements into six principal components commonly used by #volatility traders to describe changes in the vol surface. This includes the “expected” VIX Index change, the premia due to the supply and demand for optionality, as well as changes in bearish vs. bullish positioning in the underlying #SPX #options market. To help illustrate the model, we include a case study comparing two recent large vol moves – the August 2024 unwind of the yen carry trade vs. the April 2025 post-“Liberation Day” sell-off (see exhibit below). Dive into the paper: https://bit.ly/477JJ5i Ed Tom; Mandy Xu; Henry Schwartz; Wei Liao

Managing risk while accessing cryptocurrency exposure is made easier with Cboe's suite of spot bitcoin ETF BuyWrite indices: the Cboe GBTC ATM BuyWrite Index (#BXGBTCA) and the Cboe GBTC 20% OTM BuyWrite Index (#BXGBTCT). Learn how these tools — leveraging covered-call strategies on the Grayscale Bitcoin Trust ETF $GBTC — can assist income-seeking investors navigating bitcoin's volatility: bit.ly/4mMYxM4

Nothing says summer like stadium cheers! In Chicago, NYC and Kansas City, Cboe associates brought their families and friends along for some fun and fandom at Chicago Dogs, NY Mets and Sporting KC games ⚾️⚽️ #OurCboe

What phase of outcome-based ETF adoption are we in? With a new credit cycle on the horizon, record product innovation and more managers entering the space, signs point to us still being in the early innings. Read more from Eric Q. on Insights: https://bit.ly/3HcIwiF

The 'At Work by 11am' tour is hitting tastylive's hometown! 🏙️ Chicagoans, join Tom Sosnoff & Tony Battista at Thalia Hall on 8/15 as they guide the crowd through a unique live trading event exploring stocks and derivatives. Register: https://bit.ly/3XbJKOP

Recapping Cboe's U.S. cash equities activity in July: 🔹Periodic Auctions volume up 107% MoM on Cboe BYX® Equities Exchange (BYX) 🔹Market share increases for Cboe EDGA® Equities Exchange (EDGA) and Cboe BZX® Equities Exchange (BZX) of 17 basis points and 22.5 basis points, respectively 🔹Cboe Timestamping Service enhancements implemented July 25 For more updates, see the full article: https://bit.ly/4oIyDKD

Want to know which institutional investors are driving options and ETF trading activity? Cboe Data Vantage’s consolidated 13F data, compiled daily from SEC filings, can be used to identify top market participants, their percent of open interest and quarterly changes in positions. Explore it now on Cboe DataShop: https://bit.ly/3UaZKzJ

How do you turn a fundamentally illiquid underlying, like corporate #bonds, into a liquid futures product? David Litchfield breaks down the origins and ecosystem behind Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures (#IBHY) and Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures (#IBIG). Explore how these #futures can be integrated into your #trading strategies and join our webinar on August 13 for a deep dive into use cases: https://bit.ly/43B8Rhc

Bright lights meet bold products! 🌟We recently shone a spotlight in Times Square on our dynamic ETF ecosystem. Home to 1,000+ U.S. funds, Cboe and our partners are redefining how investors engage with the markets. From established strategies to emerging innovations, we’re proud to be the exchange where progress takes shape. #CboeListed Learn about our best-in-class listing experience: https://bit.ly/3ZhMAob ARK Investment Management LLC, BlackRock, iShares, Global X ETFs, Goldman Sachs Asset Management, Dan Mohr, Newfound Research, Pacer ETFs, PGIM, Roundhill Investments, State Street, VanEck, Vanguard