Cboe derivatives trading volumes climb in August as XSP sets ADV record
Cboe’s derivatives business posts strong August activity across U.S. options, global trading hours and futures, underscoring sustained demand for index-linked trading products. The month includes a record average daily volume for Mini-S&P 500 Index Options and one of the strongest periods this year for overnight and extended-hours options trading.
Highlights
- Cboe Global Markets reports August average daily volume of 4.63 million S&P 500 Index Options contracts and a record 241,000 ADV for Mini-S&P 500 Index Options.
- August marks the third-best month for U.S. options contracts during Global Trading Hours, with XSP achieving a record monthly ADV and three top 10 GTH volume days.
- Cboe iBoxx iShares Corporate Bond Index Futures posts notional volume of $5.4 billion in August, with an average daily notional volume of $258 million.
August derivatives volumes extend trading momentum
According to Cboe, August delivers an average daily volume of 4.63 million S&P 500 Index Options contracts, while Mini-S&P 500 Index Options reach a record average daily volume of 241,000 contracts. Global Trading Hours also continue their recent strength, with August becoming the third best month for U.S. options contracts traded.Within U.S. options, August 4 stands as the third best day for SPX options, with 7.41 million contracts traded. XSP surpasses its previous monthly ADV record set in July 2026, and curb trading hours also set a record ADV of 1,321 contracts.
In Global Trading Hours, August produces an ADV of 197,200 contracts. XSP volume in that session records its second-best month at 22,200 contracts on an average daily basis, with three of the top 10 days for XSP GTH occurring during the month.
Futures activity adds to broad-based derivatives strength
Cboe’s futures complex also shows solid August trading levels, pointing to broad participation across its derivatives lineup. In U.S. futures, Cboe iBoxx iShares Corporate Bond Index Futures records its third best month of notional volume at $5.4 billion and its fourth best month for average daily notional volume at $258 million.On August 24, Cboe iBoxx iShares $ Investment Grade Corporate Bond Index Futures posts its third best volume day with 7,954 contracts traded, equivalent to $1.15 billion in notional volume. The figures suggest continued institutional use of equity and credit-linked contracts as investors manage exposure across volatile markets.
In our earlier article on Barclays raising its S&P 500 year-end target to 7,950, we outlined how strong, technology-led Q2 earnings and upbeat EPS revisions were strengthening the bank’s outlook for U.S. equities. We also noted that, despite the bullish target, valuation and macro risks—such as uncertainty around AI spending durability, inflation, geopolitics, and rates—could still shape positioning into year-end.
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