USDCboe Launches Yes-or-No Contracts on Mini-S&P Index
New Cboe Predicts Suite Brings Binary Options to Brokerage Accounts
TL;DR
- Cboe Global Markets launched Cboe Predicts with binary option contracts tied to the Mini-S&P 500 Index.
- The contracts offer simple yes-or-no payouts based on whether the index closes above or below a set level.
- The products are available through Interactive Brokers and are expected on Charles Schwab in the coming months.
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Cboe Global Markets launched the first products under its new Cboe Predicts suite on June 24, 2026, introducing binary option contracts tied to the Mini-S&P 500 Index that let traders take yes-or-no positions on market outcomes.
The contracts are designed around whether the index closes above or below a specified level, giving traders a fixed payout depending on the result. The products are listed under the tickers XSPBW and XSPBX and are available through Interactive Brokers, with availability on Charles Schwab expected in the coming months.
Cboe said the new contracts expand its broader S&P Index options franchise by offering a simpler outcome-based structure than traditional options strategies. The products use the Mini-S&P 500 Index, known as XSP, which is one-tenth the size of the full S&P 500 Index and is designed to make index exposure more accessible.
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Cboe Frames Contracts as Listed Security Options
Cboe is positioning the XSP prediction-market-style contracts as security options that trade under the same regulatory framework as U.S.-listed options. That framing separates the products from some event-contract platforms facing unresolved disputes between the Commodity Futures Trading Commission and state authorities.
The launch builds on Cboe’s existing options business, including SPX 0DTE options, which expire the same day and allow traders to position around where the benchmark will close by the end of the trading session. The Cboe Predicts structure reduces that kind of short-term market view into a binary payout format.
JJ Kinahan, head of retail expansion and alternative investment products at Cboe, said: “Cboe’s S&P 500 options suite has long provided traders with flexibility to define their outcomes through traditional options strategies.”
Kinahan added: “with Cboe Predicts, we are expanding that choice by offering simple ‘yes-or-no’ payout event contracts.”
The contracts are not crypto products, but the launch comes as prediction-market-style trading has become more visible through platforms such as Polymarket and Kalshi. Robinhood, Interactive Brokers and Coinbase have also launched prediction-market-related businesses over the past year.
The product gives brokerage users a way to express a directional market view through a fixed-outcome contract instead of managing a conventional options chain. For brokers, the format offers a simpler product for customers who understand outcome-based questions but may find traditional options strategies more complex.
Cboe’s entry also adds a regulated exchange operator to a market structure category that has drawn attention from both traditional finance and crypto-native platforms. The development validates demand for event-style trading while introducing competition from firms with established brokerage distribution and existing options infrastructure.
FAQ
What is Cboe Predicts?
Cboe Predicts is Cboe Global Markets’ new suite of prediction-market-style binary option contracts.
What do the first contracts track?
They are tied to the Mini-S&P 500 Index, also known as XSP.
Where are the contracts available?
They are available through Interactive Brokers.
Are these crypto products?
No. The contracts are tied to an equity index, not crypto assets.
This article has been refined and enhanced by ChatGPT.
