Cboe Global Markets, Inc has announced the launch of the first products in its new prediction markets suite, Cboe Predicts.

The offering includes binary option contracts based on the Mini-S&P 500 Index (XSP), listed under the symbols XSPBW and XSPBX. The contracts are now available on Interactive Brokers and expected to roll out at Charles Schwab in the coming months, with additional retail brokerage platforms expected to offer access over time.

Cboe Predicts represents the latest expansion of Cboe’s S&P 500 Index (SPX) product suite. XSP allows customers to trade on the performance of the S&P 500 Index (SPX) but is scaled to 1/10th the size of SPX – making it a smaller, more retail-friendly alternative. Traders can express a view on where XSP may close by taking a “yes” position (paying $100 if the index settles at or above a specified level, or $0 otherwise) or a “no” position (paying $100 if it settles below that level, or $0 otherwise).

“Following the success of SPX 0DTE options, we have seen continued customer demand for shorter-dated, outcome-based trading, creating a natural extension for Cboe to introduce XSP binary options,” said JJ Kinahan, Head of Retail Expansion and Alternative Investment Products at Cboe. “Cboe’s S&P 500 options suite has long provided traders with flexibility to define their outcomes through traditional options strategies. With Cboe Predicts, we are expanding that choice by offering simple ‘yes-or-no’ payout event contracts, supported by dedicated educational resources designed to help customers participate more confidently and responsibly.”

In a future release, Cboe also plans to enable trading of XSP vertical spreads through its proprietary, patent-pending Quoted Spread Book (QSB) framework. The framework is designed to package widely used options strategies into a simpler, more intuitive format, helping newer traders already comfortable with “yes/no” outcomes build familiarity with more advanced options concepts within defined-risk strategies.

Through access provided by leading retail brokers, Cboe’s intermediated model is designed to encompass high standards for customer education, market access and oversight. Additionally, these securities-based products are centrally cleared through the Options Clearing Corporation (OCC), providing enhanced risk management during the settlement process.

Cboe has also introduced educational resources, including a new prediction markets resource hub and courses through The Options Institute. These courses guide learners from market basics and decision-making through Cboe’s ‘yes/no’ contracts, then into core options concepts.

Cboe’s XSP prediction market contracts are security options and will trade within the same regulatory framework as U.S.-listed options, providing institutional-grade liquidity, transparency, and surveillance, among other benefits.