Effective trade date June 1, 2026, Cboe Options Exchange (C1) will begin listing cash-settled binary options on the Mini S&P 500 Index (XSP), subject to regulatory review.

XSP Index Binary Options are contracts that have a payout of either $100 or $0 per contract, depending on the settlement value of the Mini S&P 500 Index relative to the strike price of the binary option. The final settlement value used to determine whether a cash payout will be made at expiration will be the same as the settlement value used for traditional XSP options.

XSP Index Binary Call Options pay either $100 (if the settlement value is greater than or equal to the strike price at expiration) or $0 (if the settlement value is less than the strike price at expiration).

XSP Index Binary Put Options pay either $100 (if the settlement value is less than the strike price at expiration) or $0 (if the settlement value is greater than or equal to the strike price at expiration).

Upon the effective date, PM-settled XSP Index Binary options will be listed on C1, residing exclusively on Matching Unit 32 using root symbol XSPBW.

XSPBW options will be available to trade during Regular Trading Hours (RTH) from 9:30 a.m. – 4:15 p.m. ET.

Trading for expiring XSPBW options will close on expiration day at 4:00 p.m. ET.

The exercise of XSPBW options will result in delivery of cash on the business day following expiration. The exercise-settlement value, XSPBX, is one-tenth (1/10th) the official closing price of the SPX index. The exercise-settlement amount is $100 if the settlement value is greater than or equal to the strike price at expiration (for calls) or if the settlement value is less than the strike price at expiration (for puts); otherwise, the exercise-settlement amount is $0.