Effective trade date October 26, 2026, Cboe Options Exchange (C1) will begin listing cash-settled binary options on the Mini-Russell 2000 Index (MRUT).

MRUT Index Binary Options are contracts that have a payout of either $100 or $0 per contract, depending on the settlement value of the MRUT 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 P.M.-settled MRUT options (MRUT).

MRUT 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). MRUT 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).

MRUT Index Binary Options may trade in penny increments at prices between 0.01 and 1.03 and have a contract multiplier of 100. The maximum allowable trade price is 1.03 to accommodate transaction costs for options with a fair value of 1.00.

Upon the effective date, P.M.-settled MRUT Index Binary options will be listed on C1, residing exclusively on Matching Unit 31 using root symbol MRTBW. FLEX will not be supported for this product at launch.

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

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

The exercise of MRTBW options will result in delivery of cash on the business day following expiration. The exercise settlement value, MRTBX, is one one-tenth (1/10th) of the Russell 2000 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.

At launch, Cboe will list the following short-dated contract types for MRTBW options, with a new expiration added each trading day:

• contracts that expire at the end of the same trading day
• contracts that expire at the end of the next trading day.

MRUT Index Binary Options are currently available to test in the C1 certification environment.