Henry Schwartz, Vice President, Market Intelligence, recently explored the growth of 0DTE in a technical and data-driven session at HOOD Summit ‘25. Diving into how the market has evolved, Schwartz shared insights that reveal the institutional-level thinking behind what has become retail trading's newest frontier.
In recent years, the derivatives market seems to be evolving almost constantly while also welcoming new participants gaining interest in trading options. Trading platforms are increasingly adopting new cutting-edge technologies, not only catering to these new participants, but to manage ever-changing market conditions.
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At 1/10th the size of SPX, XSP offers very similar notional size, weekly expirations, and PM-settlement to SPY, but with even more potential benefits.
Many trading strategies, such as covered-call or spread trading, involve options writing (selling), where the primary risks are market movement and volatility. But there's another risk if you happen to be writing options on dividend-paying equities like SPY ETFs: early assignment.
There are a number of different types of options contracts available on broad-based U.S. equity indexes. Some of the most actively traded products include options on SPY, SPX and XSPSM (Mini-SPX). They all track the S&P 500® and both SPY and XSP options have the same notional size, making them somewhat interchangeable. A key difference, however, is settlement style.
Canadian volumes are strong at 1.57 billion Average Daily Volume (ADV), up 33% month-over-month. Cboe Canada total market share is 12.25%
Cboe BYX® Equities Exchange (BYX) Periodic Auctions had over 1,562 unique stocks entered this month. Learn more about Periodic Auctions here. September notional traded value was $81.1 million with 1,231 distinct stocks trading.
U.S.-listed Exchange Traded Funds (ETFs) account for 35% of total U.S. fund Assets Under Management (AUM) as of August 2025, illustrating a steady increase from 15% in 2014 and highlighting a broader shift toward ETFs for both tactical and strategic asset allocation.
