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Nanos

Simple, affordable options trading.

Cboe’s NANOSSM Index Options let you trade the S&P 500 with lower costs and smaller contracts—perfect for building confidence in shifting markets.

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Fact Sheet
Contract Specifications
S&P 500 Product
Retail Trader Suite

Trade Data

(as of October 31, 2025)

981

Volume

1,329

Open Interest

Why NANOS

Trade your big ideas at a smaller scale. NANOS Index Options make trading the S&P 500 simple, affordable, and accessible for everyone.

  • 1-multiplier means relatively smaller contracts (compared to other S&P 500-derived options), lower costs, and reduced risk to your capital
  • Gain exposure to more advanced options strategies (without breaking the bank)
  • Cash-settled simplicity means less worrying about what to do when a contract expires
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Benefits

Smaller Contracts

The innovative 1-multiplier offers a manageable way to engage with S&P 500 strategies.
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Cash Settlement

Simplify the process of closing trades—no physical delivery of shares required.
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60/40 Tax Treatment

Capital gains may qualify for advantageous tax treatment—so you can keep more of your trading profits.
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Simplicity

A fixed exercise (at expiration) makes planning and managing your trades easier.
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Key Resources

Access official specifications, contract details, and reliable insights to align with your trading objectives.

Specifications

Common Strategies

Advanced Strategies

Latest Market Insights

Explore fresh commentary, articles, and analyses that examine market trends, volatility, and how NANOS fits into broader strategies.

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Fewer strike prices
Nano Options Explained

Nanos. Fewer Strikes. Greater Confidence to Trade Options

Yes, Nanos offers fewer strike prices. But why, and what’s that mean? A strike price is the pre-set price at which you buy or sell, if you exercise the option you hold. For index options, the index value is converted into cash — that's what changes hands at settlement instead of shares with stock options.

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The Options Institute

Advance your options knowledge with modular courses. From foundational insights to complex strategies, gain the tools to support your pursuit of performance‑oriented trading.

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Courses

Expert Options Education

Whether you're new to index options or looking to enhance your trading strategy, maximize your index options knowledge and trading skills.
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Events

Hear from Options Pros

Class and events—all things options for all experiences levels.
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Tools

Supplement Your Trading Strategies

Through our partnership with Cboe Data Vantage, we now offer you access to powerful tools for hands-on, real-time derivatives practice.
Trade Smarter

There are important risks associated with transacting in any of the Cboe Company products discussed here.  Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: Disclosures and Disclaimers Related to Cboe Options and Futures Products. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle.