The Pre-launch Resource Hub is designed to provide market participants with information regarding planned Cboe products, including information that may be useful in preparing to trade Cboe products on their day one launch.

If there is other information that you would like to see provided here, please contact us.

What Are Cboe S&P 500 Variance (VA) Futures?

Beginning September 23, subject to regulatory review, S&P 500 Variance (VA) futures will be available for trading on Cboe Futures Exchange, LLC (CFE). CFE previously offered VA futures for trading with a different product design. CFE plans to relaunch a VA futures contract that leverages experience from the prior contract and feedback from market participants.

VA futures are cash-settled futures contracts based on the realized variance of the S&P 500 Index.

Variance is a statistical measure of the variability of price returns. As further described in proposed contract specifications for VA futures, the final settlement value of a VA futures contract is determined based on a formula for calculating the annualized realized variance of the S&P 500 Index measured from the initial listing date of the contract until the final settlement date of the contract.

Media Disclaimer: All information and commentary from this webinar is considered on background and not to be used for direct attribution to the speakers or their respective affiliations. Compliance with these terms is mandatory for all media personnel and entities in attendance. Please reach out to [email protected] for any specific media inquiries or questions.

Learn more about Cboe S&P 500 Variance Futures from our recent webinar "Introducing Cboe S&P 500 Variance Futures into the Trading Ecosystem"
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Cboe Futures Exchange (CFE) Rules

The CFE Rulebook includes rules that govern trading on CFE. The Policies and Procedures section contains policies and procedures that supplement the rules in the CFE Rulebook. These documents will be updated to include rules relating to VA futures upon the launch of the product.

• CFE Rule Book
• CFE Policies and Procedures

Contact Us

Global Sales	CFE Market Data	CFE Trade Desk
Natalie Reed Director of Global Derivatives Sales [email protected]	Market Data Services [email protected] 212-378-8821	CFE Trade Desk [email protected] 312-786-8700

Disclaimers:
This document is a high-level overview of what is currently contemplated. The information included is subject to change and to more detailed provisions that would be put in place in connection with the planned relaunch of VA futures. Additionally, the planned relaunch of VA futures remains subject to regulatory review.

There are important risks associated with transacting in any of the Cboe Company products or any digital assets discussed here. Before engaging in any transactions in those products or digital assets, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers.

These products and digital assets are complex and are suitable only for sophisticated market participants. In certain jurisdictions, including the United Kingdom, Cboe Digital 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.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”), and the S&P 500 Index has been licensed to Cboe Exchange, Inc. for the purposes of creating the Cboe S&P 500 Variance Indicator. "Variance Indicator" means a series over time of realized or implied variance values, which series uses as input for its calculation, among other values, one or more of the following values: the value of one or more Standardized Options Contracts based on a Underlying S&P Index, the value of another financial interest based on an Underlying S&P Index, or the value of an Underlying S&P Index. S&P®, S&P 500®, SPX®, DSPX®, DSPBX, US 500 and The 500 are trademarks of S&P DJI or its affiliates, and have been licensed by Cboe Exchange, Inc. for certain purposes. Cboe S&P 500 Variance Futures settling into the Cboe S&P 500 Variance Indicator are not issued, marketed, sponsored or promoted by S&P Dow Jones Indices or its affiliates, and S&P DJI will have no liability with respect thereto.

S&P, S&P 500, US500, 500, THE 500, SPDR, SPX, and DSPX are trade names or trademarks of S&P Dow Jones Indices, LLC, or its affiliates ("S&P"). Any products that have an S&P index as their underlying interest are not sponsored, endorsed, sold, or promoted by S&P and S&P makes no representation regarding the advisability of investing in any investment product that is based on any such indices.

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