Cboe Global Markets and Metaurus Advisors, LLC Collaborate on New U.S. Equity Index, First of Four in Planned Dispersion Product Suite
Cboe Global Markets and Metaurus Advisors have launched the Cboe U.S. Large-Mid Cap 100 Index (CEQX) on December 20, 2024, marking the first of four planned indices in their collaboration. The CEQX is an equal-dollar-weighted index comprising 100 large-mid cap U.S. stocks, rebalanced quarterly to replicate sector capitalization weightings of the largest U.S.-listed companies.
Three additional indices are planned for Q1 2025: the Cboe Lead 50 Index, Cboe Lag 50 Index, and Cboe U.S. Large-Mid Cap 100 Cumulative Return Index. The Lead 50 and Lag 50 indices will track the top and bottom 50 performing companies within CEQX, respectively, providing insights into realized dispersion. Cboe Labs plans to launch tradable futures products based on these indices, subject to regulatory review.
Cboe Global Markets e Metaurus Advisors hanno lanciato il Cboe U.S. Large-Mid Cap 100 Index (CEQX) il 20 dicembre 2024, segnando il primo di quattro indici pianificati nella loro collaborazione. Il CEQX è un indice ponderato per valore nominale che comprende 100 titoli azionari statunitensi di grande e media capitalizzazione, ribilanciato trimestralmente per replicare i pesi di capitalizzazione settoriale delle più grandi società quotate negli Stati Uniti.
Sono previsti altri tre indici per il primo trimestre del 2025: il Cboe Lead 50 Index, il Cboe Lag 50 Index e il Cboe U.S. Large-Mid Cap 100 Cumulative Return Index. Gli indici Lead 50 e Lag 50 tracciano rispettivamente le 50 aziende con le migliori e peggiori performance all'interno del CEQX, fornendo approfondimenti sulla dispersione realizzata. Cboe Labs prevede di lanciare prodotti futures negoziabili basati su questi indici, soggetti a revisione normativa.
Cboe Global Markets y Metaurus Advisors han lanzado el Cboe U.S. Large-Mid Cap 100 Index (CEQX) el 20 de diciembre de 2024, marcando el primero de cuatro índices planificados en su colaboración. El CEQX es un índice ponderado por dólares que comprende 100 acciones de gran y media capitalización en EE. UU., reajustado trimestralmente para replicar los pesos de capitalización sectorial de las empresas más grandes que cotizan en EE. UU.
Se planean tres índices adicionales para el primer trimestre de 2025: el Cboe Lead 50 Index, el Cboe Lag 50 Index y el Cboe U.S. Large-Mid Cap 100 Cumulative Return Index. Los índices Lead 50 y Lag 50 harán un seguimiento de las 50 empresas con mejor y peor desempeño dentro del CEQX, respectivamente, proporcionando información sobre la dispersión realizada. Cboe Labs planea lanzar productos de futuros negociables basados en estos índices, sujetos a revisión regulatoria.
Cboe Global Markets와 Metaurus Advisors는 2024년 12월 20일에 Cboe U.S. Large-Mid Cap 100 Index (CEQX)를 출시했으며, 이는 그들의 협력으로 계획된 네 개의 지수 중 첫 번째입니다. CEQX는 100개의 대형 및 중형 자본화 미국 주식으로 구성된 평등 달러 가중 지수로, 가장 큰 미국 상장 기업의 부문 자본화 가중치를 복제하기 위해 분기마다 재조정됩니다.
2025년 1분기에는 Cboe Lead 50 Index, Cboe Lag 50 Index, Cboe U.S. Large-Mid Cap 100 Cumulative Return Index의 세 가지 추가 지수가 계획되어 있습니다. Lead 50과 Lag 50 지수는 각각 CEQX 내에서 성과가 가장 우수한 50개 기업과 가장 저조한 50개 기업을 추적하여 실현된 분산에 대한 통찰력을 제공합니다. Cboe Labs는 이 지수를 기반으로 하는 거래 가능한 선물 상품을 출시할 계획이며, 이는 규제 검토를 받을 예정입니다.
Cboe Global Markets et Metaurus Advisors ont lancé le Cboe U.S. Large-Mid Cap 100 Index (CEQX) le 20 décembre 2024, marquant le premier des quatre indices prévus dans leur collaboration. Le CEQX est un indice à poids égal en dollars, comprenant 100 actions américaines à grande et moyenne capitalisation, réajusté trimestriellement pour reproduire les poids de capitalisation sectorielle des plus grandes entreprises américaines cotées.
Trois indices supplémentaires sont prévus pour le premier trimestre 2025 : le Cboe Lead 50 Index, le Cboe Lag 50 Index et le Cboe U.S. Large-Mid Cap 100 Cumulative Return Index. Les indices Lead 50 et Lag 50 suivront respectivement les 50 entreprises les mieux et les moins performantes au sein du CEQX, fournissant des informations sur la dispersion réalisée. Cboe Labs prévoit de lancer des produits de futures négociables basés sur ces indices, sous réserve d'une révision réglementaire.
Cboe Global Markets und Metaurus Advisors haben am 20. Dezember 2024 den Cboe U.S. Large-Mid Cap 100 Index (CEQX) gestartet, was den ersten von insgesamt vier geplanten Indizes in ihrer Zusammenarbeit darstellt. Der CEQX ist ein gleichwertig dollargewichteter Index, der aus 100 großen und mittelgroßen US-Aktien besteht und vierteljährlich angepasst wird, um die Sektor-Kapitalisierungsgewichtungen der größten an der US-Börse notierten Unternehmen zu replizieren.
Drei weitere Indizes sind für das erste Quartal 2025 geplant: der Cboe Lead 50 Index, der Cboe Lag 50 Index und der Cboe U.S. Large-Mid Cap 100 Cumulative Return Index. Die Lead 50 und Lag 50 Indizes verfolgen die 50 leistungsstärksten bzw. die 50 leistungsschwächsten Unternehmen innerhalb des CEQX und bieten Einblicke in die realisierte Dispersion. Cboe Labs plant die Einführung handelbarer Futures-Produkte basierend auf diesen Indizes, die einer regulatorischen Überprüfung unterliegen.
- Launch of new CEQX index expanding Cboe's product portfolio
- Planned launch of three additional indices in Q1 2025
- Development of new tradable futures products based on Lead 50 and Lag 50 indices
- None.
Insights
The collaboration between Cboe and Metaurus to launch the CEQX index represents a strategic move to capitalize on the growing dispersion trading market. The equal-dollar-weighted structure of the index, combined with sector capitalization alignment, creates a unique instrument that could potentially offer better opportunities for volatility arbitrage compared to traditional cap-weighted indices.
The planned Lead 50 and Lag 50 indices are particularly noteworthy as they will enable traders to directly exploit performance divergence between top and bottom performers, creating new opportunities for statistical arbitrage and relative value trading. The quarterly rebalancing mechanism ensures regular trading opportunities while maintaining portfolio stability.
Most significantly, the planned futures products on these indices will provide traders with efficient tools for implementing dispersion strategies without the complexity and cost of trading individual stock options. This could potentially increase market liquidity and create new revenue streams for Cboe through trading fees and index licensing.
This index suite development signals Cboe's strategic expansion beyond its core volatility products. By creating instruments specifically designed for dispersion trading, Cboe is addressing a sophisticated market need while potentially capturing more institutional flow. The sector-weighted approach in CEQX, combined with equal-dollar weighting of constituents, creates a more balanced exposure compared to traditional market-cap weighted indices.
The planned futures products could significantly reduce the operational overhead of dispersion trading strategies, which traditionally require managing numerous individual option positions. This efficiency gain could attract more participants to the strategy, potentially increasing trading volumes across Cboe's product suite. The initiative also strengthens Cboe's position in the index provider space, diversifying its revenue streams beyond exchange fees.
- Cboe
U.S. Large-Mid Cap 100 Index (CEQX) launched on December 20, 2024 - New equal-dollar-weighted index comprised of 100 large-mid cap US-listed stocks
- Two new planned indices tracking top 50 and bottom 50 performing constituents of CEQX Index
The CEQX Index is designed to be an equal-dollar-weighted index comprised of 100 large-mid cap
"The launch of the Cboe
Derived from the CEQX Index, the Cboe Lead 50 and Cboe Lag 50 indices are expected to be equal-dollar-weighted and designed to measure the total returns of the top 50 and bottom 50 performing companies, respectively, within the Cboe
"CEQX will serve as the foundational index for the Cboe Lead 50 and Lag 50 indices, providing the market a new and innovative way to gauge realized dispersion," said Richard Sandulli, Co-CEO of Metaurus. "The relationships between these new indices, along with the planned futures on the Lead/Lag 50 indices, are designed to be simple and intuitive, and mark a steppingstone towards the securitization of new groupings of financial assets."
The CEQX Index is administered by Cboe Global Indices, a leading derivatives-based index provider, and adds to Cboe's growing list of innovative index offerings including its suite of volatility indices and its new Cboe Bitcoin
Cboe Labs, Cboe's product innovation arm, plans to launch tradable futures products based on the Cboe Lead 50 and the Cboe Lag 50 indices. The futures are planned to be listed on Cboe Futures Exchange, subject to regulatory review.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across
About Metaurus Advisors, LLC
Metaurus Advisors is an SEC-registered investment advisor whose partners have decades of experience developing cutting-edge derivative and structured products. Metaurus' growing IP portfolio is the basis for multiple strategies utilized in both public and private investment formats. Metaurus is committed to helping investors unlock new sources of investment return. Please visit www.Metaurus.com for more information.
Media Contacts | Cboe Analyst Contact | ||||
Angela Tu (Cboe) | Sean Dillon (Metaurus) | Kenneth Hill, CFA | |||
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CBOE-OE
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FAQ
What is the Cboe U.S. Large-Mid Cap 100 Index (CEQX) launched on December 20, 2024?
What are the three additional indices Cboe (CBOE) plans to launch in Q1 2025?
How will the Cboe Lead 50 and Lag 50 indices work?
What new products is Cboe Labs planning to launch based on the new indices?
How often will the CEQX index be rebalanced?
