The exchange attributes heightened activity to market rotation, product design differences and growing adoption of ultra short-dated contracts.
Cboe’s Derivatives Market Intelligence team reported that trading in Russell 2000 index and ETF options has accelerated, with combined notional average daily volume reaching about US$65 billion, up 36% year-on-year and more than sixfold since 2020. Technology comprised 32% of the S&P 500 The analysis, published in Cboe’s Volatility Insights, frames the small‑cap options surge against a broader rotation away from large‑cap growth and towards value and smaller companies.