Cboe Launches Two New Indices in Q1 2026

Why It Matters

The indices give sophisticated investors income‑enhanced exposure to small‑cap equities, expanding the market for option‑based, yield‑focused products and supporting the growth of related ETFs and structured solutions.

Key Takeaways

• Cboe launched RUTD PutWrite and CALRD BuyWrite indices.
• RUTD overlays short puts on Russell 2000 with Treasury yield.
• CALRD combines short calls with long Russell 2000 exposure.
• Global X's QYLD ETF nears $9 billion AUM.
• Real‑time index data available via Cboe Global Indices Feed.

Pulse Analysis

Cboe Global Indices, the analytics arm of the world’s largest U.S. options exchange, added two rule‑based products to its suite in the first quarter of 2026. The Cboe Validus Russell 2000® Dynamic PutWrite Index (RUTD) tracks a strategy that sells short‑dated put options on the Russell 2000 while the proceeds sit in a money‑market account earning the 4‑week Treasury bill rate. Its counterpart, the Cboe Validus Russell 2000® Dynamic BuyWrite Index (CALRD), sells short‑dated call options against a long position in the Russell 2000, with dividends reinvested. Both indices are designed to deliver income‑enhanced exposure to small‑cap U.S. equities.

These products cater to sophisticated investors seeking to capture option premium while maintaining equity market participation. The PutWrite structure provides downside protection through cash collateral, whereas the BuyWrite approach offers upside participation offset by call premium. The popularity of similar covered‑call strategies is evident in Global X’s Nasdaq 100 Covered Call ETF (QYLD), which now approaches $9 billion in assets under management, underscoring demand for income‑focused, volatility‑aware vehicles. By anchoring the new indices to the Russell 2000, Cboe expands that demand into the broader small‑cap universe.

To support real‑time pricing and risk management, Cboe made the latest index values available through the Cboe Global Indices Feed (CGIF), a low‑latency streaming service used by brokers, hedge funds, and trading platforms. The feed’s inclusion of the Dynamic PutWrite and BuyWrite series enables market participants to build structured products, ETFs, or advisory mandates that reference the indices without manual calculation errors. As institutional investors continue to chase yield in a low‑rate environment, the combination of rule‑based index design and instantaneous data delivery positions Cboe to become a central hub for next‑generation equity‑option strategies.