Cboe news: July index options ADV rises 34% as 0DTE hits 66% of SPX

Cboe ADV, July 2026	Value	vs. July 2025	vs. June 2026
Multi-listed options	15.687M contracts	+28.4%	-5.7%
Index options	5.990M contracts	+34.0%	-5.6%
Futures	207K contracts	+16.1%	-14.5%
U.S. equities on-exchange	1,569M shares	-12.4%	-28.2%
U.S. equities off-exchange	208M shares	+47.4%	-17.0%
Global FX	$61.07B	+25.9%	-5.0%
European equities	€14.02B	+12.3%	-6.2%

The headline Cboe news from its July 2026 volume report, released August 5, was continued year-over-year growth in options alongside a seasonal step down from June. Index options average daily volume reached 5.99 million contracts, up 34% from July 2025 but 5.6% below the prior month. Multi-listed options ADV was 15.7 million contracts, up 28.4% from a year earlier and down 5.7% from June.

Short-dated trading remained central to the index business. Zero-days-to-expiry contracts made up 66.2% of SPX options volume during the month, meaning about two of every three SPX contracts traded expired the same day. Mini-SPX (XSP) options, a smaller-sized version of the SPX contract, averaged 238,000 contracts a day, of which 138,000 were 0DTE. Global Trading Hours, Cboe’s overnight session for index products, set an ADV record of 224,000 contracts.

Year-to-date figures show the longer trend. Through July, multi-listed options ADV was 14.9 million contracts, up 15.9% from the same period in 2025. Index options ADV was 6.1 million, up 31.1%, and futures ADV was 246,000, up 8.7%. July’s multi-listed figure ran about 5% above the year-to-date average, so the month was still above the 2026 run rate despite the decline from June.

Cboe’s equities businesses moved in different directions. On-exchange U.S. equity matched volume fell 12.4% from a year earlier and 28.2% from June, to 1.57 billion shares a day. Off-exchange matched volume rose 47.4% year over year to 208 million shares. Cboe futures ADV, at 207,000 contracts, was up 16.1% from a year before but down 14.5% from June.

Outside the U.S., global FX ADV rose 25.9% to about $61.1 billion and European equities rose 12.3% to roughly €14.0 billion. Cboe Clear Europe passed 1 billion cleared client cash equity trades year to date.

What to watch: the month-over-month declines fit a familiar summer pattern, so the more telling indicators are structural. The 0DTE share of SPX and the overnight session record show activity spreading across expirations and across the clock. The August report will show whether those records hold as trading picks up after the summer lull.