SPIKES® Volatility Products
SPIKES Volatility Products are traded on the SPIKES Volatility Index (SPIKE), which updates every 100 milliseconds for improved accuracy. The SPIKES Index is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY) and is built using the variance swap methodology, using live SPY options prices to calculate volatility.
30-day volatility
The SPIKES Volatility Index (SPIKE) is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
SPY
The SPIKES Index uses live SPY options prices — traded on all U.S. options exchange — to calculate volatility.
Dissemination speed
Meaningfully fast index calculation and dissemination, publishing every 100 milliseconds, providing a near real-time and accurate measurement of market volatility.
Price dragging
This proprietary technique uses a blend of trades, bids and offer prices in the index calculation to insulate the index from erratic movements.
MIAX® is pleased to partner with T3 Index to provide you SPIKES Volatility Products - Options, Futures and ETFs.
SPIKES Options (SPIKE)
Trading on MIAX, our fully electronic execution platform which is differentiated by our throughput, latency, reliability and wire-order determinism.
SPIKES Futures (SPK)
Offered by Minneapolis Grain Exchange (MGEX™) via the CME Globex® platform. Trade 23 hours a day, 5 days a week with highly accurate data and peak transparency.
VSPIKES™ Index (VSPKE)
The VSPIKES Index (symbol: VSPKE) is a measure of expected 30-day volatility in the SPIKES Index and provides a reliable metric on the volatility of volatility.
SPKF Index
T3 SPIKE Front 2 Futures Index (the "SPIKES Futures Short-Term Index") (symbol: SPKF) measures the return from a daily rolling long position in the SPIKES Futures contracts traded on MGEX™.
SPIKES ETFs
Certain cash-settled index options and futures, such as options and futures on SPIKES Index, that are listed in the United States may be eligible for the preferential 60/40 tax treatment. The ratio is such that 60% of any gains could be taxed as long term capital gains and the remaining 40% as short term capital gains. Options and futures on the SPIKES Index may fall into his category. Please consult your tax professional for advice on this topic. See www.irs.gov/forms, for self-directed guidance from the U.S. government's IRS website. MIAX and its affiliates do not offer tax advice.
To learn more about SPIKES Volatility Products please contact products@miaxglobal.com or 609-897-8177.
