CBOE S&P 500 PutWrite Index

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The CBOE S&P 500 PutWrite Index (ticker symbol PUT) is a benchmark index that measures the performance of a hypothetical portfolio that sells S&P 500 Index (SPX) put options against collateralized cash reserves held in a money market account.


The PUT Index was introduced in 2007 by the Chicago Board Options Exchange (CBOE). The PUT Index strategy is designed to sell a sequence of one-month, at-the-money, S&P 500 Index puts and invest cash at one- and three-month Treasury bill rates. The number of puts sold varies from month to month, but is limited so that the amount held in Treasury bills is used to finance the maximum possible loss from final settlement of the SPX puts. The Index is calculated and disseminated daily by the CBOE and the daily price history of the PUT Index dates back to June 1, 1988.

Award for Innovation[edit]

The CBOE S&P 500 PutWrite Index (PUT) won the annual award for the Most Innovative Benchmark Index at the Twelfth Annual Super Bowl of Indexing Conference in Scottsdale, Arizona on December 3, 2007. The 2007 award for the PUT Index was one of only three product awards granted as part of the William F. Sharpe Indexing Achievement Awards.

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