SPIKES Logo Spikes Logo with One Color SPIKES Logo Spikes Logo with One Color MIAX Logo (White) MIAX Logo with White MIAX Options Logo (underlined) MIAX Options Logo in White with underline MIAX PEARL Logo (underlined) MIAX PEARL Logo in White with underline MIAX Emerald Logo (underline) MIAX Emerald Logo in White with underline Contact Icon Phone icon used to suggest contact information Subscriptions & Notifications Icon Bell icon used to suggest Subscription & Notification information Portal Icon Silhouette icon used to suggest Portal/Profile functionality Search Icon Magnifying Glass icon used to suggest Search functionality Close Icon An X icon used to suggest the dismissal of information US Flag Icon An simplified Unites States Flag used to categorize content types Plus Icon A plus sign in a circle designates expandable content Minus Icon A minus sign in a circle designates closeable, expanded content News Icon A folded newspaper icon Paper Icon A few paper sheets as an icon to represent documents Process Icon An icon showing a series of arrows and elements that represents a decision tree or process Download Icon An inbox icon representing the download action Download Icon An inbox icon representing the download action Metrics Icon Three bars representing a graph Date Icon Calendar icon representing notable dates FAQ Icon A question mark icon used for Frequently Asked Questions Contract Icon A document icon with a ribbon Clipboard Icon An icon of a clipboard containing information and checkmarks Podcast Icon An icon showing a microphone

Volatility
Index Options

MIAX Options and T3 Index have launched options on the SPIKES® Volatility Index, a measure of the expected 30-day volatility in the SPDR S&P 500 ETF (SPY). SPIKES is built using the popular variance swap methodology and uses live option prices to calculate volatility.

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Introduction to SPIKES

Resources

The SPIKES Index and volatility products offer a number of unique features designed to produce highly accurate, robust data and create a transparent and open auction settlement process.

Options Fact
Sheet

Brief overview of SPIKES index and options

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Futures Fact
Sheet

Brief overview of SPIKES Futures

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Index
Methodology

Complete walkthrough of SPIKES index calculation

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Options Contract
Specifications

Characteristics of SPIKES options

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Futures Contract
Specifications

Characteristics of SPIKES Futures

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Settlement
Process

Guide describing how the settlement value is determined

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Rate
Card

Fee schedule for SPIKES and related transactions

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Index Calculation
Spreadsheet

Interactive SPIKES index calculation example worksheet

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Market Maker
Incentives

Fee waiver program for MMs trading SPIKES

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Peter Carr
White Paper

Study by Peter Carr on differentiators of SPIKES

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