Cboe adds mini-Russell 2000 binary options to its prediction markets suite
Cboe began listing yes-or-no binary options on the mini-Russell 2000 Index on Nov. 9, extending its prediction markets suite to small caps.
Cboe Global Markets began trading binary options on the mini-Russell 2000 Index on November 9, 2026, adding small-cap stocks to its prediction markets lineup. The exchange operator announced the launch in a press release the same day.
The contracts trade under the ticker MRTBW. They are based on the mini-Russell 2000 Index (MRUT), which is one-tenth the size of the Russell 2000 Index.
How the contracts work
Each contract is a yes-or-no trade on where MRUT settles. It pays $100 if the index settles at or above the chosen level and $0 if it settles below. In Cboe’s example, a trade that MRUT will close above 280 pays $100 if the index closes at 280 or higher.
Cboe will list P.M.-settled contracts that expire on the same trading day and the next trading day. The Options Clearing Corporation clears them centrally.
A securities-side alternative
Cboe’s prediction markets products are SEC-regulated options, cleared through the OCC and offered through select retail brokers.
“Small-cap stocks are closely watched by retail investors and can play an important role in a portfolio,” said JJ Kinahan, Cboe’s head of retail expansion and alternative investment products. He added that the Russell 2000 is traditionally more volatile than other broad measures, which is part of why demand for zero-days-to-expiry options on the index has grown significantly in recent years, and that the products let investors trade market outcomes “within the safeguards of the securities markets.”
Cboe reports average daily volume of 85,000 contracts in its traditional Russell 2000 Index (RUT) options through the first three quarters of the year, which it calls record demand.
What comes next
The suite now covers outcomes on large caps, through the S&P 500, and small caps, through MRUT. Cboe says it will soon add contracts on certain corporate earnings metrics, also under SEC regulation.
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