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    Nasdaq-100 Index® Options (NDX®)

    Big Tech. Big Opportunities. Bigger Possibilities.

    With Nasdaq-100 Index Options, mitigate risk, generate income and maximize exposure to some of today’s most innovative companies.

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    Infinite Scrolling Ticker

    Why Trade NDX Index Options?


    Nasdaq's suite of Nasdaq-100 Index Options are flexible tools to gain access to the Nasdaq-100 Index (NDX) or customize your market exposure over precise time frames.

     

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    Tools for the Trade

    Benefits of Nasdaq-100 Index Options (NDX)

    Benchmark of the 21st Century

    The Nasdaq-100 Index is a global showcase of 100 of the most innovative large cap, non financial companies on Nasdaq—from tech titans to cutting edge healthcare leaders.

    An Option for Everyone

    NDX Index Options come in two sizes, 100% and 1% of the full value of the Nasdaq-100 Index, offering choice and flexibility for every investment style.

    No Guesswork

    NDX Index Options are European-style and can only be exercised at expiration. No early assignment risk means no surprises for investors. 

    Cash is King

    NDX Index Options are cash-settled, meaning no shares need to be bought or sold at expiration to close the position.
     

    Everyday Options

    Daily, Weekly, Monthly and long-term expirations provide optionality in your options and introduce varied use cases for any investment strategy.

    Potential Tax Advantages

    NDX Index Options offer potentially favorable tax treatments, with 40% of gain (or loss) taxed at a short-term rate, and 60% taxed at a long-term rate, regardless of time held.  

    Comparing Nasdaq-100 Index® Options (NDX®) and ETF (QQQ) Options

     Nasdaq-100 Index OptionsMicro Nasdaq-100 Index OptionsInvesco Nasdaq-100 ETF
    Options ChainNDXXNDQQQ
    Root Ticker SymbolNDX & NDXPXNDQQQ
    AM or PM Settlement

    AM-settled &

    PM-settled

    		PM-settledPM-settled
    Approximate Notional Size$2,500,000$25,000$61,000
    Exercise StyleEuropeanEuropeanAmerican
    Settlement TypeCashCashPhysical Shares of ETF

    Index Options Education

    Nasdaq Index Options Insights Hub


    The go-to resource for retail investors seeking comprehensive education on index options. Access expert insights and strategies from Kevin Davitt, Nasdaq's Head of Index Options Content, through engaging articles, insightful interviews and informative webinars—designed to enhance understanding and proficiency in trading Nasdaq-100 Index Options.

    Headshot of Kevin Davitt

    Kevin Davitt

    Head of Options Content, Nasdaq

    Nasdaq-100 Index Options | XND, NDX, VOLQ
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    Options Architect

    Use our Options Architect to explore cumulative total returns of various trading strategies over selected time periods.

    Select an Amount:
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    Select a Scenario:
    Pick a Date Range:

    Amount:

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      Market Moments:

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        Test Custom Dates:

        Investment Style:

        • bearish
        • Neutral
        • bullish

        Strategy Feature:

        Available Products:

        XND i XND: Nasdaq 100 micro index options product. XND is based on 1/100th (1%) the full value of the Nasdaq-100 index. The smaller notional value of the micro contract is designed to provide investors with a more precise and manageable way to hedge or gain exposure to the Nasdaq-100 index. XND options offer monthly and weekly PM settlement. NDX i NDX: Nasdaq’s flagship index options product. The underlying value is equal to the full value of the Nasdaq-100 index. NDX options offer monthly AM settlement and weekly PM settlement to fit various investor needs.
        Select from the below to test out different options strategies.
        * Data provided by

        For the sake of simplicity, the examples that follow do not take into consideration commissions and other transaction fees, tax considerations, or margin requirements, which are factors that may significantly affect the economic consequences of a given strategy. An investor should review transaction costs, margin requirements and tax considerations with a broker and tax advisor before entering into any options strategy.

        Options involve risk and are not suitable for everyone. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies may be obtained from your broker, one of the exchanges or The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, IL 60606 or call 1-888-OPTIONS or visit www.888options.com.

        Any strategies discussed, including examples using actual securities and price data, are strictly for illustrative and education purposes and are not to be construed as an endorsement, recommendation or solicitation to buy or sell securities.

        Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. © 2026. Nasdaq, Inc. All Rights Reserved.

        Your Selections

        Initial Investment

        Investment Style:

        • bearish
        • Neutral
        • bullish

        Strategy Feature:

        Available Products:

        XND i XND: Nasdaq 100 micro index options product. XND is based on 1/100th (1%) the full value of the Nasdaq-100 index. The smaller notional value of the micro contract is designed to provide investors with a more precise and manageable way to hedge or gain exposure to the Nasdaq-100 index. XND options offer monthly and weekly PM settlement. NDX i NDX: Nasdaq’s flagship index options product. The underlying value is equal to the full value of the Nasdaq-100 index. NDX options offer monthly AM settlement and weekly PM settlement to fit various investor needs.
        YOUR RETURN:

        Cumulative Total Return Performance
          *This chart shows the return on a $2,500 investment, assuming an investment date of 7/1/20. * Data provided by

          For the sake of simplicity, the examples that follow do not take into consideration commissions and other transaction fees, tax considerations, or margin requirements, which are factors that may significantly affect the economic consequences of a given strategy. An investor should review transaction costs, margin requirements and tax considerations with a broker and tax advisor before entering into any options strategy.

          Options involve risk and are not suitable for everyone. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies may be obtained from your broker, one of the exchanges or The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, IL 60606 or call 1-888-OPTIONS or visit www.888options.com.

          Any strategies discussed, including examples using actual securities and price data, are strictly for illustrative and education purposes and are not to be construed as an endorsement, recommendation or solicitation to buy or sell securities.

          Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. © 2026. Nasdaq, Inc. All Rights Reserved.

          * Data provided by

          Explore the Nasdaq-100 Index

          Representing home to some of today’s biggest innovators, the Nasdaq-100® is more than just a U.S. index. It is home to global growth and innovation. The current Nasdaq-100® sector breakdown spans industries from technology to healthcare, and consumer goods & services to industrials and more. These holdings continue to drive index performance and provide a way to invest in innovation.

          Performance Matters

          Nasdaq-100® vs. S&P 500®

           

          Investing in the NDX® allows investors to gain exposure to leading businesses that drive the economy across a broad swath of industries including technology, health care, and consumer staples. Diversity is critical to the index’s outstanding success over the past two decades, with a total return of ~1,340% from 2007 to 2025 — over 2.5 times that of the S&P 500.

          Nasdaq 100

          Nasdaq-100: Industry Breakdown

          Reach out to our Index Options Team

          Resources

          Get started with index options resources covering index investing, index options and how to get started with trading options. 

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          Understanding Tax Benefits of Broad Based Index Options

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