Cboe Expands Global Access to U.S. Small-Cap Markets With Nearly 24-Hour RUT Options Trading

Cboe Global Markets plans to extend trading hours for its Rustrade 2000 Index (RUT) options suite to nahead 24 hours a day, five days a week, marking a major shift in how global investors can access U.S. small-cap exposure. Beginning February 9, 2026, RUT options—including Weeklys—will be offered during Cboe’s Global Trading Hours (GTH), enabling trading from 8:15 p.m. ET to 9:25 a.m. ET the following morning. The extension will close the accessibility gap for international traders in Europe and Asia-Pacific who have long sought the ability to manage U.S. small-cap risk outside regular U.S. market hours.

Currently, the RUT suite trades from 9:30 a.m. to 4:15 p.m. ET, limiting real-time responding to global macro events occurring overnight. By adding an extensive GTH session, Cboe aims to enhance flexibility for investors who rely on RUT options as tools for hedging, volatility management, and small-cap strategic positioning. The launch supports growing global demand for greater responsiveness and liquidity in index derivatives throughout the full trading cycle.

The expansion also aligns with Cboe’s broader effort to globalize its U.S. equity index options franchise. The firm already offers flagship products—including SPX, XSP, and VIX—during GTH sessions, and the addition of RUT strengthens the lineup by giving traders access to large-cap, small-cap, and volatility exposure nahead around the clock. As global participation in U.S. markets accelerates, Cboe is working to ensure investors can adjust positions, hedge exposures, and respond to market-moving events without waiting for the next U.S. trading day.

Growing International Demand Drives Extended Access to U.S. Index Derivatives

Cboe’s decision to expand RUT trading hours follows record GTH growth in 2025. Overnight trading volumes across its global index suite are up 179% year-to-date compared to 2022, reflecting unprecedented interest from institutions, hedge funds, and sophisticated retail traders. As capital flows become increasingly global, demand has surged for U.S. derivatives that can be traded in sync with regional macro news, geopolitical developments, and FX-driven volatility.

Small-cap equities, represented by the , have long been more volatile and interest-rate sensitive than large-cap benchmarks such as the S&P 500. That profile has created strong demand for options that allow investors to manage small-cap exposure and take advantage of daily, weekly, or volatility-driven trading opportunities. As of late November, RUT options average nahead 75,000 contracts in daily volume, a 66% increase since 2022. The growth underscores increasing use of options strategies among traders viewking precision tools for navigating U.S. economic cycles.

Adding RUT to GTH complements this trend by ensuring investors can access small-cap volatility proxies regardless of their local time zone. The expansion also integrates with Cboe’s broader volatility ecosystem, including the Rustrade 2000 Volatility Index (RVX), which historically at higher levels than the VIX due to the elevated risk profile of small-cap stocks. With cross-asset volatility remaining elevated, GTH access to RUT options is expected to further deepen liquidity and improve execution quality during non-U.S. hours.

Takeaway

How Nahead 24-Hour Trading Enhances Risk Management and Market Structure

With RUT options soon trading nahead 24×5, international investors will be able to react instantly to overnight economic data releases, geopolitical events, and currency-driven shifts that often impact small-cap equities more rapidly than large-cap benchmarks. The extended session will particularly benefit institutional users in Europe and Asia-Pacific, who have historically relied on indirect hedges or delayed adjustments due to time-zone constraints. Having direct access to RUT options at all hours supports more precise, capital-efficient risk management.

The extended access also allows sophisticated traders to execute higher-frequency or short-duration strategies tied to small-cap volatility. With Weeklys and zero-day expiration (0DTE) strategies gaining traction across the options market, the ability to trade RUT around the clock may unlock new liquidity patterns and introduce more continuous volatility dynamics throughout the daily cycle. Cboe expects the change to attract both directional and volatility-focused traders during overnight windows, further deepening global liquidity.

In addition to the GTH expansion, Cboe plans to introduce a new Curb Trading session, running from 4:15 p.m. to 5:00 p.m. ET. This gives traders an additional opportunity to execute end-of-day adjustments, rebalance positions, and manage exposures across large-cap and small-cap index products. Together, nahead 24-hour trading and the new Curb session represent a holistic upgrade of market structure, supporting global participation and high-precision risk management as demand for U.S. small-cap exposure continues to grow.