{"slug":"mini-index-options-explained","qid":"contract_size","label":"Dollar exposure in one 100-multiplier contract, by month","post_title":"Mini Index Options Explained: XSP, XND, MRUT","post_url":"/blog/mini-index-options-explained#q-contract_size","columns":["month","month_label","sp500_usd_thousands","nasdaq100_usd_thousands","russell_usd_thousands"],"rows":[{"month":"2023-08-01","month_label":"Aug 2023","sp500_usd_thousands":45,"nasdaq100_usd_thousands":37.8,"russell_usd_thousands":18.9},{"month":"2023-09-01","month_label":"Sep 2023","sp500_usd_thousands":42.7,"nasdaq100_usd_thousands":35.8,"russell_usd_thousands":17.7},{"month":"2023-10-01","month_label":"Oct 2023","sp500_usd_thousands":41.8,"nasdaq100_usd_thousands":35.1,"russell_usd_thousands":16.5},{"month":"2023-11-01","month_label":"Nov 2023","sp500_usd_thousands":45.6,"nasdaq100_usd_thousands":38.9,"russell_usd_thousands":18},{"month":"2023-12-01","month_label":"Dec 2023","sp500_usd_thousands":47.5,"nasdaq100_usd_thousands":41,"russell_usd_thousands":20.1},{"month":"2024-01-01","month_label":"Jan 2024","sp500_usd_thousands":48.3,"nasdaq100_usd_thousands":41.7,"russell_usd_thousands":19.3},{"month":"2024-02-01","month_label":"Feb 2024","sp500_usd_thousands":50.8,"nasdaq100_usd_thousands":43.9,"russell_usd_thousands":20.4},{"month":"2024-03-01","month_label":"Mar 2024","sp500_usd_thousands":52.3,"nasdaq100_usd_thousands":44.4,"russell_usd_thousands":21},{"month":"2024-04-01","month_label":"Apr 2024","sp500_usd_thousands":50.2,"nasdaq100_usd_thousands":42.5,"russell_usd_thousands":19.6},{"month":"2024-05-01","month_label":"May 2024","sp500_usd_thousands":52.7,"nasdaq100_usd_thousands":45.1,"russell_usd_thousands":20.6},{"month":"2024-06-01","month_label":"Jun 2024","sp500_usd_thousands":54.4,"nasdaq100_usd_thousands":47.9,"russell_usd_thousands":20.3},{"month":"2024-07-01","month_label":"Jul 2024","sp500_usd_thousands":55.1,"nasdaq100_usd_thousands":47.1,"russell_usd_thousands":22.4},{"month":"2024-08-01","month_label":"Aug 2024","sp500_usd_thousands":56.4,"nasdaq100_usd_thousands":47.6,"russell_usd_thousands":22},{"month":"2024-09-01","month_label":"Sep 2024","sp500_usd_thousands":57.4,"nasdaq100_usd_thousands":48.8,"russell_usd_thousands":22.1},{"month":"2024-10-01","month_label":"Oct 2024","sp500_usd_thousands":56.9,"nasdaq100_usd_thousands":48.4,"russell_usd_thousands":21.8},{"month":"2024-11-01","month_label":"Nov 2024","sp500_usd_thousands":60.3,"nasdaq100_usd_thousands":51,"russell_usd_thousands":24.2},{"month":"2024-12-01","month_label":"Dec 2024","sp500_usd_thousands":58.6,"nasdaq100_usd_thousands":51.1,"russell_usd_thousands":22.1},{"month":"2025-01-01","month_label":"Jan 2025","sp500_usd_thousands":60.2,"nasdaq100_usd_thousands":52.2,"russell_usd_thousands":22.6},{"month":"2025-02-01","month_label":"Feb 2025","sp500_usd_thousands":59.4,"nasdaq100_usd_thousands":50.8,"russell_usd_thousands":21.5},{"month":"2025-03-01","month_label":"Mar 2025","sp500_usd_thousands":55.9,"nasdaq100_usd_thousands":46.9,"russell_usd_thousands":19.9},{"month":"2025-04-01","month_label":"Apr 2025","sp500_usd_thousands":55.5,"nasdaq100_usd_thousands":47.5,"russell_usd_thousands":19.5},{"month":"2025-05-01","month_label":"May 2025","sp500_usd_thousands":58.9,"nasdaq100_usd_thousands":51.9,"russell_usd_thousands":20.5},{"month":"2025-06-01","month_label":"Jun 2025","sp500_usd_thousands":61.8,"nasdaq100_usd_thousands":55.2,"russell_usd_thousands":21.6},{"month":"2025-07-01","month_label":"Jul 2025","sp500_usd_thousands":63.2,"nasdaq100_usd_thousands":56.5,"russell_usd_thousands":21.9},{"month":"2025-08-01","month_label":"Aug 2025","sp500_usd_thousands":64.5,"nasdaq100_usd_thousands":57,"russell_usd_thousands":23.5},{"month":"2025-09-01","month_label":"Sep 2025","sp500_usd_thousands":66.6,"nasdaq100_usd_thousands":60,"russell_usd_thousands":24.2},{"month":"2025-10-01","month_label":"Oct 2025","sp500_usd_thousands":68.2,"nasdaq100_usd_thousands":62.9,"russell_usd_thousands":24.6},{"month":"2025-11-01","month_label":"Nov 2025","sp500_usd_thousands":68.3,"nasdaq100_usd_thousands":61.9,"russell_usd_thousands":24.9},{"month":"2025-12-01","month_label":"Dec 2025","sp500_usd_thousands":68.2,"nasdaq100_usd_thousands":61.4,"russell_usd_thousands":24.6},{"month":"2026-01-01","month_label":"Jan 2026","sp500_usd_thousands":69.2,"nasdaq100_usd_thousands":62.2,"russell_usd_thousands":26},{"month":"2026-02-01","month_label":"Feb 2026","sp500_usd_thousands":68.6,"nasdaq100_usd_thousands":60.7,"russell_usd_thousands":26.1},{"month":"2026-03-01","month_label":"Mar 2026","sp500_usd_thousands":65,"nasdaq100_usd_thousands":57.7,"russell_usd_thousands":24.8},{"month":"2026-04-01","month_label":"Apr 2026","sp500_usd_thousands":71.9,"nasdaq100_usd_thousands":66.8,"russell_usd_thousands":27.8},{"month":"2026-05-01","month_label":"May 2026","sp500_usd_thousands":75.6,"nasdaq100_usd_thousands":73.8,"russell_usd_thousands":29},{"month":"2026-06-01","month_label":"Jun 2026","sp500_usd_thousands":74.7,"nasdaq100_usd_thousands":73.6,"russell_usd_thousands":30},{"month":"2026-07-01","month_label":"Jul 2026","sp500_usd_thousands":74.7,"nasdaq100_usd_thousands":68.8,"russell_usd_thousands":29.1},{"month":"2026-08-01","month_label":"Aug 2026","sp500_usd_thousands":76.6,"nasdaq100_usd_thousands":71.6,"russell_usd_thousands":30}],"shape":"series","sql":"SELECT\n    toString(toStartOfMonth(date))                                   AS month,\n    formatDateTime(toStartOfMonth(date), '%b %Y')                    AS month_label,\n    round(argMaxIf(toFloat64(close), date, ticker = 'SPY') / 10, 1)  AS sp500_usd_thousands,\n    round(argMaxIf(toFloat64(close), date, ticker = 'QQQ') / 10, 1)  AS nasdaq100_usd_thousands,\n    round(argMaxIf(toFloat64(close), date, ticker = 'IWM') / 10, 1)  AS russell_usd_thousands\nFROM global_markets.stocks_daily_aggs\nWHERE ticker IN ('SPY', 'QQQ', 'IWM')\n  AND date >= today() - 1095\nGROUP BY month, month_label\nORDER BY month","computed_at":"2026-08-22T04:16:27.666199+00:00","elapsed":0.025253715}