The nanos will be one-hundredth of the size of the popular minis contract, which itself is one-tenth the value of the S&P 500. For an S&P 500 value of 4,574, the nano contract would correspond to $4.57. CBOE plans to list the options in the first quarter of 2022.

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Options trading has flourished during the pandemic, fanned by the popularity of Reddit boards, social media hype and the ease of free trading apps like Robinhood. At the same time, retail demand is strong for low-priced assets, from stocks to meme cryptocurrencies. 

“Nanos are more appropriately sized for retail traders and enable traders to better express their opinions on market movements at a comparatively lower premium price,” said Ed Tilly, chief executive officer of Cboe Global Markets. 

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