IBHY - Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures


Symbol Expiration Last Change High Low Settlement Volume
IBXXIBHY - 126.58 0.03 126.58 126.58 - -
IBY/V8 10/01/2018 126.56 -0.03 126.56 126.56 126.65 1
IBY/X8 11/01/2018 127.28 0.0 0.0 0.0 127.34 0
(DELAYED 10 MINUTES)

Historical Performance for IBXXIBHY and IBXXIBIG Indexes

Intraday    1M   3M    6M    1Y    All    
 Critical Periods   

First Fixed Income Futures Based on iBoxx® iShares® Indexes

Futures on the iBoxx® iShares® $ High Yield Corporate Bond Index (IBXXIBHY Index) are now available for trading on Cboe Futures Exchange, LLC (CFE). Designed to leverage the deep and liquid iShares® ETF ecosystem, the IBXXIBHY Index measures the performance of U.S. dollar-denominated high-yield corporate debt, and offers broad coverage of the liquid U.S. high-yield corporate bond universe.

Cboe IBHY futures will be cash-settled and traded electronically on CFE. The contracts will be cleared through the AA+ Rated Options Clearing Corporation (OCC).

Why Trade Cboe IBHY Futures?

Gain Broad Exposure to the $8.8 Trillion U.S. Corporate Bond Market
Cboe IBHY futures will allow market participants worldwide to gain broad exposure to the $8.8 trillion U.S. corporate bond market through Exchange-traded, centrally cleared instruments.

Hedge Corporate Bond Credit Risk
Asset managers will be able to use Cboe IBHY futures to help mitigate credit risk in their corporate bond portfolios.

Allocate to the Corporate Bond Market Quickly and Efficiently
Cboe IBHY futures can provide efficient exposure to the corporate bond market for asset managers who need to allocate assets quickly due to market events or changing outlooks.

Implement Fixed Income Trading Strategies
Whether the strategy is trend following or relative value, Cboe IBHY futures offer a convenient, standardized vehicle for fixed income trading.

Closely Tracks High Yield Market

The iBoxx® iShares® $ High Yield Corporate Bond Index (IBXXIBHY Index) closely tracks the broad U.S. high yield corporate credit market as well as leading high yield ETFs. Since February 2013 through July 2018, the index underlying Cboe IBHY futures has had a correlation of approximately:

  • 100% with the broad-based iBoxx® USD High Yield Developed Markets Index
  • 100% with the HYG ETF benchmark (iBoxx® USD Liquid High Yield Index)
  • 98% with the JNK ETF benchmark (Barclays Capital High Yield Very Liquid Index)

Advantages of Index Futures

Investors can use a number of tools - such as ETFs, options, or index futures - to gain exposure to or hedge against specific securities or asset classes. Index futures allow investors to buy or sell a given index at a specified price and on a specified date in the future. Index futures can offer a number of advantages:

Larger Notional Exposure
With a $1,000 multiplier, Cboe IBHY futures can offer investors an efficient way to gain exposure to the high-yield corporate bond market.

Lower Margin Requirements
Futures typically have significantly lower margin requirements than buying a security on margin, which allows investors to gain exposure with a smaller upfront investment.

Cash Settled
Cash settlement allows for simple exposure to the high yield fixed income asset class without the operational burdens of owning a broad portfolio of corporate bonds.

Potential Tax Advantages
Typically, futures are taxed using the 60/40 rule under section 1256 of the Tax Code where 40% of gains is taxed at the short-term rate and 60% at the long-term rate. Investors should consult with their tax advisors to determine how the profit and loss on any strategy will be taxed.

Trade Long or Short
Because futures markets do not discriminate directionally, a trader can enter the market on the short side just as easily as the long side. Margin requirements are the same no matter what the trader’s directional bias might be.


Ask Us About IBHY Futures


The information on this website is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected in the website information. No statement within the website should be construed as a recommendation to buy or sell a security or to provide investment advice. The inclusion of non-Cboe advertisements on the website should not be construed as an endorsement or an indication of the value of any product, service, or website. The Terms and Conditions govern use of this website and use of this website will be deemed acceptance of those Terms and Conditions.

Futures trading is not suitable for all investors, and involves the risk of loss. The risk of loss in futures can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. For additional information regarding futures trading risks, see the Risk Disclosure Statement set forth in CFTC Regulation §1.55(b).

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of iBoxx iShares $ High Yield Corporate Bond Index to track the performance of the fixed income securities market, generally, or the performance of HYG or any subset of fixed income securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the fixed income securities that comprise iBoxx iShares $ High Yield Corporate Bond Index and shall not in any way be liable for any inaccuracies, errors.

BlackRock financial products are not sponsored, endorsed, sold or promoted by Cboe Global Markets, Inc. or any of its affiliates (collectively “Cboe”) and Cboe makes no representation regarding the advisability of investing in such products. An investor should consider the investment objectives, risks, charges, and expenses of these products carefully before investing. This and other information about these products, including prospectuses, can be found at www.blackrock.com.

The iBoxx iShares $ High Yield Corporate Bond Index (the “Index”) referenced herein is the property of Markit Indices Limited (“Index Sponsor”) and has been licensed for use in connection with Cboe iBoxx iShares $ High Yield Corporate Bond Index Futures. Each party to a Cboe iBoxx iShares $ High Yield Corporate Bond Index Futures transaction acknowledges and agrees that the transaction is not sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor makes no representation whatsoever, whether express or implied, and hereby expressly disclaims all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use), with respect to the Index or any data included therein or relating thereto, and in particular disclaims any warranty either as to the quality, accuracy and/or completeness of the Index or any data included therein, the results obtained from the use of the Index and/or the composition of the Index at any particular time on any particular date or otherwise and/or the creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event (however defined) with respect to an obligation, in the Index at any particular time on any particular date or otherwise. The Index Sponsor shall not be liable (whether in negligence or otherwise) to the parties or any other person for any error in the Index, and the Index Sponsor is under no obligation to advise the parties or any person of any error therein.

The Index Sponsor makes no representation whatsoever, whether express or implied, as to the advisability of purchasing or selling Cboe iBoxx iShares $ High Yield Corporate Bond Index Futures, the ability of the Index to track relevant markets’ performances, or otherwise relating to the Index or any transaction or product with respect thereto, or of assuming any risks in connection therewith. The Index Sponsor has no obligation to take the needs of any party into consideration in determining, composing or calculating the Index. No party purchasing or selling Cboe iBoxx iShares $ High Yield Corporate Bond Index Futures, nor the Index Sponsor, shall have any liability to any party for any act or failure to act by the Index Sponsor in connection with the determination, adjustment, calculation or maintenance of the Index.

iBoxx® is a service mark of IHS Markit Limited.

The iBoxx iShares $ High Yield Corporate Bond Index (the “Index”) and futures contracts on the Index (“Contracts”) are not sponsored by, or sold by BlackRock, Inc. or any of its affiliates (collectively, “BlackRock”). BlackRock makes no representation or warranty, express or implied to any person regarding the advisability of investing in securities, generally, or in the Contracts in particular. Nor does BlackRock make any representation or warranty as to the ability of the Index to track the performance of the fixed income securities market, generally, or the performance of HYG or any subset of fixed income securities.

BlackRock has not calculated, composed or determined the constituents or weightings of the fixed income securities that comprise the Index (“Underlying Data”). BlackRock is not responsible for and has not participated in the determination of the prices and amounts of the Contracts, or the timing of the issuance or sale of such Contracts or in the determination or calculation of the equation by which the Contracts are to be converted into cash (if applicable). BlackRock has no obligation or liability in connection with the administration or trading of the Contracts. BlackRock does not guarantee the accuracy or the completeness of the Underlying Data and any data included therein and BlackRock shall have no liability for any errors, omissions or interruptions related thereto.

BlackRock makes no warranty, express or implied, as to results to be obtained by Markit or its affiliates, the parties to the Contracts or any other person with respect to the use of the Underlying Data or any data included therein. BlackRock makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Data or any data included therein. Without limiting any of the foregoing, in no event shall BlackRock have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) resulting from the use of the Underlying Data or any data included therein, even if notified of the possibility of such damages.


iShares® is a registered trade mark of BlackRock Fund Advisors and its affiliates.

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