Understanding The Cboe Magnificent 10 Index: Everything You Need To Know About It
Cboe Global Markets, Inc., the world’s leading derivatives and securities exchange network, announced plans to launch futures and options on the new Cboe Magnificent 10 Index, subject to regulatory review. As an equal-weighted equity index, the Cboe Magnificent 10 Index (MGTN) is designed to measure the price return of a select group of large-cap U.S. technology and growth-oriented companies with listed options.
This article explores all aspects of the Cboe Magnificent 10 Index, including its definition, its constituents, why it matters, how it’s constructed, and when investors might choose to use it.
Table of Contents
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What is the Cboe Magnificent 10 Index?
The Cboe Magnificent 10 Index (MGTN) is an equal-weight index comprising ten large US growth and technology stocks, chosen to represent contemporary leaders in digital innovation, the cloud, AI, semiconductors, and related sectors. Designed to capture the growth of large-cap stocks shaping the future of the global economy, this equal-weighted index gives each constituent an equal influence on daily returns.
Unlike a market-cap index, which gives disproportionate weighting to the largest companies, MGTN gives each constituent equal influence over daily returns, aiming to provide exposure to industry leaders while reducing single-name concentration risk. The index will also serve as the underlying benchmark for cash-settled futures and options products that Cboe plans to introduce in late 2025.
The value of the MGTN Index will be available on the Cboe Global Indices Feed via the Cboe Global Indices Channel. Cboe intends to list futures and options on the Cboe Magnificent 10 Index, which will trade on a nearly 24×5 basis. This will provide market participants with a comprehensive suite of tools for managing risk, enhancing yield and expressing their views on the most dynamic segment of the US equity landscape.
Constituents of Magnificent 10 Index
At launch, the MGTN index included the seven companies commonly referred to as the “Magnificent Seven”:
- NVIDIA Corporation—NVDA
- Apple Inc.—AAPL
- Amazon.com, Inc.—AMZN
- Alphabet Inc. (Google)—GOOGL (Class A)
- Microsoft Corporation—MSFT
- Meta Platforms, Inc. (Facebook)—META
- Tesla, Inc.—TSLA
Besides, the Cboe Magnificent 10 Index (MGTN) also included three additional large tech/growth names:
- Advanced Micro Devices, Inc. (AMD)—AMD
- Broadcom Inc. — AVGO
- Palantir Technologies Inc.—PLTR
Cboe declined to be interviewed about the methodology of the index but stated in its press release that the constituents were selected “based on liquidity, market capitalization, trading volume, and leadership in areas such as artificial intelligence and digital transformation.”
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The Significance of Launching MGTEN Index Futures and Options
Thematic investing is growing fast, with global assets in thematic ETFs rallying from under $50 billion a decade ago to more than $200 billion today. Traders are increasingly drawn to powerful market narratives — AI, EVs, digital transformation—and the Cboe Magnificent 10 Index sits squarely at the center of this momentum.
To meet this demand, Cboe Global Markets, Inc., the world’s premier derivatives and securities exchange network, has announced its plan to launch futures and options based on the new Cboe Magnificent 10 Index in Q4 2025, pending regulatory approval. This innovative product suite will provide investors with a targeted means of gaining exposure to several of the most actively traded stocks focused on artificial intelligence technology through cash-settled index futures and options.
The MGTEN options will be cash-settled and structured as European-style contracts, thereby eliminating physical delivery and reducing the potential for early exercise. This feature distinguishes them from traditional stock component options. In addition to standard monthly A.M.-settled expirations, Cboe plans to introduce weekly P.M.-settled options that expire on each trading day. This offering will enable global investors to trade zero-days-to-expiry (0DTE) options on the index. The popularity of 0DTE trading has surged in recent years as investors seek the advantages provided by short-dated options, including tactical hedging capabilities, more precise intraday risk management, and opportunities for daily yield-generating strategies. The MGTEN options will be listed and traded on Cboe Exchange, Inc.
The proposed cash-settled MGTEN futures are set to be listed and traded on Cboe Futures Exchange (CFE). These futures will offer a capital-efficient method for gaining exposure to some of the most influential technology stocks through a single tradable product. Futures allow for portfolio diversification with inherent leverage, enabling investors to take larger positions with reduced upfront capital while providing precise mechanisms for hedging, speculation, or establishing short positions. Both MGTEN Index futures and options will be cleared by the Options Clearing Corporation (OCC), potentially facilitating margin offsets.
By packaging the biggest, fastest-growing tech innovators into a single, equal-weighted index, Cboe gives traders and asset managers a focused vehicle for expressing views on AI/cloud/semiconductor leadership without overweighting just the largest market-cap names. Cboe’s plan to list cash-settled futures and options on MGTN creates tradable instruments that let investors hedge, speculate or obtain leveraged/short exposure to the theme in a single trade—useful for active traders and institutional desks.
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How the Magnificent 10 Index Constructed (Methodology Highlights)?
The Index employs an equal-weighting methodology. The Constituents are adjusted according to the Reweighting Timetablee (as defined below). Each Constituent’s shares in the Index are determined by adjusting the Constituent’s weighting capping factor.
For this, each Constituent is assigned an equal weighting considering the Constituent’s price as of the Weighting Reference Date. The shares determined on the Weighting Reference Date are effective on the Reweighting Date. The weights drift from equal weighting as the price of underlying Constituents change between the Weighting Reference Date and the Reweighting Date.
Reweighting Timetable Details:
Constituent weights are reviewed on a monthly basis using the following timetable:
- Weighting Reference Date: Index Constituent weighting factors are calculated based on closing prices as of the close of business on the second Friday of the relevant review month. If such a second Friday falls on an U.S. equity exchanges holiday, the next Business Day would be used.
- Proforma Date: Changes effective on the Reweighting Date are published on the Tuesday before the third Friday of the relevant review calendar month.
- Reweighting Date: Any weighting changes are implemented after the close of business on the third Friday of the relevant calendar review month using the Constituent closing prices on that particular day, thereby impacting the Index beginning on the immediately following Monday. For each Constituent, the closing price used is the official closing price published by its primary exchange.
Where the Proforma Date or Reweighting Date described above fall on an U.S. equity exchanges holiday, the next Business Day would be used.
Why Choose the Cboe Magnificent 10 Index?
As AI becomes more widespread, those benefiting are likely to shift from the companies that drove its rise to those providing specific AI-based products and services, and ultimately to enterprises that use AI to enhance efficiency and drive revenue growth.
Cboe has launched ‘Magnificent 10’ index futures and options, incorporating Broadcom (AVGO.US), Palantir (PLTR.US) and Advanced Micro Devices (AMD.US). This inclusion, alongside the ‘Magnificent Seven’ tech giants, reflects the consensus in the market that the biggest beneficiaries of the AI wave are not limited to the original seven giants.
With Cboe listing futures and options, traders can use MGTN as a single instrument to gain exposure to, or hedge against, the tech/growth theme. Furthermore, long-term investors looking to align their portfolios with innovation can use MGTN as an efficient means of doing so while reducing their exposure to individual stocks compared to cap-weighted alternatives.
Conclusion
The Cboe Magnificent 10 Index provides concentrated, equal-weight access to the market’s leading technology and growth companies, avoiding the extreme concentration produced by capital-weighted benchmarks. The launch of the index, along with the plan to list futures and options, reflects investor demand for tradable, focused exposure to AI, cloud and semiconductor leadership.
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