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In an effort to drive more retail trading in options, Cboe Global Markets, Inc. is planning to launch a new smaller index option geared to retail investors.

The Chicago-based derivatives exchange announced that, on March 14, it will start offering a new option on the S&P 500 index — branded as Nanos — that will be 1/100th the size of existing Mini-S&P 500 index option.

“At a fraction of the size of a standard options contract, Nanos is a first of its kind, one-multiplier, cash-settled listed options contract that will help provide greater access to options trading,” the firm said in a release.

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The new product is specifically targeted at retail investors, the exchange said.

“Our goal is to broaden accessibility to options, empower new market participants with education, and enable them to better express their opinions on market movements,” said Ed Tilly, chairman, president and CEO of Cboe, in a release.

Alongside the launch, the Cboe said that its educational arm, the Cboe Options Institute, plans to offer a new educational course focused on retail traders. It also intends to work with retail brokerage firms to provide resources and tools to demystify the options market for retail traders.