Cboe Global Markets (CBOE) said Monday it plans to launch options on the S&P 500 Equal Weight Index on April 14, pending regulatory review.

The cash-settled options will reflect one-tenth the value of the S&P 500 Equal Weight Index, the equal-weight version of the S&P 500 Index, the Cboe said.

The new options are intended to give investors exposure to an index less impacted by potential shifts in concentration and momentum, giving them the ability to hedge against potential swings in the largest S&P 500 stocks, the exchange said.

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