Cboe Global Markets has introduced a new prediction market product framework that departs from the traditional binary "yes/no" model by incorporating a "partial payout range" mechanism. Announced on March 9, this innovative approach allows for three potential outcomes: $0, a partial profit within a specified range, or a full $100 profit. The first product under this framework, a mini S&P 500 index futures contract, is set to launch in Q2 2026, enabling traders to speculate on the daily closing level of the U.S. stock market. Traders can choose between traditional "yes/no" positions or opt for the new "range of returns" position, which offers partial returns for correct directional predictions without needing to hit an exact target. JJ Kinahan, Cboe's Head of Retail Expansion and Alternative Investment Products, emphasized the model's ability to reward informed judgment even when predictions are not precisely accurate. The product is structured as a traditional option, cash-settled, and listed on the Cboe Options Exchange, with central clearing by the OCC. Cboe plans to potentially extend this framework to other indices or individual stocks.