This white paper marks the launch of Euronext’s Index Outlook series, a recurring publication designed to give investors deeper insight into our index innovation agenda and the structural forces shaping global markets. Across this series, we aim to translate long term macro, geopolitical and thematic developments into clear, investable index solutions. Our goal is simple: to provide institutional investors with transparent, rules-based tools that capture the themes defining the future of finance, while showcasing how Euronext indices can support strategic asset allocation in an increasingly complex world.

The new Euronext Strategic Autonomy Index family is a series of three thematic indices designed to track European companies critical to the continent’s move towards greater self-reliance and economic and supply chain resilience. 

Over the past decade, war in Europe and the Middle East, geopolitical shocks, the COVID-19 pandemic and increasing international trade barriers have upended decades of assumptions about trade and threatened the very basis of globalisation.

In response, policymakers and corporates are mobilising unprecedented resources to strengthen the continent’s strategic autonomy. The EU defines strategic autonomy as a reduction in reliance on countries and supply chains outside the EU across a range of key sectors as well as increasing resilience and defence capabilities. The EU is following up with a raft of policies such as the REPowerEU plan, which mobilises close to €300bn of investment in renewable energies. 

The Euronext Strategic Autonomy Index family translates this generational shift in economic and government policy into a series of investable indices. These allow investors to take positions in, and capitalise on, the move towards European strategic autonomy allowing investors across the globe to participate in, and potentially profit from, Europe’s drive for strategic autonomy. 

The family consists of three core indices: the Euronext European Energy Security Index, the Euronext European Aerospace and Defence Index and the Euronext European Strategic Autonomy Index. 

In this whitepaper, we set out the rationale behind the launch of the index family, with a focus on the Strategic Autonomy Index. We look at the underlying policy response, how Euronext is positioning to allow its clients to trade this emerging theme, how the index is calculated and what role the index will play on Europe’s long path to greater strategic autonomy.

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For more information, contact: index-sales@euronext.com

Executive summary

This study provides an in-depth review of the introduction of mini options in the Dutch and French equity options markets, as well as their trading activity since their launch in May 2025. Mini options, sized on 10 shares versus 100 for standard contracts, were introduced to broaden the listed derivatives offering and address growing demand from retail investors.

The findings indicate that the launch of mini options has not cannibalised trading in standard contracts. Trading volumes and notional amounts in mini options evolve in line with trends in standard contracts and their underlying equities, without disrupting overall market dynamics.

A breakdown by underlying (ASML, ASM International, BE Semiconductor, Essilor Luxottica, L’Oréal, LVMH, Kering) shows that option activity, both mini and standard, closely follows movements in the underlying stocks. Spikes in mini options activity are linked to specific market events or periods of high interest from certain participants.

Overall, the introduction of mini options has expanded the product set without undermining standard-contract activity. Their gradual adoption reflects retail-investor engagement supported by market-maker activity.

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Euronext Indices launches twelve new sector indices to the Euronext sector index family. These new indices broaden our thematic and geographic coverage, offering enhanced sectoral granularity and providing investable, transparent benchmarks for the market. 

Sectors covered 

• Europe semiconductor 

• World healthcare 

• Europe and world automobiles & parts 

• Europe consumer products and services 

• Europe and world basic resources 

• Europe and world utilities 

• Europe, US and world oil, gas and coal 

New sector indices

Methodology highlights 

• Index universe: Each index is constructed from Euronext reference universes: 

  • Europe: Euronext Developed Europe 

  • US: Euronext USA 

  • World: Euronext Developed World 

• Liquidity screening: Companies with an average daily trading volume below €5 million are excluded to ensure robustness. 

• Selection of constituents: Based on the Industry Classification Benchmark (ICB) at supersector, sector or subsector level. 

• Weighting method: Free‑float market capitalisation weighting. 

• Capping factor: No single company can exceed 20% weight at reviews. 

• Base currency: All indices are calculated in EUR. 

Read the full methodology here.

Key benefits 

• These new, highly targeted benchmarks cover multiple ICB supersectors, sectors and subsectors. 

• Available in regional (Europe and US) and global (World) variants where relevant, these indices provide precise and granular exposure to structurally important sectors. 

• Enable investors to target key economic drivers of performance. 

Comprehensive solutions 

• These new indices complete our comprehensive suite of sector indices, empowering clients with greater flexibility to evaluate portfolio performance and design tailored investment solutions that align with their specific investment objective. 
• Serving as robust benchmarks for product development, sector allocation, and performance reporting, they enable more precise attribution across multi-sector portfolios. 
• Together, these indices strengthen our ability to support both local and cross-border investment strategies, offering clients innovative tools to navigate dynamic market opportunities. 

Flexible options for investors 

Whether you are looking to create exchange-traded funds (ETFs), mutual funds, structured products or custom indices, we offer flexible options to align with your specific strategies. 

Contact us

For more information, contact: index-sales@euronext.com