CCBOECboe Global Markets, Inc.

Cboe owns options exchanges and its own indices — including the market's expected volatility gauge.

An exchange earns on every trade, so its revenue rises when the market is nervous: a sell-off and a spike in uncertainty increase derivative volumes. That makes the stock a rare asset that gains value precisely when almost everything else loses it.

The particular value lies in proprietary products: broad-index options and volatility instruments trade only here, because the rights to the underlying index belong to the venue. A competitor cannot list the same thing. A second source is selling market data by subscription. Risks: a calm market with low volumes and regulatory changes to market structure. Cboe pays a dividend.