NYSE Euronext, Inc. (NYSE: NYX) is surging today after Standard & Poor's announced that NYX will replace Hilton Hotels Corp (NYSE: HLT) in the S&P 500 after the market closes Oct. 24. S&P also announced that NYX will replace Limited Brands (NYSE: LTD) in the S&P 100. Joining these indices means that any mutual funds that track the index will need to buy shares, which should cause much higher demand over the next few months. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on NYX.

After hitting a one-year high of $112.00 in November, the stock sagged to a 52-week low of $64.26 in August. NYX opened this morning at $86.20. So far today the stock has hit a low of $84.93 and a high of $86.39. As of 10:40, NYX is trading at $85.07, up $2.43 (2.9%). The chart for NYX looks bullish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider a December bull-put credit spread below the $65 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 4.2% return in just 2 months as long as NYX is above $65 at December expiration. NYSE would have to fall by more than 23% before we would start to lose money. Learn more about this type of trade here.

NYX hasn't been below $65 by more than a few cents in the past year and has shown support around $80 recently. This trade could be risky if the company's earnings (due out on 11/2) disappoint, but even if that happens, this position could be protected by the increase in demand for shares as well as strong support around $70, where the stock bounced in September.

Brent Archer is an options analyst and writer at Investors Observer.

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