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Product Specifications

Options on the Nasdaq-100® Index Tracking Stock (QQQ)


Generally, 100 shares of the Nasdaq-100 Index Tracking Stock, an exchange-traded fund designed to track the performance of the Nasdaq-100 Index.

Index Components

Strike Price Intervals:
Strike prices are set at a minimum of 1-point increments.

Strike (Exercise) Prices:
In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when QQQ shares trade through the highest or lowest strike price available.

Premium Quotation:
Prices are quoted in dollars and cents with a minimum increment of $0.01 (a penny).

Expiration Date:
Saturday immediately following the third Friday of the expiration month until February 15, 2015. On and after February 15, 2015, the expiration date will be the third Friday of the expiration month.

Expiration Months:
Three near-term months and up to three months from the March quarterly cycle (March, June, September and December). LEAPS are also available.

Last Trading Day:
Trading in QQQ options will ordinarily cease on the business day (usually a Friday) preceding the expiration date.

Exercise Style:
American - QQQ options generally may be exercised on any business day before the expiration date.

Settlement of Option Exercise:
Exercise notices properly tendered on any business day will result in delivery of QQQ shares on the third business day following exercise.

Position and Exercise Limits:
* 150,000 contracts on the same side of the market.

Uncovered writers must deposit 100% of the options proceeds plus 15% of the aggregate contract value (current QQQ price multiplied by $100) minus the amount by which the option is out-of-the-money, if any. Minimum margin is 100% of the option proceeds plus 10% of the aggregate contract value. Long puts or calls must be paid in full.

CUSIP Number:
QQQ - 631100104; VZQ - 630906105

Trading Hours:
8:30 a.m. - 3:15 p.m. Central Time (Chicago time).

* Position and exercise limits are subject to change.

CBOE Volatility Index (VIX)