Contract Specifications

The multiplier for VIX^® options is $100, just like equity options. A VIX option purchased for a price of "3.00," for example, would cost $300 plus commissions. VIX options contracts are quoted in minimum increments of 0.05 when the premium is under 3.00 and in minimum increments of 0.10 when the premium above 3.00.

VIX options are European-style exercise, which means they can only be exercised at expiration. VIX options settle 30 days prior to the following month's standard SPX option expiration date. Finally, VIX option contracts are settled in cash, based on the VIX index level at expiration.

The table below summarizes the specifications of VIX options contracts.

Underlying Instrument	CBOE Volatility Index^® (VIX)
Contract Multiplier	$100 x Quoted Value
Contract Months	Up to 6 Contract Months
Minimum Strike Price Intervals	1.00
Minimum Tick	0.05 ($5.00) for quotes under 3.00 0.10 ($10.00) for quotes over 3.00
Settlement Type	AM - Cash Settled index
Exercise Style	European (only upon expiration)
Settlement Date	Wednesday 30 Days Prior to Next Standard Expiration