CBOE SPDR� Options (SPY)

SPDR Options - Contract Specifications

Options based on the S&P Depositary Receipts Index - SPY


Generally, 100 shares of Standard & Poor's Depositary Receipts® (known as "SPDRs").

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 the underlying shares trade through the highest or lowest strike price available.

Premium Quote:
Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.05 ($5.00) and for all other series, 0.10 ($10.00).

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 three months from the March quarterly cycle (March, June, September and December). Long-Term Options and LEAPS® may also be available.

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

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

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

Position and Exercise Limits:
300,000 contracts on either side of the market*.

Uncovered writers must deposit 100% of the options proceeds plus 15% of the aggregate contract value (current SPDR 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.

Trading Hours:
8:30 a.m. to 3:15 p.m. Chicago time.

* Position and Exercise limits are subject to change.

"Standard & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500®", "500®", Standard & Poor's Depositary Receipts® and SPDR® are trademarks of the Standard & Poor's division of The McGraw-Hill Companies, Inc. ("S&P"). Neither S&P nor its index compilation agent makes any recommendation concerning the advisability of investing in options on SPDRs.

Copyright 2014 Chicago Board Options Exchange, All Rights Reserved

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