CBOE Mini Options
New CBOE Mini options with physical settlement began trading on March 18, 2013. The new Mini options represent a deliverable of 10 shares of an underlying security, whereas standard equity options represent a deliverable of 100 shares. The options symbol for the new Mini options will be the underlying security symbol followed by the number 7 (see examples in the table below).
In addition, please note that the cash-settled Mini-SPX options (ticker XSP (1/10th the size of SPX, with a multiplier of 100)) have been listed since 2006 www.cboe.com/XSP.
The Mini options are designed to provide added investment flexibility. For example, for an investor who holds 10 to 90 shares of AAPL or GOOG stock, the new mini options could provide that investor with tools that have the potential to be more efficient and tailored for strategies such as covered call writing or hedging.