Quarterlys - CBOE Options with End of Quarter Expiration www.cboe.com/quarterly

Quarterlys - End-of-Quarter Options

Quarterly Background & Terminology

CBOE uses the term "Quarterly" to generally refer to the different types of options that expire on the last business day of a calendar quarter. CBOE's rules currently provide for three different types of Quarterlys: (1) Quarterly Option Series; (2) Quarterly Index Expirations; and (3) End-of-Month Expirations. Different rules apply to the different types of Quarterlys. It is important to know which Quarterly program a particular class participates in because the rules governing the different types of Quarterlys differ.

Quarterly Option Series (QOS) Program: CBOE may list QOS on up to five (5) currently listed option classes that are either index options or ETFs. CBOE may also list QOS on classes selected by other exchanges that have similar QOS programs. QOS are P.M.-settled. The trading hours for QOS are the same as for standard options on the same class. CBOE Rules 5.5(e) and 24.9(a)(2)(B) set forth the terms for the QOS Program.

Quarterly Index Expirations (QIXs): CBOE may list up to eight (8) near-term QIXs on certain specified broad-based indexes. QIXs are P.M.-settled. Trading in expiring QIXs closes at 3:00 p.m. (CT) on their expiration date. CBOE Rule 24.9(c) sets forth the terms for QIXs.

End-of-Month (EOM) Expirations: EOMs may be listed on any broad-based index eligible for regular options trading to expire on the last trading day of the month. EOMs may have a quarterly expiration. Trading in all expiring EOMs closes at 3:00 p.m. (CT) on their expiration date. CBOE Rule 24.9(e)(2) sets for the terms for EOMs.

Quarterly Classes

Contract Symbols Type of Settlement Specifications for Quarterlys
Energy Select Sector SPDR XLE Physical QOS
iShares Russell 2000 ETF IWM Physical QOS
Mini-SPX Index XSP Cash EOM
PowerShares QQQ Trust QQQ Physical QOS
Russell 2000 Index RUTQ Cash QOS
S&P 100 Index (European) XEO Cash QIX
S&P 500 Index SPXW Cash EOM
SPDR S&P 500 ETF SPY Physical QOS
SPDR Gold Shares GLD Physical QOS
iShares Silver Trust SLV Physical QOS