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SPDR® Options

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

The SPDR exchange-traded fund (ETF) is designed to track the performance of the S&P 500 Index.

S&P 500 (SPX) options have been offered at the CBOE since 1983.

The new SPDR options have some key differences when compared to S&P 500 (SPX) options -- SPDR options: (1) have a smaller contact size, (2) have American-style exercise, (3) usually cease trading at the close on the third Friday of the month, and (4) are settled by delivery of securities (rather than cash).

For more information on the S&P 500 Index and S&P 500 Index Options, please visit

"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.

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