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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 www.cboe.com/spx.





"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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Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from your broker, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. The information on this website is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected in the website information. No statement within the website should be construed as a recommendation to buy or sell a security or to provide investment advice. The inclusion of non-CBOE advertisements on the website should not be construed as an endorsement or an indication of the value of any product, service, or website. The Terms and Conditions govern use of this website and use of this website will be deemed acceptance of those Terms and Conditions.