SPDR^® Options

SPDR Options - Contract Specifications

Symbol:
SPY

Underlying:
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.

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*.

Margin:
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.