Options on Exchange Traded Products (ETPs) Product Specifications
Underlying: Generally, 100 shares of one of the exchange-traded products (Exchange-Traded Fund - ETF; or Exchange-Traded Note - ETN) above.
Strike Price Intervals: Minimum strike price intervals of not less than 1 point are permissible if the strike price is equal to or less than $200. When the strike price exceeds $200, strike price intervals will be no less than 5 points.
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.
Expiration Date: The third Friday of the expiration month.
Expiration Months: Generally, two near-term months and two months from a January, February or March quarterly cycle (e.g., March cycle - March, June, September and December). LEAPS may also be available.
Last Trading Day: Trading in ETP options will ordinarily cease at the close of business on their expiration date.
Exercise Style: American - Equity options generally may be exercised on any business day up to and including on the expiration date.
Settlement of Option Exercise: Physical Delivery. Exercise notices properly tendered on any business day will result in delivery of ETP shares on the third business day following exercise.
Margin: Uncovered writers must deposit 100% of the options proceeds plus 15% or 20% of the aggregate contract value (current ETP 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.
Position Limits: For position limits on Options on ETPs, visit the Options Clearing Corporation's web site.
Trading Hours for Options on ETPs and Indices: