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: Saturday immediately following the third Friday of the expiration month until February 15, 2015. On and after February 15, 2015, the expiration date will be the third Friday of the expiration month.
December 2015 SPY and OEF option series, however, shall expire on the Saturday following the third Friday of the month (December 19, 2015). Please refer to CBOE Regulatory Circular RG13-118 (Standard Monthly Option Expiration Date Move from Saturday to Friday) located at https://www.cboe.org/publish/regcir/rg13-118.pdf for additional information regarding these grandfathered option series.
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 Options on ETPs will ordinarily cease at the close on the business day (usually a Friday) preceding the expiration date.
Exercise Style: American - Options on ETPs 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 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: