Options on iSharesSM S&P 100® Index Fund (OEF) Product Specifications
Generally, 100 shares of the iSharesSM S&P 100 Index Fund, an exchange-traded fund managed by Barclays Global Fund Advisors (BGFA).
Strike Price Intervals:
Minimum of 0.50 points.
Strike (Exercise) Prices:
In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when OEF shares trade through the highest or lowest strike price available.
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).
The third Friday of the expiration month.
Four near-term months and one month from the March quarterly cycle (March, June, September and December). LEAPS may also be available.
Last Trading Day:
Trading in OEF options will ordinarily cease on the business day (usually a Friday) preceding the expiration date.
American - Equity options generally may be exercised on any business day up to and including on the expiration date.
Settlement of Option Exercise:
Exercise notices properly tendered on any business day will result in delivery of OEF shares on the third business day following exercise.
Position and Exercise Limits:
* 75,000 contracts on the same side of the market.
Please contact the Department of Market Regulation at 312-786-7706 or 312-786-7059 for details regarding applicable hedge and position limit exemptions.
Uncovered writers must deposit 100% of the options proceeds plus 15% of the aggregate contract value (current OEF 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.
8:30 a.m. - 3:15 p.m. Central Time (Chicago time).
* Position Limits subject to change.