Options on Exchange Traded Products (ETPs) Product Specifications
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) Price
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.
The third Friday of the expiration month.
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.
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 second business day following exercise.
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.