Cboe Options Exchange now offers AM-settled weekly options on the S&P 500® Index (SPX), extending AM-settled SPX® options from the standard monthly, third-Friday expiration. AM settlement is now available for weekly expirations under the new symbol SPXO.
The additional expirations come as investors continuously seek more precision and granularity in their trading. With AM weekly expirations, traders now have another way to manage overnight risk through short-dated options trades. To put the demand for additional expirations in perspective, short-dated options strategies continue to grow in popularity. Market-wide zero days to expiry (0DTE) options volume hitting a record average daily volume of 24.2 million contracts in the third quarter of 2026, making up approximately 36% of overall options volume. 0DTE index options volume averaged 3.4 million contracts daily, or 56% of the index flow, while activity in 0DTE ETF and Single Stock options totaled nearly 20.8 million contracts daily, 34% of the flow.
Like AM-settled third-Friday SPX options, SPXO options expire at the open of trading on their expiration date and settle to the SPX opening settlement price. Here's what else you should know about SPXO options before trading:
Initial Expirations
The rollout begins with two expirations that line up with standard monthly VIX® index options settlement:
- Wednesday, November 18, 2026
- Wednesday, December 16, 2026
Standard monthly VIX options settlement is generally the Wednesday 30 days before the third Friday of the calendar month that follows the expiration month of the standard VIX options and VIX futures. SPX options that expire on a VIX options settlement date will now be listed with both AM and PM settlement. Cboe plans to introduce additional weekly A.M.-settled expirations at a later date.
SPXO Market Structure
- Matching: SPXO will reside on matching unit 33 with SPX.
- Allocation: SPXO will use a price-time algorithm in both the single-leg and complex books. SPX remains pro-rata.
- Quoting: SPXO quotes priced above $0 have a minimum quote size of one. SPX requirements are unchanged.
- Risk: Current SPX risk rules apply automatically to SPXO. Trading Permit Holders (TPHs) can set separate risk limits for SPX/SPXO and SPXW, but not independently for SPXO.
- Complex orders: Complex orders are allowed with any combination of options across any two of SPX, SPXO and SPXW contracts. A complex order can leg into the single-leg books only if all of those books sit on the same matching unit. Orders that combine SPXW with SPX or SPXO cannot leg in, because SPXW is on a separate matching unit.
Trading Hours and Global Trading Hours (GTH)
SPXO follows the SPX Options trading schedule, including GTH. Today, expiring AM-settled index options stop trading at the market close the day before expiration. On the last trading day before an SPXO series expires, trading ends at 5:00 p.m. ET and does not resume for that evening’s GTH session.
In the future, Cboe plans to expand SPXO to five consecutive daily expirations and let all AM-settled index options in classes with a GTH session trade during the GTH session on their expiration day.* When this is introduced at a date to be determined, expiring SPX/SPXO options will trade until 9:25 a.m. ET on their expiration day. That is five minutes before the special opening quotation (SOQ) process, which establishes the settlement price. Together, these changes would give investors both an AM-settled and a PM-settled option on each day both types exist, including the expiration date itself, as well as move the final trading day/time for the expiring options much closer to the settlement.
*(Note that when expiring AM-settled index options are allowed to trade during GTH on their expiration day, expiring VIX options will trade until 9:00 a.m. ET on their expiration day, coinciding with the settlement of the related futures contract.)
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The information provided is for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, financial instrument, investment fund, or other investment product (collectively, a “financial product”), or to provide investment advice.
