CBOE offers SPX options with weekly expirations. SPX Weeklys options (SPXW) are options that are listed to provide expiration opportunities every week. S&P 500 Weeklys options can provide opportunities for investors to implement more targeted buying, selling or spreading strategies. S&P 500 Weeklys options can help investors efficiently take advantage of market events, such as earnings, government reports and Fed announcements.
SPX Weeklys (SPXW) expiring at the end of each week (End of Week - EOW) are typically listed on Thursdays and expire on Fridays, provided that such expirations were not previously listed. As of February 23, 2016, CBOE began offering Wednesday Weeklys (also part of SPXW), which are typically listed on Tuesdays and expire subsequent Wednesdays at least one week out. (Note that Wednesday Weeklys are not listed if an SPX End-of Month - EOW option would expire on the same day).
SPX Weeklys are PM-settled on the last trading day, typically a Friday for SPX EOW Weeklys, or a Wednesday for SPX Wednesday Weeklys. As with other PM-settled index options, the exercise-settlement value is calculated using the last (closing) reported sales price in the primary market of each component stock. On the last trading day, trading in expiring SPX Weeklys closes at 3:00 p.m. (Chicago time). All non-expiring SPX Weeklys continue to trade until 3:15 p.m. (Chicago time). Both SPX EOW Weeklys and SPX Wednesday Weeklys may be listed with expirations of up to six consecutive weeks.
Current listing and expiration dates are noted on Available Weeklys.
SPX Wednesday Weeklys
In February 2016, CBOE issued Regulatory Circular RG16-024 and RG16-035 regarding the commencement of listing of SPX Wednesday Weeklys options. SPX Wednesday Weeklys are part of the SPXW option symbol and begin trading on February 23, 2016. SPX Wednesday Weeklys will initially list two consecutive expirations, but can list out and maintain six consecutive expirations at once, not counting the current expiration.
SPX Weeklys - Extended
In January 2014 CBOE issued Regulatory Circular RG14-010 re: "Expansion of Number of Expirations Listed in S&P 500 Index Weeklys Options (SPXW)." The circular provides that CBOE will list out and maintain six consecutive SPXW expirations at once, not counting the current expiration.
On Monday, March 9, 2015, the trading hours for options on the SPX and SPXW (SPX Weeklys and SPX End-of-Month) began at 2:00 a.m. Central time (Chicago time). Starting on Tuesday, February 23, 2016, and coinciding with the launch, SPX Wednesday Weeklys (SPXW) will also begin trading at 2:00 a.m. Please visit the Extended Trading Hours webpage for more details.