Cboe Global Markets

Nanos S&P 500 Index Options*

Symbol
NANOS
Underlying
Nanos options are based on 1/10th the value of the S&P 500 Index, using index symbol NANOS. The S&P 500 Index is a capitalization-weighted index of 500 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding “free float” shares.
Multiplier
$1
Strike Price Intervals
$0.50.
Strike (Exercise) Prices
At-the-money and in and out-of-the-money +/- 2% of the NANOS spot value with a minimum of $0.50 intervals and one strike listed at +/- 3% of the NANOS spot value are listed.
Premium Quotation
Stated in decimals. One point equals $1. The minimum tick for Nanos options is 0.01 ($0.01) for all series.
Exercise Style
European Nanos options generally may be exercised only on the expiration date.
Last Trading Days
The last trading day for Nanos options is their expiration date. On their last trading day, trading in expiring Nanos options closes at 4:00 p.m. Eastern Time.
Expiration Dates
Nanos options expire on a Monday, Wednesday, or a Friday. If the Exchange is not open on a Wednesday or Friday, the normally expiring Wednesday or Friday Nanos option will expire on the immediately preceding business day. If the Exchange is not open on a Monday, the normally expiring Monday Nanos option will expire on the first business day immediately following that Monday.
Expiration Weeks
Cboe will list up to 2 Monday weekly expirations, 2 Wednesday weekly expirations, and 2 Friday weekly expirations.
Settlement of Option Exercise
Exercise will result in delivery of cash on the business day following expiration. The exercise settlement value (NANOS) is 1/10th the value of the official closing price of the S&P 500 Index as reported by Standard & Poor’s on the last trading day of the expiring series. The exercise settlement amount is equal to the difference between the exercise settlement value and the exercise price of the option.
Position Limit
No position and exercise limits are in effect.
Margin
Purchases of puts or calls with 9 months or less until expiration must be paid for in full. Writers of uncovered puts or calls must deposit / maintain 100% of the option proceeds* plus 15% of the aggregate contract value (current index level x $100) minus the amount by which the option is out-of-the-money, if any, subject to a minimum for calls of option proceeds* plus 10% of the aggregate contract value and a minimum for puts of option proceeds* plus 10% of the aggregate exercise price amount. (*For calculating maintenance margin, use option current market value instead of option proceeds.) Additional margin may be required pursuant to Exchange Rules 10.3(h) and 10.10.
Trading Hours
9:30 a.m. to 4:15 p.m. Eastern Time. On the last trading day, trading hours for expiring Nanos options are 15 minutes shorter from 9:30 a.m. 4:00 p.m. Eastern Time.

*Nanos trade on Cboe as a one-multiplier (i.e. micro) option (with 1/100th the value of a standard option) on the Mini-S&P 500 Index (equivalent in value to the Nanos S&P 500 Index), which is 1/10th the value of the S&P 500 Index.