Standard & Poor's Depositary
Receipts® (known as "SPDRs").
Symbol:
SPY
Underlying:
Generally, 100 shares of Standard &
Poor's Depositary Receipts®
(known as "SPDRs").
Strike Price
Intervals:
Strike prices are set at a minimum
of 1-point increments.
Strike (Exercise)
Prices:
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.
Premium Quote:
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).
Expiration Date:
Saturday immediately following the
third Friday of the expiration
month.
Expiration
Months:
Three near-term months and three
months from the March quarterly
cycle (March, June, September and
December). Long-Term Options and
LEAPS® may also be
available.
Last Trading Day:
Trading in SPDR options will
ordinarily cease at the close on the
business day (usually a Friday)
preceding the expiration date.
Exercise Style:
American - Options on SPDRs
generally may be exercised on any
business day before the expiration
date.
Settlement of
Option Exercise:
Physical Delivery. Exercise notices
properly tendered on any business
day will result in delivery SPDR
shares on the third business day
following exercise.
Position and
Exercise Limits:
75,000 contracts on either side of
the market*.
Margin:
Uncovered writers must deposit 100%
of the options proceeds plus 15% of
the aggregate contract value
(current SPDR 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.
Trading Hours:
8:30 a.m. to 3:15 p.m. Chicago time.
