Standard & Poor's Depositary
Receipts® (known as "SPDRs").
Generally, 100 shares of Standard &
Poor's Depositary Receipts®
(known as "SPDRs").
Strike prices are set at a minimum
of 1-point increments.
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
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
Saturday immediately following the
third Friday of the expiration
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
Last Trading Day:
Trading in SPDR options will
ordinarily cease at the close on the
business day (usually a Friday)
preceding the expiration date.
American - Options on SPDRs
generally may be exercised on any
business day before the expiration
Physical Delivery. Exercise notices
properly tendered on any business
day will result in delivery SPDR
shares on the third business day
75,000 contracts on either side of
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.
8:30 a.m. to 3:15 p.m. Chicago time.