Options on ETPs Specifications
Options on Exchange Traded Products (ETPs) Product Specifications
- Underlying
- Generally, 100 shares of one of the exchange-traded products (Exchange-Traded Fund - ETF; or Exchange-Traded Note - ETN) above.
- Strike Price Intervals
- Minimum strike price intervals of not less than 1 point are permissible if the strike price is equal to or less than $200. When the strike price exceeds $200, strike price intervals will be no less than 5 points.
- Strike (Exercise) Price
- 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.
- Expiration Date
- The third Friday of the expiration month.
- Expiration Months
- Generally, two near-term months and two months from a January, February or March quarterly cycle (e.g., March cycle - March, June, September and December). LEAPS may also be available.
- Last Trading Day
- Trading in ETP options will ordinarily cease at the close of business on their expiration date.
- Exercise Style
- American - Equity options generally may be exercised on any business day up to and including on the expiration date.
- Settlement of Option Exercise
- Physical Delivery. Exercise notices properly tendered on any business day will result in delivery of ETP shares on the first business day following exercise.
- Margin
- Uncovered writers must deposit 100% of the options proceeds plus 15% or 20% of the aggregate contract value (current ETP 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.
- Position Limits
- For position limits on Options on ETPs, visit the Options Clearing Corporation's web site.
- Trading Hours for ETP Options
- 8:30 a.m. - 3:00 p.m. Central Time (Chicago time). Click here for a list of available options.