Expirations for Weeklys
Equity, ETF, and ETN Weeklys
In November of 2012, Cboe and C2 issued Information Circulars IC12-093 and IC12-015 announcing the expansion of the number of Weeklys that can be listed for certain securities. Cboe and C2 may now list up to five consecutive Weeklys in a class provided that an expiration does not coincide with one that already exists.
SPX Weeklys (SPXW)
In January 2014, Cboe issued Regulatory Circular RG14-010 announcing that Cboe had expanded the number of expirations from four to six Weeklys that expire on Fridays and listed on the S&P 500® Index (SPXW). Also known as End-of-Week (EOW) expirations these trade under the End of Week pilot program. Cboe now has the ability to list up to 12 consecutive expirations in SPXW Weeklys, but currently maintains six consecutive SPXW expirations at once.
In 2016 Cboe began to offer SPXW Weeklys with Monday and Wednesday expirations, in addition to the existing SPXW Weeklys with Friday expirations. As with SPXW Weeklys with Friday expirations, Cboe has the ability to list up to 12 consecutive expirations in SPXW Weeklys with Monday expirations and up to 12 consecutive expirations in SPWX Weeklys with Wednesday expirations. Similar to SPXW Weeklys with Friday expirations, Cboe maintains six consecutive expirations in SPXW Weeklys with Monday expirations and six consecutive expirations in SPXW Weeklys with Wednesday expi rations.
SPXW Weeklys provide many expiration opportunities every week. SPXW Weeklys are PM-settled on their last trading day, which may be on a Monday, Wednesday or Friday. 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 their last trading day, trading in expiring SPXW Weeklys closes at 3:00 p.m. (Chicago time). All non-expiring SPXW Weeklys continue to trade until 3:15 p.m. (Chicago time). For standard PM-settled, S&P 500® Index options that expire on 3rd Fridays, see ticker SPXPM.
As for all Weeklys, these series will not be listed if they would expire on the same day on which a different expiration already exists, i.e., standard 3rd Friday, End of Month or Quarterly expirations. In addition, if the listing or expiration dates fall on a holiday, the dates will be adjusted as follows in the below chart.