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Quarterly Options

Quarterly options are listed with expiration dates that coincide with the end of the financial quarter. They will generally have the same product specifications of the monthly contracts listed on that product and will list an expiration date of the last business day of the financial quarter.

Unit of Trade:  ETF: 100 shares of the underlying; Index: One contract equals $100 (the index multiplier) times the index level.

Premium Quotations:  Stated in points. One point equals $100.

Strike Price Intervals:  Quarterly option strike listings will generally mimic that of the standard product.

Exercise Style:  The exercise style for quarterly options will be the same as for standard options on that product.

Expiration Months:  March, June, September, December.

Expiration Dates:  Quarterly options will list the last business day of the financial quarter as the expiration date. This means that quarterly options will be available with expirations in March, June, September and December.

Exercise Settlement Price:  ETFs will settle the same as the standard options on the same underlying. Cash-settled quarterly options on index products are PM settled and will derive their settlement value based on a calculation of the closing values of the component securities of that index.

Position Limits:  Quarterly option positions will be aggregated with standard open positions for ETFs. Customer hedge exemptions are available. Index option limits area also aggregated but may vary. Investors should check the position limit reports and exchange rules.

Minimum Customer Margin:  Same as standard options on the same underlying or index.

Trading Hours:  Quarterly options will have the same trading hours as standard options for that product.

This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as an endorsement, recommendation or solicitation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of the disclosure document, Characteristics and Risks of Standardized Options. Individuals should not enter into option transactions until they have read and understood this document. To obtain copies, contact your broker, any exchange on which options are traded, or The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 ([email protected]).