Explore
Close
Your acceptance of all cookies will permit robust site functionality. If you don't allow cookies, some features and functionality of OCC's site may not operate as expected. If you do not choose either cookie setting for our site, or if you close this window, this message will continue to display on each page you visit. Cookie settings can be controlled in your Internet browser to automatically reject some forms of cookies. For more details on cookies this site uses, see our OCC Site Cookies page. In addition to using cookies, we retain other information, including your Internet Protocol (IP) address, for the purposes listed in the Privacy Policy.

Characteristics and Risks of Standardized Options

Prior to buying or selling an option, investors must read a copy of the Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD). It explains the characteristics and risks of exchange traded options.

Download the Characteristics and Risks of Standardized Options (PDF)
188 pages, February 1994 (1997 through 2012 supplements)

October 2018 Supplement (PDF)
November 2012 Supplement (PDF)

Copies of this document may also be obtained from your broker, from any exchange on which options are traded, or by placing an order online. If you have questions, please contact the Options Clearing Corporation at accountsreceivable@theocc.com.

Having Trouble Viewing the ODD?

We recommend downloading and installing the latest version of Adobe Acrobat Reader, which is available as a free download. If your problems persist you may want to order a printed version or contact your broker.

Click here to place an order for the printed version of the Options Disclosure Document. The ODD is only $0.45 plus shipping and handling. Please allow 8-10 days for delivery. Orders of less than 5 documents must be placed with InvestorServices@theocc.com.

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 (investorservices@theocc.com).