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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.

Effective October 29, 2021, a new version of the ODD is available for distribution (October 2021 ODD).  The October 2021 ODD supersedes and replaces the prior ODD and supplements, and consequently, prior versions of the ODD should no longer be distributed.

Download the Characteristics and Risks of Standardized Options (PDF)

Download Characteristics and Risks of Standardized Options

The October 2021 ODD integrates all prior Supplements into the text of the original ODD and contains certain content changes detailed at the back of the document.  Market participants should be aware that, going forward, all future changes to the ODD will be incorporated into an updated version of the document rather than through the issuance of separate supplements.

OCC Information Memos regarding the ODD

ODD – Electronic Delivery and Print Copies

Broker-dealers must distribute the ODD to customers pursuant to Rule 9b-1 under the Securities Exchange Act of 1934 as well as in accordance with the rules of the broker-dealer’s designated options examining authority.  Electronic delivery of the ODD is permissible if the requirements for electronic delivery as established by the SEC are met.  Broker-dealers may wish to consider SEC guidance on electronic delivery as provided in the Federal Register, including but not limited to 60 FR 53458, 61 FR 24644, and 65 FR 25843.  Broker-dealers should consult with their Legal and Compliance resources to determine the appropriate means of delivery of the ODD to investors.

Investors may obtain a printed version of the ODD from their broker-dealers, from any exchange on which options are traded, or by placing an order online.   Investors may also view and print the ODD by clicking the image above.

Printed copies of the ODD are in an 8.25" x 10.75" format. Click here to place an order for the printed version of the Options Disclosure Document for a quantity of 5 or more copies. You will be redirected to a third-party website to order.  The ODD is $0.45 per copy plus shipping and handling. Additional time will be required for the initial printing of the October 2021 ODD.  Please expect delays in shipping. Orders of less than 5 documents must be placed with [email protected].

If you have questions regarding an online order, please contact the Options Clearing Corporation at [email protected]

Historical versions of the ODD, which may be viewed by clicking here, are provided for historical purposes only and should not be distributed. 

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.



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]).