Products
 
SPY
Options based on the S&P Depositary Receipts Index - SPY  
SPX 1315.99 20.77
XSP 131.60 2.08
SPY 131.97 2.23
BXM 864.97 9.98
VIX 22.01 -3.09
Delayed Quotes



The Chicago Board Options Exchange® (CBOE) began trading of options based on Standard & Poor's Depositary Receipts (known as "SPDRs", with the ticker symbol "SPY") in January 2005. The SPDR exchange-traded fund (ETF) is designed to track the performance of the S&P 500® Index.

Here are some key facts about SPDRs, the CBOE and SPDR options:

  • SPDRs represent shares of a security designated to track the value of the S&P 500. The SPDR price roughly approximates 1/10th of the price of the S&P 500 (SPX) Index. For example, in 2004 the year-end prices were 120.87 for SPDRs and 1211.92 for the S&P 500.
  • SPDRs are the world's largest ETF in terms of size, with about $52 billion in assets as of January 2005.
  • The CBOE introduced listed options in 1973 and S&P options in 1983. All-time CBOE trading volume in S&P options is more than 1.5 billion contracts. In 2004 the underlying notional value of trading in S&P options was more than $20 billion per day.
  • SPDR call and put options have an underlying value of 100 SPDRs. So, for example, if the SPDR is priced at 120, the underlying notional value covered by one SPDR option would be $12,000.
  • The SPDR options contract specifications are similar to the contract specifications for most other U.S. options on ETFs. However, SPDR options have some key differences when compared to S&P 500 (SPX) options -- SPDR options: (1) have a smaller contract size, (2) have American-style exercise, (3) usually cease trading at the close on the third Friday of the month, and (4) are settled by delivery of securities (rather than cash).
  • CBOE SPDR options are offered on the CBOE Hybrid system, a composite of the most valuable aspects of screen-based and floor-based trading environments. CBOE selected Chicago Trading Company, LLC (CTC) to be the Designated Primary Market Maker (DPM) for CBOE SPDR options.
  • CBOE SPDR options are SEC-regulated securities that are cleared by the Options Clearing Corporation.
  • CBOE SPDR options are flexible investment tools that allow investors to manage risk, hedge their portfolios and add income. Please visit www.cboe.com/LearnCenter/ to learn more about how CBOE options can help you manage your investment portfolio.

Two-page PDF on CBOE SPDR Options

In July 2006 CBOE listed Quarterly options on five Exchange Traded Funds (ETFs): QQQQ, IWM, DIA, SPY, and XLE. For more information on Quarterly options please visit these links:

News Release Dated July 7, 2006
Contract Specifications for Quarterlys

Spreadsheets with Historical Price Data

Historical Daily Prices - Spreadsheet with Closing Prices for Several Indexes
Historical Month-end Prices - Spreadsheet with Closing Prices for Several Indexes
In addition, Market Data Express gives users access to more than 16 years of historical options data


Simple Options Profit-and-Loss Diagrams



Key Links

CBOE Options on ETFs
CBOE Volatility Index® (VIX®)
Volatility Indexes
Benchmark Indexes
Index and ETF Price Charts
Options Strategies





"Standard & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500®", "500®", Standard & Poor's Depositary Receipts® and SPDR® are trademarks of the Standard & Poor's division of The McGraw-Hill Companies, Inc. ("S&P"). Neither S&P nor its index compilation agent makes any recommendation concerning the advisability of investing in options on SPDRs.

Copyright 2012 Chicago Board Options Exchange, All Rights Reserved



Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from your broker, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. The information on this website is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected in the website information. No statement within the website should be construed as a recommendation to buy or sell a security or to provide investment advice. The inclusion of non-CBOE advertisements on the website should not be construed as an endorsement or an indication of the value of any product, service, or website. The Terms and Conditions govern use of this website and use of this website will be deemed acceptance of those Terms and Conditions.