Cboe Proposes Flexible A.M.-Settled S&P 500 Options
Published Date: 5/1/2026
Notice
Summary
Cboe Exchange wants to offer new S&P 500 options that settle in the morning and can expire on almost any weekday—except the usual third Friday or end-of-month days. This gives traders more flexibility and fresh ways to manage their investments. The change could start soon after approval, opening up new chances to trade and potentially save or make money.
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Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
S&P 500 A.M.-Settled Options Every Weekday
Cboe proposes to let the Exchange list A.M.-settled S&P 500 (SPX) options that expire on any Monday, Tuesday, Wednesday, Thursday, or Friday except the third Friday-of-the-month or days that coincide with an end-of-month expiration, and also on the last trading day of the month. These A.M.-settled weekly and end-of-month (EOM) expirations would be subject to the same Rule 4.13 provisions and the same maximum number of expirations as standard SPX options.
Possible Lower Option Premiums for Protection
The Exchange states that listing A.M.-settled weekly and EOM SPX expirations could let market participants spread risk across more trading days and "may reduce the premium cost of buying protection." This means investors who buy put-like protection on SPX could see lower premiums if they can target more specific expiration days.
No Position or Exercise Limits Remain
The filing states that trading of these A.M.-settled SPX expirations will be subject to the same rules as other SPX options, and that there are no position or exercise limits for SPX options per Rules 8.31(a) and 8.42(b). That means market participants can hold or exercise large SPX option positions consistent with existing SPX rules.
Timing: SEC Review and Comment Deadline
The SEC will act on this proposed rule change within 45 days of the notice's publication in the Federal Register or within a longer period up to 90 days if designated by the Commission. Interested persons may submit comments on file number SR-CBOE-2026-044 on or before May 22, 2026.
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