Cboe Approved to Trade PM-Settled S&P 500 Equal Weight Options
Published Date: 5/29/2025
Notice
Summary
Cboe Exchange just got the green light to list and trade new options that settle in the afternoon and are based on the S&P 500 Equal Weight Index. This means traders can now buy and sell these fresh options with different expiration dates, starting soon. It’s a win for investors looking for more ways to play the market with flexible timing and new choices.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
New P.M.-Settled Equal‑Weight S&P Options
On May 22, 2025, the SEC approved Cboe to list and trade p.m.-settled options that overlie the S&P 500 Equal Weight Index — both the full-value class (SPEQF) and the one‑tenth value class (SPEQX). These options may have standard third Friday-of-the-month expirations, nonstandard expirations (including weekly and end-of-month), and quarterly expirations (QIXs).
Last Trading Hour Ends at 4:00 PM ET
Cboe amended Rule 5.1(b)(2)(C) so that on the last trading day Regular Trading Hours for expiring p.m.-settled SPEQF and SPEQX options will end at 4:00 p.m. Eastern Time (instead of 4:15 p.m.) to avoid trading after the exercise settlement value is derived from closing prices. The change aligns these expirations with existing p.m.-settled index options.
Position and Exercise Limits — 25,000 Contracts
SPEQF and SPEQX p.m.-settled options will be aggregated with other option contracts for position and exercise limit purposes; current position and exercise limits for these options are 25,000 contracts. The Exchange also has a separate pending filing to eliminate position limits for these classes.
Five‑Year Public Data Reporting Requirement
If approved, the Exchange will provide the SEC annual data for five years after initial listings, including (1) number of exercised contracts for all expirations, (2) monthly trading volume aggregated for E‑mini S&P 500 Equal Weight Index futures, and (3) month‑end open interest for those futures; the Exchange will publish the data and its analysis in machine‑readable format on its website.
Existing Rules, Surveillance, and Capacity Apply
The Exchange stated that existing listing, trading, margin, position/exercise limit, and surveillance rules that apply to other p.m.-settled index options will also apply to SPEQF and SPEQX options; Cboe and OPRA represent they have capacity to handle additional traffic, and the Exchange uses ISG and a FINRA 17d-2 plan for surveillance.
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