Cboe Options to Launch AM-Settled Weekly SPX Options

Cboe Options Exchange (C1) plans to introduce S&P 500 Index (SPX) AM-settled Weekly options, with an effective trade date of November 9, 2026, subject to regulatory review. The new expirations will track the SPX index under the trading symbol SPXO.

Like AM-settled SPX options that expire on the third Friday of the month, SPXO options will expire at the opening of trading on their expiration date and settle to the SPX opening settlement price (SET).

According to the exchange, the allocation algorithm for both single-leg and complex books will be price-time for SPXO, while the allocation method for symbol SPX remains pro-rata. SPXO quotes priced above $0 will carry a minimum quote size of 1, with no change to SPX minimum quote size requirements.

SPXO will reside on matching unit 33 alongside SPX. Current SPX risk rules will automatically apply to SPXO. However, trading permit holders (TPHs) will not be able to configure separate risk limits for SPXO, unlike the separate limits available for SPXW and SPX.

Complex orders may combine options across any two of SPX, SPXO, and SPXW, but execution by legging into single-leg books is only possible when all single-leg books are on the same matching unit. As a result, complex orders mixing SPXW with either SPX or SPXO will not be permitted to leg into single-leg books because those books are on separate matching units.

SPXO will follow the same trading schedule as SPX options, including participation in Global Trading Hours (GTH). On the final trading day before an SPXO series' AM settlement, trading in that series will cease at 4:00 p.m. on regular trading days and will not resume for that evening's GTH session.