Cboe Seeks Daily A.M.-Settled SPX Options Across the Full Trading Week

Cboe has asked the SEC for permission to list A.M.-settled S&P 500 Index options that expire on any Monday, Tuesday, Wednesday, Thursday, or Friday, expanding the exchange’s menu of short-dated SPX expiries. The SEC published the proposed rule change on April 28, 2026.

According to the filing, the proposal would let Cboe offer A.M.-settled weekly and end-of-month SPX expirations alongside the P.M.-settled contracts index options traders already use heavily. That matters because A.M.-settled contracts use opening prices for settlement, while P.M.-settled contracts use closing values. For traders hedging around macro events, index rebalancing, or overnight gap risk, that timing difference is not a technical footnote; it changes how exposure behaves on expiry day.

Cboe argues the broader expiry calendar would give market participants more flexibility to match hedges to specific events and could create additional spread and timing opportunities. The filing also points to the ability to adjust positions after settlement during the rest of the trading day instead of carrying the exposure overnight.

Why it matters

More expiry choices can mean more precise risk management for traders using SPX options to hedge portfolios or express short-term views around economic data and earnings-heavy sessions. A.M. settlement can be especially relevant when traders want exposure to opening moves without late-day settlement noise.

What to watch next

Watch whether the SEC signs off without major changes and whether traders gravitate to the new expiries or stay concentrated in the existing P.M.-settled weeklies. Liquidity distribution matters as much as product availability.