SPY has weekly expirations on Wednesday as well as Friday.

As the number of expiring cycles has increased over the years expanding from monthly expiration only to quarterly and weekly expirations, we want to express the importance of verifying the expiration date when trading options with multiple expiring cycles within a single symbol.

SPY, the highly liquid S&P 500 ETF, currently lists weekly options expiring each Wednesday as well as Friday, monthly options expiring on the third Friday of the month, and quarterly options expiring on the last trading day of each quarter ending in March, June, September, and December. The sheer number of expiring cycles can be confusing. We have notated on the option chain, the order ticket and the position page to clearly indicate the expiration date of each option to help avoid any confusion. Weekly and quarterly options will show an extended date clarification of the expiration day, such as Sep-23-16 or Sep-30-16. Monthly options are simply identified by a month and year designation of Sep16 or Jan17.

Please take the time to double check the expiry date on the options chain as well as the date in your order ticket to ensure you have selected your intended option expiry when entering orders.

With the multiple number of expiring date cycles within option classes, it is critical to confirm the date field to avoid any confusion.

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