CBOE ETFs and HOLDRs
CBOE trades options on Exchange Traded Products (ETPs). ETPs are shares of trusts that hold portfolios of stocks designed to closely track the price performance and yield of specific indices.
As ETPs trade like stock, options on these products are operationally similar to options on stock. Options on ETPs are physically settled and have an American-style exercise feature. LEAPS are offered on some of the products.
HOLDRs, once traded at CBOE, but now de-listed, are trust-issued receipts that represent an investor's beneficial ownership of a specified group of stocks. HOLDRs allowed investors to benefit from the ownership of stocks in a particular industry, sector or group.
CBOE Options on ETPs
Exchange Traded Products (formerly referred to as ETFs): http://www.cboe.com/Products/OptionsOnETFs.aspx#etfquote 
ETP (ETF) Product Specifications
|Underlying||Generally, 100 shares of one of the exchange-traded product|
|Strike Price Intervals||Minimum of one-point increments|
|Strike (Exercise) Prices||In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when the underlying shares trade through the highest or lowest strike price available.|
|Expiration Date||Saturday immediately following the third Friday of the expiration month|
|Expiration Months||Generally, two near-term months and two months from the March quarterly cycle (March, June, September and December). LEAPS may also be available.|
|Last Trading Day||Trading in Options on ETPs ordinarily cease at the close on the business day (usually a Friday) preceding the expiration date.|
|Settlement of Option Exercise||Physical Delivery. Exercise notices properly tendered on any business day will result in delivery of ETF shares on the third business day following exercise.|
|Margin||Uncovered writers must deposit 100% of the options proceeds plus 15% of the aggregate contract value (current ETP price multiplied by $100) minus the amount by which the option is out-of-the-money, if any. Minimum margin is 100% of the option proceeds plus 10% of the aggregate contract value. Long puts or calls must be paid in full.|
|Trading Hours||Open for trading whenever shares of the underlying ETP are open in the primary market.|
- "CBOE ETFs”. www.cboe.com.