A mini option
is a fairly new option contract available as of March 25th, 2013. Mini options allow more investors who might be interested in Options to get involved with typically high-price stocks. Instead of the Standard Option requiring 100 shares, a mini option only contains 10 shares.
In a pilot launch from CBOE, mini options started for 5 highly-liquid symbols: Apple Inc. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN), Google Inc. (NASDAQ:GOOG), the SPDR Gold Trust (NYSEARCA:GLD) and the SPDR S&P 500 ETF Trust (NYSEARCA:SPY). All of these trade at at least $100 a share, putting the minimum Standard Option entry cost at $10,000 or more including fees. Mini options allow investors to purchase just 10 shares, bringing the entry cost for the Mini Option to $1,000.
The Symbology for mini options for the above securities contain a "7" after the main Symbol. For example, the symbol for a mini options for Apple would start with AAPL7...
There are several articles about this new addition to the market. The goal is to allow smaller investors a chance to use low-risk options to prevent potential losses from having to operate on the scale of Standard options. All options are included in our options web services. Here is a helpful link to more information on Mini Options: http://etfdailynews.com/2013/03/25/new-mini-options-launch-to-bet-on-5-high-priced-stocks/