Why Do VIX Options Expire Before SPX Options?
The 30-day SPX relationship behind standard VIX options expiration dates.
Standard VIX options usually expire on the Wednesday that is 30 days before the following month standard SPX expiration. For example, the June 17, 2026 VIX expiration is tied to the July 17, 2026 standard SPX monthly cycle, not the June 18 equity OpEx date.
Relationship
30 days
Standard VIX dates are tied to SPX options 30 days later.
Usual weekday
Wednesday
Holiday adjustments can move the date.
June 2026 example
June 17
The next standard VIX cycle after May is tied to July SPX OpEx.
Last trading day
Prior day
Cboe specifies the last trading day as the day before settlement calculation.
Why the calendar looks offset
VIX is calculated from SPX option prices and represents a constant 30-day volatility measure. That design is why the standard VIX expiration schedule points toward a later SPX cycle.
The result is unintuitive if you only know equity monthly OpEx. VIX expiration often happens earlier in the month than the related SPX or equity monthly expiration.
VIX expiration mechanics
| Concept | Typical rule | Caveat |
|---|---|---|
| Standard VIX expiration | Wednesday 30 days before following SPX monthly cycle | Holiday shifts can change the weekday. |
| June 2026 example | June 17 VIX expiration tied to July 17 SPX monthly expiration | This is separate from the June 18 equity and ETF OpEx. |
| Last trading day | Business day before settlement calculation | Check Cboe specs for exact trading hours. |
| Underlying calculation | SPX options | Only eligible SPX option prices are used in the VIX methodology. |
Last verified
This guide was last reviewed on May 28, 2026. Date-sensitive market calendars, provider docs, and listed contracts can change, so production workflows should verify the live source before trading or publishing an automated answer.
Related questions
Do VIX options expire on the same date as SPX options?
No. Standard VIX expirations are tied to the SPX cycle 30 days later.
Are VIX expirations always Wednesday?
Usually, but holidays can create exceptions.
Do expiring VIX options trade on expiration morning?
The last trading day is normally the day immediately preceding the settlement calculation date.
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