Record $6.8 Trillion Options Expiry Expected to Boost Market Volatility on June 20

• Record $6.8T options expire June 20, marking largest triple witching event ever.
• S&P 500 puts dominate 58.2% of $4.54T open interest, signaling downside hedging.
• ETFs and indexes show majority puts, hinting at cautious market ahead of expiration.

A record-setting options expiration event is scheduled for June 20, 2025, with $6.8 trillion worth of options contracts across stock indexes, ETFs , equity index futures, and individual stocks set to expire. According to SpotGamma estimates, this expiration could mark the largest “triple witching” OpEx in history. It is also the first monthly post-holiday expiration in at least 25 years, adding to the market’s possibility for increased volatility during the trading session.

The total notional open interest of $6.8 trillion includes several asset categories, each with distinct option positions. The S&P 500 index options dominate the landscape, accounting for roughly $4.54 trillion or 66.8% of the total open interest.

Within this segment , put options represent 58.2%, surpassing call options, which make up 41.8%. This distribution shows a majority position in put contracts for the S&P 500, suggesting hedging activity or risk management strategies focused on downside protection.

Single stock options comprise 15.4% of the overall notional value, totaling approximately $1.05 trillion. The call-to-put ratio for single stocks tilts slightly bullish, with calls at 53.1% and puts at 46.9%. This balanced split contrasts with the broader market index options and reflects a more neutral to positive positioning in individual equities.

Exchange-traded funds (ETFs) represent 11.1% of the expiring options value, amounting to $754.38 billion. Within this category, put options constitute 60% of the open interest, exceeding call options at 40%. The heavier presence of puts in ETFs may indicate cautious stances or protective hedges on these instruments. The remaining 6.7% of total open interest, or $457.78 billion, is tied to index options beyond the S&P 500. This group also shows a majority of puts, with 56.4%, compared to 43.6% calls.

Implications for Market Participants

The majority of put options across the S&P 500, ETFs, and other index categories point to a widespread inclination towards downside risk management ahead of the June 20 expiration. The unusually high notional value involved, combined with this positioning, points to potential increases in market volatility as these contracts approach expiration.

Overall, the June 20 options expiration represents a significant event with notable concentration in put options across major asset categories, which may influence trading dynamics throughout the session.