Citadel Securities Reports Record $9.6 Trillion in US Options Set to Expire

Citadel Securities has announced that nearly $9.6 trillion in US stock options notional is scheduled to expire by September 18, 2026. This figure accounts for approximately 35% of the entire US options market, with $6.2 trillion concentrated on the expiration date itself, which would surpass the previous record of $7.7 trillion set in June 2026.

The data, derived from Citadel Securities’ Global Market Intelligence report, indicates that the upcoming expiration is poised to exceed the prior record, which was influenced by the Juneteenth holiday. The report highlights that the September 18 expiration represents about 23% of total options exposure, based on open-interest data from Bloomberg as of August 27, 2026.

The timing of this significant expiration coincides with two major economic reports: the Non-Farm Payroll report released on September 4 and the Consumer Price Index on September 11. Notably, downside protection is at its lowest since December 2024, with one-month S&P 500 puts being unusually inexpensive. Despite these risks, Scott Rubner of Citadel maintains a positive outlook on US equities, suggesting a market reset rather than a crash scenario.

The scale of this options expiration reflects a broader trend in the US markets, driven by the increasing popularity of zero-day-to-expiry (0DTE) options and heightened participation from both retail and institutional investors. The growth from $7.7 trillion in June to a potential $9.6 trillion in September underscores the rapid expansion of the options market.

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Source: KLEA News