Options expiry and Fed calendar
Some days in the US market are different for mechanical reasons: contracts expire, hedges come off, the Federal Reserve announces, funds rebalance. The dates are fixed in advance by exchange rules and published schedules. This page works them out through December 2027.
What each one is
- Monthly expiry
- Standard monthly equity and index options expire on the third Friday of the month. Positions that dealers were hedging stop existing that day, so the hedging around them stops too.
- Quarterly expiry
- In March, June, September and December, stock options, index options and index futures all expire on the same third Friday, often called triple witching. It is usually among the heaviest trading days of the quarter.
- VIX settlement
- VIX options and futures settle on a Wednesday morning, thirty days before the following month's index expiry. The settlement value comes from a special opening auction in S&P 500 options.
- Fed decision
- The second day of each Federal Open Market Committee meeting, when the rate decision is announced at 2pm Eastern. Four meetings a year also publish the committee's economic projections.
- Month end and quarter end
- The last trading day of the month or quarter, when pension and index funds bring their holdings back to target weights.
The dates
November 2026
| Wed 18 Nov | VIX settlement |
|---|---|
| Fri 20 Nov | Monthly expiry |
| Mon 30 Nov | Month end |
December 2026
| Wed 9 Dec | Fed decision With economic projections. |
|---|---|
| Wed 16 Dec | VIX settlement |
| Fri 18 Dec | Quarterly expiry |
| Thu 31 Dec | Quarter end |
January 2027
| Fri 15 Jan | Monthly expiry |
|---|---|
| Wed 20 Jan | VIX settlement |
| Wed 27 Jan | Fed decision |
| Fri 29 Jan | Month end |
February 2027
| Wed 17 Feb | VIX settlement |
|---|---|
| Fri 19 Feb | Monthly expiry |
| Fri 26 Feb | Month end |
March 2027
| Wed 17 Mar | VIX settlement |
|---|---|
| Wed 17 Mar | Fed decision With economic projections. |
| Fri 19 Mar | Quarterly expiry |
| Wed 31 Mar | Quarter end |
April 2027
| Fri 16 Apr | Monthly expiry |
|---|---|
| Wed 21 Apr | VIX settlement |
| Wed 28 Apr | Fed decision |
| Fri 30 Apr | Month end |
May 2027
| Wed 19 May | VIX settlement |
|---|---|
| Fri 21 May | Monthly expiry |
| Fri 28 May | Month end |
June 2027
| Wed 9 Jun | Fed decision With economic projections. |
|---|---|
| Wed 16 Jun | VIX settlement |
| Thu 17 Jun | Quarterly expiry Moved to Thursday: the Friday is a market holiday. |
| Wed 30 Jun | Quarter end |
July 2027
| Fri 16 Jul | Monthly expiry |
|---|---|
| Wed 21 Jul | VIX settlement |
| Wed 28 Jul | Fed decision |
| Fri 30 Jul | Month end |
August 2027
| Wed 18 Aug | VIX settlement |
|---|---|
| Fri 20 Aug | Monthly expiry |
| Tue 31 Aug | Month end |
September 2027
| Wed 15 Sept | VIX settlement |
|---|---|
| Wed 15 Sept | Fed decision With economic projections. |
| Fri 17 Sept | Quarterly expiry |
| Thu 30 Sept | Quarter end |
October 2027
| Fri 15 Oct | Monthly expiry |
|---|---|
| Wed 20 Oct | VIX settlement |
| Wed 27 Oct | Fed decision |
| Fri 29 Oct | Month end |
November 2027
| Wed 17 Nov | VIX settlement |
|---|---|
| Fri 19 Nov | Monthly expiry |
| Tue 30 Nov | Month end |
December 2027
| Wed 8 Dec | Fed decision With economic projections. |
|---|---|
| Fri 17 Dec | Quarterly expiry |
| Wed 22 Dec | VIX settlement |
| Fri 31 Dec | Quarter end |
How it's worked out
No data feed is involved. Expiry dates follow the exchange rules (third Friday, moved a day earlier when that Friday is a market holiday). VIX settlement follows the Cboe rule. Month and quarter ends are the last day the New York Stock Exchange is open, using its published holiday rules. Fed dates are copied from the Federal Reserve's calendar, which the Fed describes as tentative until confirmed at the preceding meeting. Worked out on 11 November 2026.
The same calendar runs inside GammaDeck, alongside the dealer positioning it is there to explain.
This page lists dates and describes what happens on them. It is information, not investment advice, and it says nothing about what any market will do. Check dates with the exchange or the Federal Reserve before relying on them.