What happens to my options at expiration?

Options that are in-the-money at expiration may be exercised or assigned, depending on whether you hold a long or short position.

How it works:

• Long options that are in-the-money may be exercised
• Short options that are in-the-money may be assigned
• Assignment is allocated by the Options Clearing Corporation (OCC) through your clearing firm

If assigned:

• Short calls: you must deliver the underlying shares
• Short puts: you must purchase the underlying shares

You must maintain sufficient equity to support any resulting position. If your account cannot support it, TradeZero America may close out positions prior to expiration.