Citadel Securities reports that $9,6 trillion in US stock options notional will expire by September 18, 2026. This volume accounts for approximately 35% of the total US options market exposure.
A record $6,2 trillion is set to expire on September 18 alone. This figure surpasses the previous single-day record of $7,7 trillion, which was established in June 2026.
The data, sourced from Bloomberg as of August 27, 2026, was published in a report by Scott Rubner. The report highlights that downside protection for the S&P 500 is at its lowest level since December 2024.
Market dealers currently hold long-gamma positions, which help stabilize volatility. These positions will expire alongside the options, potentially removing this stabilizing influence from the market.
Macroeconomic events, including the Non-Farm Payroll report on September 4 and the Consumer Price Index on September 11, precede the expiration date. Analysts describe the situation as a market reset.
