Add training workflow, datasets, and runbook

training_data/curated/text/95ce750e2e8255ab186adf7c26f3c3cc41a5833a7c7e3b4489153739987ca95f.txt

@@ -0,0 +1,24 @@
+Index Options
+Trading options on the Spiders ETF is a convenient way to trade the
+Standard & Poor’s (S&P) 500. But it’s not the only way. There are other
+option contracts listed on the S&P 500. The SPX is one of the major ones.
+The SPX is an index option contract. There are some very important
+differences between ETF options like SPY and index options like SPX.
+The first difference is the underlying. The underlying for ETF options is
+100 shares of the ETF. The underlying for index options is the numerical
+value of the index. So if the S&P 500 is at 1303.50, the underlying for SPX
+options is 1303.50. When an SPX call option is exercised, instead of getting
+100 shares of something, the exerciser gets the ITM cash value of the
+option times $100. Again, with SPX at 1303.50, if a 1300 call is exercised,
+the exerciser gets $350—that’s 1303.50 minus 1300, times $100. This is
+called cash settlement .
+Many index options are European, which means no early exercise. At
+expiration, any long ITM options in a trader’s inventory result in an account
+credit; any short ITMs result in a debit of the ITM value times $100. The
+settlement process for determining whether a European-style index option is
+in-the-money at expiration is a little different, too. Often, these indexes are
+a.m. settled. A.m.-settled index options will have actual expiration on the
+conventional Saturday following the third Friday of the month. But the final
+trading day is the Thursday before the expiration day. The final settlement
+value of the index is determined by the opening prices of the components of
+the index on Friday morning.