{"slug":"american-vs-european-options","qid":"roots_by_style","label":"Index roots vs ETF roots: contracts traded on July 6, 2026, with exercise style","post_title":"American vs European Options Explained","post_url":"/blog/american-vs-european-options#q-roots_by_style","columns":["product","exercise_style","contracts_mm"],"rows":[{"product":"SPY","exercise_style":"American style, share settled","contracts_mm":12.1},{"product":"QQQ","exercise_style":"American style, share settled","contracts_mm":6.88},{"product":"SPXW","exercise_style":"European style, cash settled","contracts_mm":3.65},{"product":"IWM","exercise_style":"American style, share settled","contracts_mm":1.35},{"product":"SPX","exercise_style":"European style, cash settled","contracts_mm":0.19},{"product":"NDXP","exercise_style":"European style, cash settled","contracts_mm":0.08},{"product":"RUT","exercise_style":"European style, cash settled","contracts_mm":0.03},{"product":"NDX","exercise_style":"European style, cash settled","contracts_mm":0}],"shape":"ranking","sql":"SELECT root AS product,\n       transform(root,\n                 ['SPX', 'SPXW', 'NDX', 'NDXP', 'RUT', 'SPY', 'QQQ', 'IWM'],\n                 ['European style, cash settled', 'European style, cash settled',\n                  'European style, cash settled', 'European style, cash settled',\n                  'European style, cash settled', 'American style, share settled',\n                  'American style, share settled', 'American style, share settled'],\n                 'Other') AS exercise_style,\n       round(sum(volume) / 1e6, 2) AS contracts_mm\nFROM (\n    SELECT substring(ticker, 3, length(ticker) - 17) AS root,\n           toFloat64(volume) AS volume\n    FROM global_markets.options_minute_aggs\n    WHERE window_start >= toDateTime('2026-07-06 08:00:00')\n      AND window_start < toDateTime('2026-07-07 04:00:00')\n      AND toDate(toTimeZone(window_start, 'America/New_York')) = toDate('2026-07-06')\n)\nWHERE root IN ('SPX', 'SPXW', 'NDX', 'NDXP', 'RUT', 'SPY', 'QQQ', 'IWM')\nGROUP BY product, exercise_style\nORDER BY contracts_mm DESC","computed_at":"2026-07-31T03:04:55.370362+00:00","elapsed":0.004962198}