Citadel Securities reports $9.6T in US options expiring September 18

Nearly $9.6 trillion in US stock options notional is set to expire by September 18, 2026, representing roughly 35% of the entire US options market. Of that total, $6.2 trillion is concentrated on September 18 alone, a single-day figure that would shatter the previous record of $7.7 trillion set just three months ago in June 2026.

The numbers come from Citadel Securities’ Global Market Intelligence report, published August 31 by the firm’s Scott Rubner.

What’s actually expiring, and why it matters

The $9.6 trillion figure represents about 35% of aggregate US options exposure, based on open-interest data sourced from Bloomberg as of August 27, 2026. The September 18 expiration date alone accounts for roughly 23% of total exposure.

Rubner’s report notes that this event is on pace to exceed the prior record. In June 2026, an $8.3 trillion options expiration event shifted timing due to the Juneteenth holiday, ultimately producing a $7.7 trillion single-day expiration.

The timing couldn’t be worse (or more interesting)

When dealers hold long-gamma positions, as they reportedly do now, they act as natural dampeners on volatility, buying dips and selling rallies. Once those positions expire, that stabilizing force disappears.

Two major macroeconomic catalysts land right before the expiration date. The Non-Farm Payroll report drops on September 4, followed by the Consumer Price Index on September 11.

Perhaps most concerning: downside protection is currently at its lowest levels since December 2024. One-month S&P 500 puts, the standard insurance policy against a market drop, are unusually cheap.

What Rubner actually thinks

Despite flagging these risks, Rubner maintains a constructive view on US equities. The report describes a market reset dynamic rather than a market crash scenario.

The bigger picture for market structure

The sheer scale of this expiration event reflects a broader trend in US markets: the options market has grown enormous, driven by the rise of zero-day-to-expiry (0DTE) options, increased retail participation, and institutional adoption of options-based strategies for income and hedging. The jump from $7.7 trillion in June to a potential $9.6 trillion in September illustrates the pace of that growth.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.