State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) Options Chain
The options chain displays all available contracts with real-time quotes, Greeks, volume, and open interest for each strike and expiration. It is the primary tool for options trade selection.
State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) operates in the Financial Services sector, specifically the Asset Management - Bonds industry, with a market capitalization near $3.89B, listed on AMEX, carrying a beta of 0.02 to the broader market. This State Street SPDR ETF aims to mirror the investment performance, encompassing both price changes and yield, of the Bloomberg 3-12 Month U. public since 2020-10-07.
Snapshot as of Jun 30, 2026.
- Spot Price
- $99.38
- Total OI
- 274
- Total Volume
- 0
- Front Expiration
- 17 days
- Second Expiration
- 52 days
- ATM IV
- 8.5%
- Avg Bid/Ask Spread
- 139.98%
As of Jun 30, 2026, State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) has 274 open contracts and 0 contracts traded. The nearest expiration is 17 days out, followed by 52 days. ATM implied volatility is 8.5%. Average bid/ask spread across the chain is 139.98%: wider spreads, size positions conservatively. The options chain aggregates every listed strike and expiration, letting traders evaluate skew, term structure, and liquidity in a single view.
How BILS options chain Data Feeds Strategy Selection
Strategy selection on State Street SPDR Bloomberg 3-12 Month T-Bill ETF options does not derive from any single metric in isolation. The options chain view above sits inside a broader read: ATM IV currently sits at 8.5% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the options chain data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
How to read the BILS chain depth
The listed-expirations table above shows every expiration available for State Street SPDR Bloomberg 3-12 Month T-Bill ETF options with its days-to-expiration count and ATM implied volatility. Front-month expirations carry the most volume, the highest gamma, and the tightest bid-ask spreads; longer-dated tenors carry less liquidity but more vega exposure. BILS front expiration sits at 17 days - the typical hedging horizon for monthly options. The contango term-structure slope of 0.003 means longer-dated tenors price in proportionally more IV.
BILS chain mechanics and execution
Options are listed at standardized strike intervals (typically $1 for sub-$25 underlyings, $2.50-$5 for mid-cap, $10-$50 for large-cap), and the deltas of each listed strike are determined by where IV lies relative to the strike's moneyness. Average bid/ask spread on the BILS chain is 139.98% - a measure of liquidity. Tighter spreads on liquid strikes mean lower transaction costs; wider spreads on long-dated or far-OTM strikes mean execution drag can dominate the math. The chain table on the SPA side shows the full per-strike, per-expiration grid; this SSR page summarizes the listed expirations and the front-month context to anchor the structural read.
Using the BILS chain to build structures
Strategy selection starts with the chain: directional theses use single-leg calls or puts, range-bound theses use credit spreads or iron condors, vol theses use straddles or strangles, calendar theses use diagonal spreads. BILS's current 2.44% expected move anchors wing placement - structures with wings at the implied band collect the modal-outcome premium under lognormal assumptions. Cross-reference with the gamma-exposure profile to understand where dealer hedging will reinforce or fight your position, and with the volatility-skew chart to confirm the strikes you're trading sit at the IV levels your strategy assumes.
Learn how the options chain is reported and how to read the data →
BILS listed expirations
Per-expiration ATM implied volatility for BILS options. Each row is one listed expiration with its days-to-expiration count and ATM IV pulled from the same term-structure feed that powers the SPA's expiration filter. Front-month expirations carry the highest gamma, the tightest bid-ask spreads, and the most volume; longer-dated tenors carry less liquidity but more vega.
| Expiration | DTE | ATM IV |
|---|---|---|
| Jul 17, 2026 | 17 | 8.5% |
| Aug 21, 2026 | 52 | 8.8% |
| Oct 16, 2026 | 108 | 2.6% |
| Jan 15, 2027 | 199 | 6.3% |
Frequently asked BILS options chain questions
- What does the BILS options chain show right now?
- As of Jun 30, 2026, State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) has 274 contracts outstanding and 0 traded today, with ATM IV of 8.5%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.
- What expirations are available for BILS options?
- The nearest expiration is 17 days out, followed by 52 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.
- How tight are BILS options bid/ask spreads?
- Average bid/ask spread across the chain is 139.98%. Wider spreads warrant conservative sizing; mid-market fills are unreliable for retail-size orders.