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Spy is a popular etf and is consistently one of the highest volume trading vehicles on us exchanges its average volume is typically over 70 million shares although that does fluctuate over time many investors and hedge funds use spy because it represents the sp 500 index a basket of 500 major us companies . One problem though we get 2 gaps just about every other day now so if that happens at any time in the next four trading sessions until these weeklies expire on friday youre going to wake up and find that spy has already pushed your profit potential to the brink you can buy it of course but then you have risk the other way. Knowing that spy is currently trading for roughly 209 i can sell options with a probability of success in excess of 80 and bring in a return of 231 if i lower my probability of success i can bring in even more premium thereby increasing my return. The spdr sp 500 etf trust seeks to provide investment results that before expenses correspond generally to the price and yield performance of the sp 500 index for spy options trading spdr call and put options have an underlying value of 100