Markets are making history today: A record $7.1 trillion worth of options on stock indexes, ETFs, equity index futures, and individual stocks are estimated to expire during today’s trading session. This includes $5.1 trillion notional of S&P 500 options, $320 billion of S&P 500 ETF options, and $880 billion of single-stock options. Furthermore, ~$805 billion worth of non-S&P 500 index and ETF options are set to expire. December OpEx is historically the largest expiration of the year. This December sets a record, exceeding 10% of the total equity market size for the first time. Brace for significant intraday volatility.(The Kobeissi Letter)