Product
SPY ETF options
Funded SPY options account
A liquid-core SPY lane with options-specific controls.
Mayospell treats SPY as the primary evaluation instrument for directional long premium and defined-risk debit spreads. The lane adds contract liquidity, dividend, expiration, correlation, and executable-fill checks to the familiar one-step combine model.
Current product status
Core simulated evaluation design
SPY contract discovery and simulated long-option execution exist in the current workstation. Public funded accounts and live SPY brokerage execution have not launched.
Snapshot: August 19, 2026. These pages define Mayospell's proposed simulated-program permissions. They do not claim public launch, live brokerage execution, guaranteed funding, or automatic capital allocation.
Instrument contract
Define the product before defining the trade.
Instrument, settlement, and dominant risk determine which rules must sit above the ordinary combine loss model.
Settlement posture
American-style, physically settled ETF options; exercise or assignment creates SPY share exposure.
Primary risk
Fast beta exposure, bid-ask expansion, same-day gamma, dividend-sensitive assignment, and overlap with QQQ or index-correlated positions.
Structure permissions
Approval follows the complete position shape.
A ticker permission alone is not enough. The desk has to approve the structure, settlement exposure, expiry state, and execution path.
Core
Long call or put
Buy-to-open and sell-to-close with a limit order, explicit premium-at-risk, and an approved OCC contract.
Proposed core
Call or put debit spread
Defined-risk verticals belong in the launch rulebook once atomic multi-leg execution and fill allocation are implemented.
Permissioned
0DTE SPY
Allowed only under the separate same-day-expiry controls, including reduced size, event restrictions, and forced de-risking.
Blocked by default
Short premium
Naked shorts, credit spreads, ratio spreads, and assignment-sensitive structures require a later earned-permission system.
Operating rulebook
Controls that can be enforced and audited.
Each rule states the policy and why it belongs in an options evaluation instead of relying on generic risk language.
Control
Policy
Why it exists
Liquidity gate
Require a current bid and ask, visible size, approved tick behavior, and a spread that clears the published desk threshold.
A popular underlying can still have poor contracts away from the active strikes and expirations.
Fill rule
Marketable simulated buys fill at a fresh ask; sells fill at a fresh bid. Stale quotes do not fill.
SPY liquidity should improve executability, not justify mark-to-mid fantasy.
Portfolio beta
Aggregate SPY, QQQ, and correlated single-name delta across every active Mayospell seat before accepting more risk.
Separate tickets can still represent one oversized market-direction bet.
Dividend and expiration
Long-only evaluation positions must be closed through the desk; exercise, assignment, and share delivery are not supported in the simulated lane.
ETF option lifecycle events cannot be treated like ordinary cash P&L adjustments.
Scheduled news
Standard SPY trading remains conditional around CPI, Fed decisions, payrolls, and other named macro releases; the desk can reduce size or pause new entries.
News trading is conditionally allowed, not an exception to account risk limits.
Same-day expiry
Any SPY contract expiring that session inherits the stricter 0DTE policy even when the trader entered through the standard SPY watchlist.
Expiration risk follows the contract, not the page or ticket used to find it.
Before the order
A five-point ticket gate.
The same evidence should support trader decision-making, automated validation, desk review, and any later fill dispute.
- 1
Confirm the OCC symbol, expiration, strike, call or put, and 100-share multiplier.
- 2
Check bid, ask, quote timestamp, contract volume, open interest, and the spread threshold.
- 3
Measure total SPY-equivalent delta across SPY, QQQ, and correlated positions on every seat.
- 4
Identify scheduled macro events, dividend timing, expiration state, and the required exit window.
- 5
Stage a limit price, premium-at-risk, invalidation, and sell-to-close plan before sending the order.
Deterministic rejections
A trader should know why the order stopped.
A marketable buy is submitted against a stale SPY quote.
Wait for a fresh oracle quote; no simulated fill is created.
The trader sells more contracts than the signed member ledger owns.
Reject as a naked or over-reserved sell.
A SPY order pushes combined SPY/QQQ beta past the desk limit.
Reject or reduce size at the portfolio gate even if the ticket itself is small.
A same-day SPY order satisfies ordinary SPY rules but violates the 0DTE cutoff.
Reject under the stricter expiration policy.
Instrument FAQ
The commercial claim and its operating limits.
These answers separate Mayospell's current simulated design from future public funding and live brokerage ambitions.
Does Mayospell currently provide a funded SPY options account?
Mayospell currently publishes the account design and has a working isolated simulator for long-option limit orders. It has not launched public funded SPY accounts or live brokerage execution.
Are SPY debit spreads allowed?
They are part of the proposed core permission set, but the current central simulator supports single-leg buy-to-open and sell-to-close orders. Multi-leg spreads should not be called live until atomic routing and fill accounting exist.
Can SPY options be held through expiration?
Not in the proposed simulated evaluation policy. Positions must be closed through the desk because exercise, assignment, and resulting SPY shares are not supported account outcomes.
Is SPY news trading allowed?
Conditionally. Scheduled macro events can trigger lower size, approved structures, or a temporary entry pause. News trading never overrides max-loss, daily, liquidity, or expiration controls.
Continue by instrument
Compare the three liquid-core policy lanes.
SPY, QQQ, and same-day expiry share infrastructure but carry materially different concentration, event, and lifecycle rules.