Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
You can access both of our platforms from a single Saxo account.
Mini-options on Rheinmetall: A new tool in your trading arsenal
Saxo Bank
Summary: Following the successful launch of mini-options on ASML, BESI, and ASMI, Euronext is now expanding its offering with mini-options on five popular German stocks: SAP, Siemens, Rheinmetall, Adidas, and Allianz. Here’s a quick introduction.
Euronext — the exchange operator behind the AEX index — has just launched five new mini-options. These are available starting today on your Saxo platform and are offered alongside the existing standard options, which will remain available.
This new launch comes shortly after mini-options were successfully introduced on names like ASML, BESI, ASMI, LVMH, Kering, L’Oréal, and EssilorLuxottica.
Important: Options, including mini-options, are complex and carry risk. They require solid knowledge, investing experience, and, in many cases, a higher risk tolerance. You can lose more than your initial investment.
To begin trading options, you’ll first need to complete a knowledge and experience assessment. You can find it in your account under My profile > Trading products > Options.
Where can I find the new mini-options?
Starting, Monday, June 23, you can find the new mini-options in your Saxo platform by using the following symbol codes:
| Company | Symbol code | ISIN |
|---|---|---|
| SAP | APQM | DE0007164600 |
| Siemens AG | MHQM | DE0007236101 |
| Rheinmetall | RHQM | DE0007030009 |
| Adidas | ADQM | DE000A1EWWW0 |
| Allianz | AZQM | DE0008404005 |
What are mini-options?
As the name suggests, mini-options are stock options with a smaller contract size. Each mini-option represents 10 shares, compared to 100 shares for a standard option. The key difference is the reduced exposure and lower total premium involved:
| Standard options | Mini-options | |
|---|---|---|
| Underlying asset | Stock XYZ | Stock XYZ |
| Contract size | 100 shares | 10 shares |
| Strike price | €100 | €100 |
| Premium per share (call) | €5.00 | €5.00 |
| Total premium | €500 (100 × €5) | €50 (10 × €5) |
Mini-options require significantly less capital to trade—just one-tenth compared to standard options. Take Rheinmetall as an example: with a current share price around €1,700, buying 100 shares would require an investment of €170,000. With mini-options, you’re only exposed to 10 shares, so your initial outlay is around €17,000—making it more accessible to many investors. Plus, smaller contracts mean you’ll need to maintain a lower margin.
There’s also added flexibility: say you own 180 shares. With standard options (100-share contracts), you could only hedge 100 of those shares—or buy 20 more to round it up. With mini-options, you can hedge more precisely and avoid unnecessary trades.
Fees for mini-options are the same as for standard ones: €0.75 per contract (for euro-denominated options).
Are there specific risks with mini-options?
Mini-options may appeal to investors looking for smaller, more manageable exposures—but they still carry the same risks as regular options. Thanks to leverage, your investment can move quickly in either direction, which means gains can be amplified—but so can losses.
One additional consideration is liquidity. Since mini-options are relatively new and not yet widely traded, liquidity may be lower, resulting in wider bid-ask spreads. In other words, it may be harder to buy or sell these contracts at favorable prices until trading volume increases.
Options are complex, high-risk products and require knowledge, investment experience and, in many applications, high risk acceptance. We recommend that before you invest in options, you inform yourself well about the operation and risks. In Saxo Bank's Terms of Use you will find more information on this in the Important Information Options, Futures, Margin and Deficit Procedure. You can also consult the Essential Information Document of the option you want to invest in on Saxo Bank's website.
Latest Market Insights
Quarterly Outlook
-
-
Quarterly Outlook
Commodity Outlook: Commodities rally despite global uncertainty
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ... -
Quarterly Outlook
Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever
Jacob Falkencrone
Global Head of Investment Strategy
-
Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
-
Quarterly Outlook
Equity Outlook: The ride just got rougher
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
China Outlook: The choice between retaliation or de-escalation
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
Commodity Outlook: A bumpy road ahead calls for diversification
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
FX outlook: Tariffs drive USD strength, until...?
John J. Hardy
Global Head of Macro Strategy
-
Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
Disclaimer