Close short options for free1

Using the Dime Buyback Program

  • Automatically starts when you buy-to-close for 10¢ or less
  • Applies to the qualifying buyback legs on multi-leg spreads
  • Manage your risk and pay $0 contract fees on qualified trades

 

Why cover your short options positions?

Using our Dime Buyback Program can help you manage and protect your capital by allowing you to sell positions that carry outsized risk to reward, commission free.


Trade more

Free up buying power to act on new market opportunities with higher reward potential


Reduce risk

Sudden or dramatic moves on short positions may make you vulnerable


Clean house

Clear out lingering short option positions in your portfolio


No contract fees

Pay no contract fees1 on single short options priced at 10¢ or less

Dime Buyback Program FAQs

See all FAQs

What is the Dime Buyback Program?

Dime Buyback is an exclusive program offered by E*TRADE that waives options contract fees1 when you buy-to-close short options priced at 10c or less. It encourages and enables you to manage risk without having to worry about contract fees.

Why does E*TRADE offer this program?

Closing short options is a risk management discipline that professional traders employ regularly, so we waive the contract fees to encourage best risk management practices.

Do I need to sign up?

No special enrollment is required. The program automatically kicks in each time you buy-to-close a short options position 10¢ or less.

Does the program apply to two-legged spreads?

Yes. If you placed a two-legged spread where one leg was a buyback for 10c or less, there will be no contract fees charged on the eligible contracts. Your normal contract fee schedule will apply on the other leg as if it were a single-legged order.

How does it apply to a partial fill?

If your first execution is partially filled at 10c and the balance is filled at a higher price, your entire trade would be free of contract fees.

Which order types are eligible?

The Dime Buyback Program works for all stock, ETF, and index options. It does not apply to futures options.