Option cash settlement has no physical subject matter in the option contract, and the expiration of the open position of the option contract will be settled at the settlement price to calculate the profit and loss of the open position, and will be settled in cash. Usually index options are cash settled due to no convenient way to deliver underlying assets.
Assuming that the investor holds a SPX 4300 call option that expires in September, if the closing price of SPX on a certain day reaches 4400 and the investor decides to exercise the option, then the profit that can be obtained is 100*(4400-4300) = 10000. Through the exercise investors no longer hold any option positions and securities, the profit obtained is cash.
现金交割期权在期权合约中没有实体标的物，到期未平仓的期权合约将以结算价格来计算未平仓合约的盈亏，用现金进行交割。通常指数期权会以现金方式交割。
假设投资者持有一手SPX 9月到期的4300看涨期权，如果SPX在某一天的收盘价格达到4400，投资者决定对该期权进行交割，那么能得到的收益为，100*（4400-4300） = 10000，通过行权投资者不再持有任何期权头寸以及证券，得到的收益为现金。