Investors are preparing for the expiration of approximately $6.5 trillion in notional U.S. equity options on Friday, June 20, 2025, marking one of the largest "triple witching" events on record. According to Goldman Sachs, over $5.9 trillion of options exposure will expire, including $4.0 trillion in S&P 500 (SPX) options and $925 billion in single stock options. This expiration represents about 9.6% of the Russell 3000 market capitalization and is the largest June options expiration since 2017. The event involves the simultaneous expiration of stock index futures, stock index options, stock options, and single stock futures, commonly referred to as "quadruple witching," which occurs four times a year. Market analysts expect this expiration to lead to increased volatility and wider price swings in U.S. equities, as the large volume of expiring options could reduce dealer gamma and allow for more price discovery. The subdued market movements seen in recent weeks may give way to more pronounced fluctuations following the expiration. This event is being closely monitored by investors given its potential impact on market dynamics.