An option to exercise on a bundle of vanilla options with the same expiration date but different strike prices, optionalities (callability and puttability), and underlying assets. At expiration, the holder is allowed to exercise only one of the options in the bundle, naturally the one with the lowest payoff, if any. Such an option can be of interest to an issuer who seeks to minimize the payoff. Originally, the minimum option is a variation on rainbow option.

A minimum option is the opposite of a maximum option. Together, maximum options and minimum options are dubbed min-max options.