How do I benefit from exerciseing contracts that expired worthless?

Exercising contracts that have expired worthless may not provide a direct benefit, as the options will have no intrinsic value at expiration if they are out-of-the-money. However, there are a few potential benefits to consider:

1. Avoiding Losses: By not exercising, you avoid the obligation to buy or sell the underlying asset at the strike price, which can be below or above the current market price. If the option is out-of-the-money, the strike price is either below the current market price (for a call option) or above it (for a put option), meaning that exercising would result in a loss.
2. Time Value: Time value is a component of an option's premium that represents the value of holding the option until a certain date, which can be more significant for options with longer expiration dates. By not exercising, you retain the time value that would have been lost if you exercised the option.
3. Strategic Considerations: Exercising an option can be a strategic move if you believe the underlying asset's price will move in your favor before the option expires. If you are uncertain about the direction of the stock price, it may be wiser to let the option expire worthless rather than risk exercising it at the wrong time.

In conclusion, exercising options that have expired worthless does not typically provide a benefit, as the options have no intrinsic value at expiration. The potential benefits of avoiding losses and retaining time value may outweigh the cost of not exercising, especially if the option's underlying stock's price is uncertain.