MIAX Files Immediate Rule Change Expanding Short-Term Option Expirations
The amendment to Rule 404 takes effect immediately, adding new ETF and stock tiers for short-term options on MIAX Emerald members.
On August 13, 2026, Miami International Securities Exchange, LLC filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106178; File No. SR-MIAX-2026-36). The Commission published the notice on August 24, 2026 (FR Doc No. 2026-17457) and indicated that the amendment is effective immediately.
The amendment revises Interpretation and Policy .02 to Exchange Rule 404, permitting up to two Tuesday and Thursday expirations for options on certain exchange-traded funds (ETFs) that meet the current criteria, and up to two Monday and Wednesday expirations for options on additional ETFs that satisfy new criteria. The Exchange will classify the existing ETF shares as "Tier 1 Qualifying Securities" and the newly eligible ETF shares as "Tier 2 Qualifying Securities."
Qualifying Securities must meet four quarterly criteria: (1) a market capitalization greater than $700 billion for individual stocks, or assets under management exceeding $50 billion for ETFs; (2) monthly options volume greater than 10 million contracts in the month preceding the quarter-end; (3) a position limit of at least 250,000 contracts; and (4) participation in the Penny Interval Program. The Exchange will assess eligibility each quarter and publish the qualifying list by the close of business on the first trading day of the quarter.
Eligible securities may list two short-term option expiration dates beyond the current week for each Monday and Wednesday expiration at any time. The Exchange will not list an expiration on a day when an earnings announcement occurs after market close. Securities that fail to meet the criteria will lose Monday and Wednesday expirations beginning on the second trading day of the following quarter. The rule is incorporated by reference into the MIAX Emerald rulebook and applies to MIAX Emerald members.
The Commission is soliciting comments on the proposed rule change from interested persons. Comments must be submitted in accordance with the procedures outlined in the notice.
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