MIAX Pearl amends Rule 404 to expand short-term option expirations

On August 13, 2026 MIAX PEARL, LLC filed a proposed rule change with the Securities and Exchange Commission. The Commission published a notice of the filing on August 24, 2026 in the Federal Register (Vol. 91, No. 165, pages 55411-55418, FR Doc No. 2026-17458; Release No. 34-106179; File No. SR-PEARL-2026-38) to solicit comments.

The proposal amends the Short Term Option Series Program in Interpretation and Policy .02 to Exchange Rule 404. It would permit the listing of up to two Tuesday and Thursday expirations for certain exchange-traded funds that meet the current criteria and up to two Monday and Wednesday expirations for additional exchange-traded fund shares that meet new criteria. The Exchange would designate the currently eligible ETF shares as "Tier 1 Qualifying Securities" and the newly eligible shares as "Tier 2 Qualifying Securities." The change references a similar Nasdaq ISE proposal approved on August 12, 2026.

Eligibility for Qualifying Securities would require, on a quarterly basis, a market capitalization greater than 700 billion dollars for an individual stock, assets under management greater than 50 billion dollars for an ETF share, monthly options volume greater than 10 million options, a position limit of at least 250,000 contracts, and participation in the Penny Interval Program. The Exchange will apply these criteria each calendar quarter and make the list of Qualifying Securities available by the close of business on the first trading day of the quarter.

The amendment is effective immediately upon filing. The full text of the proposed rule change is available on the Exchange's website and at its principal office. The Exchange will continue to avoid listing expirations on days when a post-close earnings announcement is scheduled for an individual stock.