MIAX Sapphire Implements New Short-Term Option Expiration Rules
Effective immediately, the rule change expands Tuesday/Thursday and Monday/Wednesday expirations for qualifying ETFs, creating Tier 1 and Tier 2 designations.
On August 13, 2026, MIAX Sapphire, LLC filed a proposed rule change that became effective immediately. The filing, identified as Release No. 34-106180; File No. SR-SAPPHIRE-2026-33, amends Exchange Rule 404 governing the Short Term Option Series Program.
The amendment adds 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 ETF shares that meet new criteria. The Exchange will designate securities meeting the existing criteria as "Tier 1 Qualifying Securities" and those meeting the new criteria as "Tier 2 Qualifying Securities."
Eligibility for Qualifying Securities requires, on a quarterly basis, a market capitalization greater than $700 billion for an individual stock, assets under management greater than $50 billion for an ETF, 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 thresholds each calendar quarter and publish the qualifying list by the close of business on the first trading day of the quarter.
Qualified securities may list two short-term option expiration dates beyond the current week for each Monday and Wednesday expiration. The Exchange will not list an expiry on a day when an earnings announcement is scheduled after market close.
The Commission is soliciting comments on the proposal. The full text of the rule change is available at https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings and at the Exchange's principal office. The notice appears in the Federal Register, Volume 91, Number 165 (Thursday, August 27, 2026), pages 55403-55410, FR Doc No: 2026-17460.
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