MIAX Sapphire Expands Options Trading to New ETFs
Published Date: 9/25/2025
Notice
Summary
MIAX Sapphire is updating its rules to allow options trading on certain Exchange-Traded Funds (ETFs) that meet a special federal definition. This change opens new opportunities for investors starting right away, with no extra fees announced. If you trade options or ETFs, this means more choices and flexibility on the MIAX Sapphire exchange.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Options Allowed on Rule 6c-11 ETFs
MIAX Sapphire amended Exchange Rule 402 to permit listing and trading of options on exchange-traded funds that meet the Rule 6c-11 definition and are listed pursuant to Rule 19b-4(e). If you trade ETFs or options, this change allows MIAX Sapphire to list options on those qualifying ETF Shares.
Streamlined Pathway to List Options
The amended Rule 402 aligns options listing standards with the ETF Shares generic listing standards under Rule 6c-11 and Rule 19b-4(e), creating a streamlined pathway. The Exchange says this may reduce the time frame for bringing options on qualifying ETF Shares to market.
Rule Change Effective Immediately
The Commission waived the usual 30-day delay and designated the proposed rule change to be operative upon filing. The Exchange filed the proposal on September 9, 2025, so the amended Rule 402 is operative as of that filing date.
Transparency and Surveillance Protections
The filing relies on Rule 6c-11 portfolio-transparency requirements and the Exchange's existing surveillance program to help prevent manipulation of ETF Shares and overlying options. Options on such ETF Shares will be subject to the Exchange's surveillance and existing rules, including position limits like MIAX Rule 307.
Equal Access for Market Participants
The Exchange states that generically listed options on ETF Shares would be equally available to all market participants who meet listing and trading requirements. Market participants may elect to trade these options on MIAX Sapphire under the same rules as other options on ETFs.
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