Cboe BZX Boosts Flexibility in Short-Term Options Program
Published Date: 1/26/2026
Notice
Summary
Cboe BZX Exchange is updating its Short Term Option Series Program to make trading short-term options smoother and more flexible for investors. This change affects traders using these options and kicks in right away, with no extra costs involved. It’s a quick win for anyone looking to trade options that expire soon!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Extra Monday & Wednesday Weeklies
If you trade options, the Exchange may now list up to two additional Monday and two additional Wednesday short-term expirations (beyond the current week) for certain eligible individual stocks and exchange-traded funds. This change was filed on January 16, 2026 as immediately effective and is in addition to the existing Friday weekly expirations.
Who Qualifies for Extra Expiries
A security qualifies for the extra Monday and Wednesday expirations only if, each quarter, it meets all of these tests: (1) for an individual stock, market capitalization greater than $700 billion based on the closing price on the last trading day of the prior quarter, or (for a Fund Share) Assets Under Management greater than $50 billion based on NAV; (2) monthly options volume (sides) in the last month before quarter end greater than 10 million; (3) a position limit of at least 250,000 contracts; and (4) participation in the Penny Interval Program. The Exchange will publish the list of Qualifying Securities by close of business on the first trading day of each quarter.
No Expiries on Post-Close Earnings Days
The Exchange will not list a Monday or Wednesday additional expiry for a Qualifying Security on any day when that issuer has an Earnings Announcement taking place after market close. For this rule, an Earnings Announcement is an official public quarterly or yearly earnings filing with the Commission.
Strike Intervals and PM Settlement
The new Monday and Wednesday expirations will use the same strike intervals as existing Monday/Wednesday expirations: $0.50 or greater for strikes below $100, $1 or greater for strikes between $100 and $150 (and $0.50 for classes that trade in $1 increments), and $2.50 or greater for strikes above $150. All of these short-term series will be P.M.-settled.
Series Limit Remains (30 per Expiration)
The Exchange's existing limit of opening no more than thirty (30) series for each expiration date for a specific option class will apply to the additional Monday and Wednesday expirations as well. The sixty (30) series cap does not include series open on other exchanges; the Exchange may list series that other exchanges already list.
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