MIAX PEARL Opens Doors to Fidelity Ethereum Options
Published Date: 4/17/2025
Notice
Summary
MIAX PEARL is updating its rules to let people trade options on the Fidelity Ethereum Fund starting right away. This change affects investors who want to bet on or protect their investments in this popular crypto-related fund. The new options trading could open fresh chances to make money or manage risk, with no waiting period to get started.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
MIAX Pearl Adds Ethereum ETF Options
MIAX Pearl filed on April 9, 2025 to amend Exchange Rule 402 so the Exchange may list and trade options on the Fidelity Ethereum Fund. The filing was made under Rule 19b-4(f)(6) and the Exchange states the proposal is effective as filed, enabling investors to trade options tied to the Fidelity Ethereum Fund on MIAX Pearl.
Listed Options Offer OTC Alternative
The Exchange says listing options on the Fidelity Ethereum Fund gives investors an alternative to trading such options in the unregulated over-the-counter (OTC) market. The Exchange lists benefits of a listed market: enhanced efficiency when opening and closing positions, increased market transparency, and counterparty creditworthiness via the Options Clearing Corporation (OCC).
Key Trading Terms and Price Increments
Options on the Fidelity Fund will be physically settled with American-style exercise and the Exchange will open at least one monthly expiration at commencement. The Exchange may list weekly, monthly, quarterly expirations and LEAPS that expire from 12 to 39 months, and minimum quoting increments will be $0.05 when an option price is less than $3.00 and $0.10 when an option price is $3.00 or higher.
Position and Exercise Limits Set at 25,000
The Exchange proposes position and exercise limits for options on the Fidelity Fund of 25,000 contracts on the same side of the market. The Exchange describes this as the lowest limit applicable to any equity options and says it is conservative given the Fund's trading volume and outstanding shares.
Surveillance and Safeguards Will Apply
The Exchange states that the same surveillance procedures used for other ETF options will apply to Fidelity Fund options, including access to affiliate surveillance and information sharing through the Intermarket Surveillance Group (ISG) and FINRA arrangements. The Exchange says existing surveillance is designed to deter and detect manipulative behavior and that it will implement any new procedures it deems necessary.
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Previous / Next Documents
Previous: 2025-06496 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 5.3-O, 5.4-O, and 6.8-O
NYSE Arca is updating its rules to let people trade options on two new Ethereum-based funds: the iShares Ethereum Trust ETF and the Fidelity Ethereum Fund. This change affects investors interested in crypto-related products and takes effect immediately, opening fresh trading opportunities without extra fees. It’s a smart move to keep up with the growing crypto market and give traders more choices right now!
Next: 2025-06498 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities To List and Trade Options on the Fidelity Ethereum Fund
MIAX Sapphire is updating its rules to let people trade options on the Fidelity Ethereum Fund, a popular crypto-related investment. This change means investors can now buy and sell options on this fund right away, making the market more exciting and flexible. The update took effect immediately on April 9, 2025, opening new doors for traders and potentially boosting trading activity.