MIAX Sapphire Lists Options on Fidelity Ethereum Fund
Published Date: 4/17/2025
Notice
Summary
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.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Options Now Listed on Fidelity Ethereum Fund
The exchange (MIAX Sapphire) amended its rules to allow listing and trading of options on the Fidelity Ethereum Fund, effective April 9, 2025. You can now buy and sell listed options on this Ethereum-backed ETF on the Exchange rather than only in the OTC market.
25,000-Contract Position and Exercise Limit
The Exchange proposes position and exercise limits for options on the Fidelity Ethereum Fund of 25,000 contracts on the same side. These limits apply to trading and potential exercise of those options.
Physical Settlement with American-Style Exercise
Options on the Fidelity Ethereum Fund will be physically settled contracts with American-style exercise. That means exercising an option can result in delivery of the fund's shares under the Options Clearing Corporation rules.
Multiple Expiration Types Available (Weeks to LEAPS)
The Exchange may list option series for the Fidelity Fund with weekly, monthly, quarterly expirations and long-term equity options (LEAPS) that expire from 12 to 39 months. At least one monthly expiration will be opened at commencement of trading.
Exchange Surveillance and OCC Protections Apply
The Exchange states it will apply its existing surveillance programs, coordinate with affiliate exchanges, ISG members, and FINRA, and that the Options Clearing Corporation will serve as issuer and guarantor of listed options. These measures are intended to deter manipulation and increase counterparty creditworthiness for investors trading these options.
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Department and Agencies
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Previous / Next Documents
Previous: 2025-06497, Self-Regulatory Organizations; MIAX PEARL, 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 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.
Next: 2025-06499, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, Exchange Rule 307, Position Limits, and Exchange Rule 309, Exercise Limits To Allow the Exchange To List and Trade Options on the Fidelity Ethereum Fund
Starting now, the Miami International Securities Exchange (MIAX) will let traders buy and sell options on the Fidelity Ethereum Fund, a new type of investment tied to Ethereum. This change updates the rules about what can be traded, how many options a person can hold, and how many can be exercised. Investors and traders should get ready to explore these fresh opportunities with no delay!