MIAX Enables Slick Options-to-ETF Swaps for Traders
Published Date: 6/13/2025
Notice
Summary
Miami International Securities Exchange (MIAX) just made it easier for its members to swap options positions with ETF shares and UIT units without selling them first. This new rule lets members transfer these positions at the net asset value price, speeding up trades and cutting costs. The change is effective immediately, so members can start using this smoother process right away!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
In-kind transfers of options at NAV
Members, authorized members, and broker-dealers may transfer options positions off the Exchange in connection with (a) purchasing or redeeming ETF creation units between an authorized member and an ETF issuer, or (b) creating or redeeming UIT units between a broker-dealer and a UIT issuer. Those transfers will occur at the price(s) used to calculate the net asset value (NAV) of the ETF shares or UIT units.
ETFs and UITs gain tax efficiency
ETFs and UITs that hold options listed on the Exchange may now effect in-kind creations and redemptions of those options, which the Exchange says would help protect ETF shareholders and UIT unit holders from undesirable tax consequences and could provide transaction cost savings that may be passed along to investors.
Off-exchange transfers not publicly reported
The in-kind position transfers described will be back-office position transfers that are not disseminated to OPRA (i.e., not publicly reported as executions) and will reside in a different clearing account until closed or expired. The Exchange states the NAV used for pricing will generally be based on the disseminated closing price for the options series on the day of creation or redemption, and the Exchange expects any impact on price transparency to be de minimis.
Rule effective immediately; applies to MIAX affiliates
The Commission waived the usual 30‑day operative delay and designated the proposed rule change to be operative upon filing (filed May 29, 2025), so Members may begin using the new in-kind transfer process right away. The Exchange also states that Rule 1327 is incorporated by reference into the rulebooks of MIAX Pearl, MIAX Emerald, and MIAX Sapphire, so the same permission will apply to members of those affiliates.
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