Short-Term Options Now Expire Midweek on MIAX: More Trading Fun?
Published Date: 1/27/2026
Notice
Summary
MIAX is updating its rules to allow more short-term options that expire on Mondays and Wednesdays for certain stocks and ETFs. This change gives traders more chances to buy and sell options with different expiration days, starting right away. Investors who like quick trades will find more flexibility, and the market could see more action and opportunities.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Two Monday & Wednesday Option Expirations
MIAX may now list up to two Monday expirations and up to two Wednesday expirations (in addition to the weekly Friday expirations) for certain eligible individual stocks and ETFs. This change applies to ‘Qualifying Securities’ and expands the Short Term Option Series Program to give traders more choices in expiration days.
Qualifying Securities: Strict Eligibility Rules
To qualify for the extra Monday and Wednesday expirations, a security must meet quarterly criteria: for individual stocks, market capitalization greater than $700,000,000,000 (based on the last trading day of the prior quarter); for ETFs, AUM greater than $50,000,000,000 (based on NAV); monthly options volume (sides) over 10,000,000 in the last month before quarter end; a position limit of at least 250,000 contracts; and participation in the Penny Interval Program. The Exchange will publish the list of Qualifying Securities by the close of the first trading day of each quarter.
No Extra Expirations on Post-Close Earnings Days
MIAX will not list an extra Monday or Wednesday expiration for a Qualifying Security on any day where an Earnings Announcement (official quarterly or yearly earnings filed with the Commission) occurs after market close. This is intended to avoid added post-close price volatility for those expirations.
Strike Intervals, PM Settlement, 30-Series Cap
Monday and Wednesday expirations for Qualifying Securities will use the same strike price intervals as existing SPY/QQQ/IWM Monday and Wednesday expirations (e.g., $0.50 for strikes below $100, $1 for $100–$150, $2.50 for strikes above $150, with certain $1 increment exceptions) and will be P.M.-settled. For each expiration date in a class, MIAX remains limited to opening 30 series (the 30-series cap excludes series listed by other exchanges).
Immediate Operative Effect of Rule Change
The SEC waived the usual 30-day operative delay and designated the MIAX rule change operative upon filing; MIAX filed the proposal on January 16, 2026. That waiver allows the Exchange to begin listing the new Monday and Wednesday expirations immediately.
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MIAX PEARL is updating its rules to allow options on certain stocks and ETFs to expire on Mondays and Wednesdays, not just Fridays. This means traders get more chances to buy and sell short-term options, making the market more flexible and exciting. The change is effective immediately, so watch for new trading opportunities right away!