MIAX PEARL Adds Monday-Wednesday Options: Short-Term Thrills Await
Published Date: 1/27/2026
Notice
Summary
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!
Analyzed Economic Effects
6 provisions identified: 3 benefits, 1 costs, 2 mixed.
Up to Two Monday & Wednesday Expiries
MIAX Pearl will allow options on certain individual stocks and ETFs to list up to two Monday expirations and up to two Wednesday expirations beyond the current week, in addition to the Exchange's existing Friday short-term weekly expirations. The change was filed January 16, 2026 and the Commission waived the 30-day delay so the proposal became operative upon filing.
Strict 'Qualifying Securities' Criteria
Only 'Qualifying Securities' may list the extra Monday and Wednesday expirations; to qualify an individual stock must have market capitalization greater than $700 billion (measured on the last day of the prior calendar quarter) and an ETF must have Assets Under Management greater than $50 billion based on NAV. Additional explicit criteria are monthly options volume (sides) greater than 10 million in the last month preceding the quarter end, a position limit of at least 250,000 contracts, and participation in the Penny Interval Program.
No Expirations on Post-Close Earnings Days
For Qualifying Securities, the Exchange will not list a Monday or Wednesday expiry on any day that has an Earnings Announcement taking place after market close (official public quarterly or yearly earnings filed with the Commission). This rule excludes pre-announcements or guidance from being treated as Earnings Announcements.
Strike Intervals and PM Settlement Rule
Monday and Wednesday Qualifying Security expirations will use the same strike price intervals as existing SPY/QQQ/IWM Monday and Wednesday expirations: $0.50 or greater for strikes below $100, $1 or greater for strikes between $100 and $150 (with some $0.50 and $2.50 exceptions noted for specific classes), and all such series will be P.M.-settled. The filing references the same interval rules in Interpretation and Policy .02 to Exchange Rule 404.
30-Series Cap Applies to New Dates
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 new Monday and Wednesday Qualifying Security expirations; series listed by other exchanges are not counted in this 30-series restriction.
Very Small Initial Universe of Eligible Symbols
As of June 27, 2025 the Exchange reported that only eight (8) individual stocks and one (1) Exchange-Traded Fund Share met all four criteria to be Qualifying Securities that could list Monday and Wednesday expirations. The filing states these totals represent less than 0.2% of securities with options listed.
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Previous / Next Documents
Previous: 2026-01524 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 404, Series of Options Contracts Open for Trading, To Amend the Short Term Option Series Program
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.
Next: 2026-01526 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 404, Series of Options Contracts Open for Trading, To Amend the Short Term Option Series Program
MIAX Sapphire is updating its rules to let traders buy and sell options that expire on Mondays and Wednesdays, not just the usual Fridays. This change affects people trading options on certain stocks and ETFs, giving them more flexibility and chances to trade. The new rule is already in effect, so traders can start using these new expiration days right away!