Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rule 5050 (Series of Options Contracts Open for Trading) To Permit the Listing of Up to Two Monday and Wednesday Expirations for Options on Certain Individual Stocks or Exchange-Traded Fund Shares
Published Date: 1/30/2026
Notice
Summary
BOX Exchange is shaking things up by allowing options on certain stocks and ETFs to expire on Mondays and Wednesdays—up to two of each per week! This means traders get more chances to buy and sell options with shorter time frames, making the market more flexible and exciting. The change is effective immediately, so get ready to spot these new options and maybe make some moves!
Analyzed Economic Effects
6 provisions identified: 6 benefits, 0 costs, 0 mixed.
New Monday & Wednesday Option Expirations
BOX Exchange may now list up to two Monday expirations and up to two Wednesday expirations beyond the current week for options on certain approved individual stocks or exchange-traded funds (called "Qualifying Securities"). This expands the Short Term Option Series Program so traders can trade shorter-dated Monday and Wednesday expirations in addition to existing Friday weekly expirations.
Which Securities Qualify
To qualify for the additional Monday and Wednesday expirations, a security must meet all of these quarterly-tested thresholds: for an individual stock, market capitalization greater than $700 billion (measured on the last day of the prior calendar quarter); for an ETF, assets under management (AUM) greater than $50 billion (based on NAV); monthly options volume over 10 million sides in the last month before quarter end; a position limit of at least 250,000 contracts; and participation in the Penny Interval Program. BOX will publish the list of Qualifying Securities by the close of business on the first trading day of each quarter.
Quarterly Review & Removal Rules
BOX will check the qualifying criteria each calendar quarter using data measured on the last day of the prior quarter (and OCC volume for the last month of that quarter). If a security stops meeting the criteria, it will no longer be permitted to list Monday and Wednesday expiries beginning on the second trading day of the following quarter, although any already-listed series will remain tradeable until they expire.
Listing Schedule and Business-Day Rules
For Monday expirations BOX may open series on a Friday or Monday (beyond the current week); if listed on a Friday they must be listed at least one business week plus one business day before expiration. For Wednesday expirations BOX may open series on a Tuesday or Wednesday (beyond the current week). If an expiration would fall on the same day as a standard monthly or quarterly expiration, BOX will skip that week's listing and instead list the following week, so the two listed weeks would not be consecutive. If a Monday or Wednesday is not a business day, specific shift rules apply for the expiration day per Rule 100(a)(66).
Strike Intervals, Series Limits, and Settlement
Monday and Wednesday Qualifying Securities expirations will use the same strike-price intervals as current SPY/QQQ/IWM Monday/Wednesday expirations: (i) $0.50 or greater for strikes below $100 and $1 or greater for strikes between $100 and $150 for most classes, (ii) $0.50 for classes that trade in $1 increments in related non-short-term options, or (iii) $2.50 or greater for strikes above $150. The series will be P.M.-settled and BOX remains limited to opening no more than thirty (30) series for each expiration date per class (not counting series open on other exchanges).
No Listings on After-Close Earnings Days
BOX will not list a Monday or Wednesday expiry for a Qualifying Security on any day when that security has an Earnings Announcement that takes place after market close (official quarterly or yearly earnings filed with the Commission). This is intended to avoid added post-close price volatility affecting exercise and assignment decisions.
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