Nasdaq ISE Adds Tuesday and Thursday Options Expirations
Published Date: 7/2/2026
Notice
Summary
Nasdaq ISE is updating its Short Term Option Series Program to allow more flexible option expiration days for certain Exchange-Traded Funds (ETFs). Now, options can expire on Tuesdays and Thursdays, not just Mondays and Wednesdays, giving traders more choices. This change could speed up trading and might impact how investors plan their moves starting soon after approval.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Tier 1 ETFs: New Tue/Thu Weeklies
If you trade options on certain large ETFs that meet the Exchange's existing criteria (AUM > $50 billion, monthly options volume > 10 million sides, position limit ≥ 250,000, and participation in the Penny Interval Program), the Exchange may list up to two Tuesday expirations and up to two Thursday expirations in addition to the existing Monday and Wednesday expirations. Those Tuesday and Thursday series will expire at the close of business on the next two Tuesdays or Thursdays (skipping weeks that conflict with standard monthly or quarterly expirations).
Tier 2 ETFs: New Mon/Wed Weeklies
If you trade options on certain ETFs that meet a new, lower threshold (AUM > $25 billion, monthly options volume > 5 million sides, position limit ≥ 250,000, and participation in the Penny Interval Program), the Exchange may permit up to two Monday expirations and up to two Wednesday expirations for those ETFs beyond the current week. These Monday and Wednesday series will expire at the close of business on the next two Mondays or Wednesdays (skipping weeks when they would conflict with standard expirations).
Funds Affected and Market Scale
The Exchange identifies IBIT and XLF as Tier 1 Exchange-Traded Fund Shares that would receive the new Tuesday and Thursday expirations, and identifies SMH, XLE and EEM as Exchange-Traded Funds that would qualify under the proposed Tier 2 criteria for Monday and Wednesday expirations (using April 2026 data). Expanding expirations for IBIT, XLF, SMH, XLE, and EEM would account for about 0.16% of strikes, and the Exchange reports that IBIT previously benefited from extra expirations by allowing market participants to better tailor hedges and to reduce the premium cost of buying portfolio protection.
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