Miami Exchange Adds Midweek ETF Option Expiries
Published Date: 8/27/2026
Notice
Summary
MIAX is updating its rules to let certain ETFs have more short-term options that expire on Tuesdays and Thursdays, not just Mondays and Wednesdays. This change helps traders get more flexible choices for quick trades on these ETFs. The new rule is effective immediately, so market players can start using these extra option series right away.
Analyzed Economic Effects
6 provisions identified: 4 benefits, 0 costs, 2 mixed.
Add Tuesday and Thursday ETF Weeklies
MIAX will allow certain Exchange-Traded Funds (designated as Tier 1 Qualifying Securities) to list up to two Tuesday expirations and up to two Thursday expirations beyond the current week, in addition to the existing Monday and Wednesday expirations. Each of these Tuesday and Thursday expirations will be P.M.-settled, subject to a limit of thirty (30) series per expiration date for each option class.
Two Monday/Wednesday Expirations For More ETFs
MIAX will create a Tier 2 of Qualifying Securities (certain Exchange-Traded Fund Shares) that may list up to two Monday expirations and up to two Wednesday expirations beyond the current week. To qualify as Tier 2, an ETF must have AUM greater than $25 billion (based on NAV), monthly options volume greater than 5 million sides, a position limit of at least 250,000 contracts, and participate in the Penny Interval Program.
Exchange Says Expansion Lowers Hedging Costs
The Exchange states the proposal should provide investors and market participants more choice and flexibility, expand hedging tools, improve volatility pricing clarity, and allow for a reduced premium cost of buying portfolio protection by permitting the additional short-term expirations.
Quarterly Eligibility Criteria And Publish List
MIAX will determine Qualifying Security eligibility each calendar quarter using data as of the last trading day of the prior quarter and will publish the list of Qualifying Securities by close of business on the first trading day of the quarter. Tier 1 ETF criteria include AUM > $50 billion and monthly options volume > 10 million sides; for individual stocks, market capitalization must exceed $700 billion (measured on the last day of the prior calendar quarter). Position limits of at least 250,000 contracts and participation in the Penny Interval Program are also required.
Strike Intervals And Series Limits Apply
New Tier 1 and Tier 2 expirations will use the same strike-price intervals already in the Short Term Option Series Program: $0.50 or greater for strikes below $100, $1 or greater for strikes between $100 and $150, and $2.50 or greater for strikes above $150 (with some classes at $0.50 increments). The Exchange remains limited to opening thirty (30) series per expiration date for each option class.
Rule Filed For Immediate Effectiveness
The Exchange filed the proposed rule change on August 13, 2026, as a notice of filing and immediate effectiveness, so the additional short-term option expirations may be available for trading right away under the Exchange's rule once implemented. Market participants can therefore begin using the added option series without a delayed effective date.
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