2026-17458NoticeWallet

MIAX Pearl Expands Short-Term ETF Options Calendar

Published Date: 8/27/2026

Notice

Summary

MIAX PEARL is updating its Short Term Option Series Program to allow more flexible trading days for certain Exchange Traded Funds (ETFs). Now, options can expire on Tuesdays and Thursdays, not just Mondays and Wednesdays, giving traders more chances to trade. This change starts right away and could mean more trading opportunities and potentially more money for investors and the exchange.

Analyzed Economic Effects

5 provisions identified: 3 benefits, 1 costs, 1 mixed.

Tuesday/Thursday ETF Option Expirations

MIAX PEARL will allow certain Exchange-Traded Funds that meet the Exchange's current qualifying criteria to list up to two Tuesday expirations and up to two Thursday expirations beyond the current week (in addition to existing Monday and Wednesday expirations). The change was filed August 13, 2026 and was noticed as immediately effective.

New Tier 2 ETF Monday/Wednesday Expirations

The Exchange creates a new 'Tier 2' category of Exchange-Traded Fund Shares that may list up to two Monday expirations and up to two Wednesday expirations beyond the current week if they meet the new criteria: 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 participation in the Penny Interval Program.

Tier 1 Qualification Thresholds

To qualify as a Tier 1 Qualifying Security (eligible for Tuesday/Thursday expirations), an Exchange-Traded Fund Share must have AUM greater than $50 billion (NAV), monthly options volume greater than 10 million sides, a position limit of at least 250,000 contracts, and participation in the Penny Interval Program; for individual stocks the market-cap threshold is greater than $700 billion. Eligibility is reviewed quarterly using data as of the last trading day of the prior calendar quarter, and the Exchange publishes the list by close of business on the first trading day of the quarter.

Limit of 30 Series Per Expiration Date

For each option class, the Exchange remains limited to opening thirty (30) series for each expiration date, and that 30-series restriction will also apply to the new Tuesday/Thursday Tier 1 and Monday/Wednesday Tier 2 expirations. Series opened by other exchanges are not counted toward the 30-series limit.

Strike Intervals, PM Settlement, and Listing Limits

The new Tier 1 and Tier 2 short-term expirations will be P.M.-settled and use the same strike-interval rules as existing short-term listings (for example, $0.50 increments for strikes below $100, $1 for $100–$150, and $2.50 for strikes above $150). The Exchange will not list these expirations to expire on business days when a standard monthly or quarterly options expiration occurs, and for individual-stock expirations it will not list an expiry on a day with a post-close earnings announcement.

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Key Dates

Effective Date
Published Date
8/13/2026
8/27/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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