MIAX Updates Short-Term Options for Qualifying Stocks
Published Date: 8/27/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Tier 1: Tuesday/Thursday ETF Short-Term Options
The Exchange will allow certain large, liquid Exchange-Traded Funds (designated "Tier 1 Qualifying Securities") to list up to two short-term option expirations that expire on Tuesdays and up to two that expire on Thursdays in addition to existing Monday and Wednesday expirations. Tier 1 ETFs must meet the current Qualifying Securities criteria (for ETFs: AUM greater than $50 billion based on NAV; monthly options volume > 10 million sides; position limit at least 250,000 contracts; and participation in the Penny Interval Program).
Tier 2: New ETFs Eligible for Mon/Wed Expirations
The Exchange will designate a new class of Exchange-Traded Funds as "Tier 2 Qualifying Securities" that may list up to two short-term option expirations beyond the current week for each of Monday and Wednesday. Tier 2 ETFs 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.
Quarterly Eligibility and Publication Rules
Eligibility for Qualifying Securities (both Tier 1 and Tier 2) is determined quarterly using measures from the last day of the prior calendar quarter (market cap or AUM) and OCC volume data from the last month preceding the quarter end; the Exchange will publish the list of Qualifying Securities by the close of business on the first trading day of each quarter.
Series Limits, Strike Intervals, and Settlement Rules Kept
The Exchange will continue to apply the existing operational limits to the new expirations: a cap of 30 open series per expiration date per option class, the same strike interval rules (e.g., $0.50 increments below $100, $1 increments for $100–$150, $2.50 above $150), and P.M.-settled expirations. The Exchange also will not list expirations on days when standard monthly or quarterly series expire and will skip weeks where expirations would coincide with those standard expirations.
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