2025-18558Notice

MIAX PEARL Opens Doors to Options on Elite ETFs

Published Date: 9/25/2025

Notice

Summary

MIAX PEARL is updating its rules to allow options trading on certain Exchange Traded Funds (ETFs) that meet new federal standards. This change opens up fresh opportunities for investors to trade options on these ETFs starting immediately, making the market more flexible and exciting. If you trade options or ETFs, keep an eye out for these new possibilities on MIAX PEARL!

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Options Allowed on Rule 6c-11 ETFs

MIAX PEARL amended Exchange Rule 402 to allow the listing and trading of options on exchange-traded funds (ETFs) that qualify as “ETF Shares” under SEC Rule 6c-11. The change was filed on September 9, 2025 and applies to ETFs listed pursuant to the generic listing standards described in Rule 19b-4(e).

Faster Time-to-Market for ETF Options

Under the amended rule, options on qualifying Rule 6c-11 ETF Shares can be listed pursuant to Rule 19b-4(e) without a separate SEC approval, which can reduce the time needed to bring those options to market. The Commission waived the usual 30-day operative delay and made the filing operative upon filing (filed September 9, 2025).

Existing Surveillance and Limits Still Apply

Options on ETF Shares listed under the amended standard will be traded under MIAX PEARL's existing options trading rules and surveillance programs, including position limits such as those in MIAX Rule 307. The listing change does not remove current surveillance or position limit protections.

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Key Dates

Effective Date
Published Date
9/9/2025
9/25/2025

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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