[Federal Register Volume 91, Number 157 (Monday, August 17, 2026)]
[Notices]
[Pages 53286-53290]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-16695]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106100; File No. SR-ISE-2026-34]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Order Approving a
Proposed Rule Change To Amend the Short Term Option Series Program
Related to Qualifying Securities
August 12, 2026.
I. Introduction
On June 15, 2026, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend the
Exchange's Short Term Option Series Program to (1) permit the listing
of up to two Tuesday and Thursday expirations for options on Exchange-
Traded Fund Shares \3\ that meet the existing ``Qualifying Securities''
criteria in Supplementary Material .03 to Options 4, Section 5; and
[[Page 53287]]
(2) permit the listing of up to two Monday and Wednesday expirations
for options on Exchange-Traded Fund Shares that meet new ``Qualifying
Securities'' criteria. The proposed rule change was published for
comment in the Federal Register on July 2, 2026.\4\ This order approves
the proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Options 4, Section 3(h) (defining ``Exchange-Traded Fund
Shares'').
\4\ See Securities Exchange Act Release No. 105801 (June 29,
2026), 91 FR 40603 (``Notice''). Comments on the proposed rule
change are available at: https://www.sec.gov/rules-regulations/public-comments/sr-ise-2026-34.
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II. Description of the Proposal
Currently, the Exchange's Short Term Option Series Program \5\
permits the listing of up to two Monday and Wednesday expirations
beyond the current week for options on certain individual stocks or
Exchange-Traded Fund Shares (collectively, ``Qualifying
Securities'').\6\ To be eligible to be a Qualifying Security, an
individual stock or Exchange-Traded Fund Share must meet the following
criteria on a quarterly basis: (1) an underlying security, as measured
on the last day of the prior calendar quarter, must have: (A) a market
capitalization of greater than $700 billion for an individual stock
based on the closing price,\7\ or (B) assets under management (``AUM'')
greater than $50 billion for an Exchange-Traded Fund Share based on net
asset value (``NAV''); (2) monthly options volume, as measured by sides
traded in the last month preceding the quarter end, of greater than 10
million options; (3) a position limit of at least 250,000 contracts;
and (4) participate in the Penny Interval Program \8\ (collectively,
``Qualifying Securities Criteria'').\9\
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\5\ See Supplementary Material .03 to Options 4, Section 5.
Under the Exchange's Short Term Option Series Program, the Exchange
may open for trading series of options on certain symbols that
expire at the close of business of each of the next two Mondays,
Tuesdays, Wednesdays, and Thursdays, respectively, that are business
days beyond the current week and are not business days in which
standard expiration series, Monthly Option Series, or Quarterly
Options Series expire (``Short Term Option Daily Expirations'').
\6\ See Securities Exchange Act Release No. 104624 (January 16,
2026), 91 FR 2806 (January 22, 2026) (SR-ISE-2025-15) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 1, to
Amend the Short Term Option Series Program to List Qualifying
Securities); Supplementary Material .03 to Options 4, Section 5.
\7\ The Exchange states that the closing price and the opening
price shall be that of the primary exchange where the security is
listed. See Notice, supra note 4, 91 FR at 40604, n.5.
\8\ See Supplementary Material .01 to Options 3, Section 3.
\9\ The Exchange has noted the expirations in Table 2 of
Supplementary Material .03 to Options 4, Section 5, along with the
Qualifying Securities Criteria.
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Each calendar quarter, the Exchange applies the Qualifying
Securities Criteria to individual stocks and Exchange-Traded Fund
Shares to determine eligibility for the following quarter.\10\ The
Exchange makes the list of Qualifying Securities available by the close
of business on the first trading day of the quarter.\11\
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\10\ See Notice, supra note 4, 91 FR at 40604.
\11\ See id. at 40605.
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The Exchange may list two Short Term Option Daily Expirations for
Qualifying Securities beyond the current week for each Monday and
Wednesday expiration at one time.\12\ The Exchange does not list an
expiry on a day when there will be an earnings announcement that takes
place after market close.\13\ Qualifying Securities that do not
continue to meet the Qualifying Securities Criteria are no longer
permitted to be listed as Monday and Wednesday expirations beginning on
the second day of the following quarter.\14\
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\12\ See id. at 40604.
\13\ See id. at 40605, n.8.
\14\ See id. at 40605.
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The Exchange proposes to amend rules related to Qualifying
Securities expirations to: (1) add the listing of up to two Tuesday and
Thursday expirations for options on Exchange-Traded Fund Shares that
meet the current Qualifying Securities Criteria; \15\ and (2) amend the
Qualifying Securities Criteria to permit the listing of up to two
Monday and Wednesday expirations for options on Exchange-Traded Fund
Shares that meet new criteria.\16\
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\15\ The Exchange also proposes to designate such Exchange-
Traded Fund Shares as ``Tier 1 Qualifying Securities.''
\16\ The Exchange also proposes to designate such Exchange-
Traded Fund Shares as ``Tier 2 Qualifying Securities.''
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Tier 1 Qualifying Securities
The Exchange proposes to designate Exchange-Traded Fund Shares that
meet the current Qualifying Securities Criteria as ``Tier 1 Qualifying
Securities.'' Each calendar quarter, as it currently does for
Qualifying Securities, the Exchange would apply the Qualifying
Securities Criteria to Exchange-Traded Fund Shares to determine their
eligibility for the following quarter as Tier 1 Qualifying
Securities.\17\ As noted above, the Exchange currently may list Monday
and Wednesday Qualifying Securities Expirations on such Exchange-Traded
Fund Shares. The Exchange proposes to list Tuesday and Thursday
expirations in Tier 1 Qualifying Securities (``Tuesday and Thursday
Tier 1 Qualifying Securities Expirations''), in addition to the
existing Monday and Wednesday Qualifying Securities expirations.
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\17\ See Notice, supra note 4, 91 FR at 40604, 40606. Therefore,
in order to qualify as a Tier 1 Qualifying Security, an Exchange-
Traded Fund Share must meet the following criteria on a quarterly
basis: (1) an underlying security, as measured on the last day of
the prior calendar quarter, must have AUM greater than $50 billion
based on NAV; (2) monthly options volume, as measured by sides
traded in the last month preceding the quarter end, of greater than
10 million options; (3) a position limit of at least 250,000
contracts; and (4) participate in the Penny Interval Program. See
Supplementary Material .03 to Options 4, Section 5.
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The Exchange states that the proposed Tuesday Qualifying Securities
expirations on Exchange-Traded Fund Shares for Tier 1 Qualifying
Securities (``Tuesday Tier 1 Qualifying Securities Expirations'') would
be similar to the current Tuesday expirations in SPDR S&P 500 ETF Trust
(``SPY''), Invesco QQQ Trust (``QQQ''), and iShares Russell 2000 ETF
(``IWM'') in Short Term Option Daily Expirations \18\ because the
Exchange may open for trading on any Monday or Tuesday that is a
business day (beyond the current week) series of options on Qualifying
Securities that expire at the close of business on each of the next two
Tuesdays that are business days and are not business days in which
standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire.\19\ In the event a Tuesday Tier 1
Qualifying Securities Expirations series expires on a Tuesday that is
the same day that a standard expiration options series, Monthly Options
Series, or Quarterly Options Series expires, the Exchange would skip
that week's listing and instead list the following week; the two weeks
therefore would not be consecutive.\20\
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\18\ See supra note 5.
\19\ See Notice, supra note 4, 91 FR at 40605.
\20\ Today, Tuesday expirations in SPY, QQQ, and IWM similarly
skip the weekly listing in the event the weekly listing expires on
the same day in the same class as a standard expiration options
series, Monthly Options Series, or Quarterly Options Series. See id.
at 40605.
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The Exchange also states that the proposed Thursday Qualifying
Securities expirations on Exchange-Traded Fund Shares for Tier 1
Qualifying Securities (``Thursday Tier 1 Qualifying Securities
Expirations'') would be similar to the current Thursday expirations in
SPY, QQQ, and IWM in Short Term Option Daily Expirations \21\ because
the Exchange may open for trading on any Wednesday or Thursday that is
a business day (beyond the current week) series of options on
Qualifying Securities that expire at the close of business on each of
the next two Thursdays that are
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business days and are not business days in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series
expire.\22\ In the event a Thursday Tier 1 Qualifying Securities
Expirations series expires on a Thursday that is the same day that a
standard expiration options series, Monthly Options Series, or
Quarterly Options Series expires, the Exchange would skip that week's
listing and instead list the following week; the two weeks therefore
would not be consecutive.\23\
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\21\ See supra note 5.
\22\ See Notice, supra note 4, 91 FR at 40605.
\23\ Today, Thursday expirations in SPY, QQQ, and IWM similarly
skip the weekly listing in the event the weekly listing expires on
the same day in the same class as a standard expiration options
series, Monthly Options Series, or Quarterly Options Series. See id.
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The Exchange states that the interval between strike prices for the
proposed Tuesday and Thursday Tier 1 Qualifying Securities Expirations
would be the same as those currently applicable to the Short Term
Option Series Program.\24\ As is the case with other equity options
series listed pursuant to the Short Term Option Series Program, Tuesday
and Thursday Tier 1 Qualifying Securities Expirations series would be
P.M.-settled.\25\
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\24\ See id. at 40605-06. Specifically, the Tuesday and Thursday
Tier 1 Qualifying Securities Expirations will have a strike interval
of (i) $0.50 or greater for strike prices below $100, and $1 or
greater for strike prices between $100 and $150 for all option
classes that participate in the Short Term Option Series Program,
(ii) $0.50 for option classes that trade in one dollar increments
and are in the Short Term Option Series Program, or (iii) $2.50 or
greater for strike prices above $150. See Supplementary Material
.03(e) to Options 4, Section 5.
\25\ See Notice, supra note 4, 91 FR at 40606.
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Tier 2 Qualifying Securities
The Exchange also proposes to expand the Short Term Option Series
Program to permit the listing of up to two Monday and Wednesday
expirations for options on Exchange-Traded Fund Shares that meet
proposed new criteria as Qualifying Securities (``Monday and Wednesday
Tier 2 Qualifying Securities Expirations'').\26\ The Exchange proposes
to amend the Qualifying Securities Criteria in Supplementary Material
.03 to Options 4, Section 5 to include separate criteria for the
proposed Tier 2 Qualifying Securities. For eligibility as a Tier 2
Qualifying Security, an underlying Exchange-Traded Fund Share would be
required to have (1) AUM greater than $25 billion based on NAV, as
measured on the last day of the prior calendar quarter; \27\ (2)
monthly options volume, as measured by sides traded in the last month
preceding the quarter end, of greater than 5 million options; \28\ (3)
a position limit of at least 250,000 contracts; and (4) participate in
the Penny Interval Program (``Tier 2 Qualifying Securities
Criteria'').\29\
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\26\ See id.
\27\ Currently, Exchange-Traded Fund Shares that are Qualifying
Securities must have an AUM greater than $50 billion based on NAV.
See Supplementary Material .03 to Options 4, Section 5.
\28\ Currently, Exchange-Traded Fund Shares that are Qualifying
Securities must have a monthly options volume, as measured by sides
traded in the last month preceding the quarter end, of greater than
10 million options. See Supplementary Material .03 to Options 4,
Section 5.
\29\ See Notice, supra note 4, 91 FR at 40606.
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Each calendar quarter, the Exchange would apply the proposed
criteria to Exchange-Traded Fund Shares to determine eligibility for
the following quarter as Tier 2 Qualifying Securities.\30\ Beginning on
the second trading day in the first month of each calendar quarter, the
AUM for Tier 2 Qualifying Securities shall be calculated based on the
NAV established on the primary exchange on the last trading day of the
prior calendar quarter.\31\ The data establishing the volume thresholds
would be established by using data from the last month of the prior
calendar quarter from The Options Clearing Corporation (``OCC'').\32\
For options listed on the first trading day of a given calendar
quarter, the volume shall be calculated using the last month of the
quarter prior to that calendar quarter.\33\ The Exchange would make the
list of Qualifying Securities, including the Tier 2 Qualifying
Securities, available by the close of business on the first trading day
of the quarter.\34\
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\30\ See id.
\31\ See id.
\32\ See id.
\33\ The Exchange states that OCC data becomes available for the
end of a quarter on the first trading day of a new quarter. See id.
at 40606, n.24.
\34\ See id. at 40406-07. The Exchange will continue to make
this information available on its website. See id. at 40607, n.25.
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For the proposed Tier 2 Qualifying Securities, the Exchange would
be permitted to list two Short Term Option Daily Expirations beyond the
current week for each Monday and Wednesday Tier 2 Qualifying Securities
Expiration at one time.\35\ Tier 2 Qualifying Securities that do not
continue to meet the Tier 2 Qualifying Securities Criteria would no
longer be permitted to list Monday and Wednesday Tier 2 Qualifying
Securities Expirations beginning on the second day of the following
quarter.\36\
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\35\ See id. at 40607. The Exchange has noted the additional
expirations in Table 2 of Supplementary Material .03 to Options 4,
Section 5 along with the proposed criteria for the proposed Tier 2
Qualifying Securities.
\36\ See id.
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The Exchange states that the proposed Monday Tier 2 Qualifying
Securities Expirations would be similar to the Monday expirations for
existing Qualifying Securities (including the Tier 1 Qualifying
Securities), among other symbols that may list a Monday expiration in
Short Term Option Daily Expirations \37\ because the Exchange may open
for trading on any Friday or Monday that is a business day (beyond the
current week) series of options on Tier 2 Qualifying Securities to
expire on any Monday of the month that is a business day and is not a
Monday in which standard expiration options series, Monthly Options
Series, or Quarterly Options Series expire.\38\
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\37\ See supra note 5.
\38\ Monday expirations that are listed on a Friday must be
listed at least one business week and one business day prior to the
expiration. Pursuant to Options 1, Section 1(a)(50), with respect to
the Short Term Option Series Program, if a Monday is not a business
day, the series shall expire on the first business day immediately
following that Monday.
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The Exchange states that the proposed Wednesday Tier 2 Qualifying
Securities Expirations would also be similar to the current Wednesday
expirations for existing Qualifying Securities (among other symbols
that may list a Wednesday expiration) in Short Term Option Daily
Expirations \39\ because the Exchange may open for trading on any
Tuesday or Wednesday that is a business day (beyond the current week)
series of options on Tier 2 Qualifying Securities to expire on any
Wednesday of the month that is a business day and is not a Wednesday in
which standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire.\40\
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\39\ See supra note 5.
\40\ See Notice, supra note 4, 91 FR at 40607.
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In the event a Monday or Wednesday Tier 2 Qualifying Securities
Expirations series expires on the same day that a standard expiration
options series, Monthly Options Series, or Quarterly Options Series
expires, the Exchange would skip that week's listing and instead list
the following week; the two weeks therefore would not be
consecutive.\41\
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\41\ See id. Pursuant to Options 1, Section 1(a)(50), with
respect to the Short Term Option Series Program, a Wednesday
expiration series shall expire on the first business day immediately
prior to that Wednesday (e.g., Tuesday of that week if the Wednesday
is not a business day).
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The Exchange states that the interval between strike prices for the
proposed Monday and Wednesday Tier 2 Qualifying Securities Expirations
would be the same as those currently applicable to Monday and Wednesday
expirations in existing Qualifying Securities (among other symbols that
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may list a Monday or Wednesday expiration) in the Short Term Option
Series Program.\42\ As is the case with other equity options series
listed pursuant to the Short Term Option Series Program, the Monday and
Wednesday Tier 2 Qualifying Securities Expirations series would be
P.M.-settled.\43\
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\42\ See id.; Supplementary Material .03(e) to Options 4,
Section 5.
\43\ See Notice, supra note 4, 91 FR at 40607.
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III. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change is consistent with the Act and the rules and regulations
thereunder applicable to a national securities exchange.\44\ In
particular, the Commission finds that the proposed rule change is
consistent with Section 6(b)(5) of the Act,\45\ which requires, among
other things, that the Exchange's rules be designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest.
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\44\ 15 U.S.C. 78s.
\45\ 15 U.S.C. 78s(b)(5).
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The Commission received one supportive comment letter on the
proposal.\46\ The commenter states that the current short term option
daily expirations on exchange-traded funds are highly liquid products,
and they do not cause market disruption and may be used to hedge
narrowly defined risks.\47\ The commenter observes that these short-
term option products are the subject of substantial retail interest,
with significant trading volume on the day of expiration.\48\ The
commenter expects that the proposed new expirations would ``yield the
same results'' as the proposal would permit additional expirations for
only the most liquid exchange-traded funds and would provide investors
with expanded and more effective hedging tools.\49\
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\46\ See letter from Caitlin Farrell-Starbuck, Global Head of
Compliance, Susquehanna International Group, LLP, dated July 22,
2026, supra note 4.
\47\ See id. at 1.
\48\ See id.
\49\ See id.
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In support of its proposal, the Exchange states that it does not
believe that any market disruptions would be encountered with the
introduction of Tuesday and Thursday Tier 1 Qualifying Securities
Expirations and Monday and Wednesday Tier 2 Qualifying Securities
Expirations.\50\ The Exchange states that it currently trades P.M.-
settled Short Term Option Series that expire Monday, Tuesday, Wednesday
and Thursday on several symbols \51\ and has not experienced any market
disruptions or issues with capacity.\52\ In addition, the Exchange
states that it has surveillance programs in place to detect
manipulative trading in the proposed option expirations, in the same
way that it monitors trading in the current Short Term Option Series
Expirations.\53\ The Exchange states it has the necessary capacity and
surveillance programs in place to support and properly monitor trading
in the proposed Tuesday and Thursday Tier 1 Qualifying Securities
Expirations and the proposed Monday and Wednesday Tier 2 Qualifying
Securities Expirations.\54\
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\50\ See Notice, supra note 4, at 40606, 40608.
\51\ See id. at 40606, 40608; see also id. at 40604, n.4
(``[t]he Exchange currently permits expirations in SPY, IWM, QQQ on
Mondays, Tuesdays, Wednesdays and Thursdays. Also, the Exchange
permits expirations in GLD, SLV and TLT on Mondays and Wednesdays.
Finally, the Exchange permits expirations in USO and UNG on
Wednesdays.'').
\52\ See id. at 40606, 40608.
\53\ See id. at 40621.
\54\ See id. at 40606, 40608.
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The Exchange's proposal, which is limited to Exchange-Traded Fund
Shares that meet either the existing Qualifying Securities Criteria or
the new Tier 2 Qualifying Securities Criteria, is reasonably designed
as a limited expansion of the Short Term Options Series Program. The
proposal would add a small overall number of weekly expirations because
the Exchange will limit the number of Tuesday and Thursday Tier 1
Qualifying Securities Expirations to two Tuesday expirations and two
Thursday expirations beyond the current week and the number of Monday
and Wednesday Tier 2 Qualifying Securities Expirations to two Monday
and two Wednesday expirations beyond the current week.\55\ Furthermore,
the Qualifying Securities Criteria (including the Tier 2 Qualifying
Securities Criteria) will limit the number of eligible Qualifying
Securities, and the associated Qualifying Securities Expirations, so
that any potential impact on the options market will accordingly be
limited. However, the Commission expects the Exchange to monitor the
trading of the options listed as a result of the proposal to evaluate
whether any issues develop.
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\55\ See id. at 40615. The Exchange analyzed Exchange-Traded
Fund Shares that would have qualified as either Tier 1 Qualifying
Securities (iShares Bitcoin Trust ETF (IBIT) and Financial Select
Sector SPDR Fund (XLF)) or as Tier 2 Qualifying Securities (VanEck
Semiconductor ETF (SMH), Energy Select Sector SPDR (XLE), iShares
MSCI Emerging Markets ETF (EEM)) as of April 2026. According to the
Exchange, expanding the Short Term Option Series Program to include
IBIT, XLF, SMH, XLE and EEM would increase the amount of strikes by
approximately 0.16%. See id. at 40608.
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The existing Qualifying Securities Criteria applicable to Exchange-
Traded Fund Shares--which require (1) an AUM greater than $50 billion
based on NAV; (2) monthly options volume greater than 10 million
options; (3) a position limit of at least 250,000 contracts; and (4)
participation in the Penny Interval Program--should help to ensure that
Tier 1 Qualifying Securities, as well as the options on such
securities, are highly liquid and actively traded.\56\
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\56\ See supra notes 6-9 and accompanying text.
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Further, as discussed above, the Tier 2 Qualifying Securities
Criteria require Exchange-Traded Fund Shares to have (1) AUM greater
than $25 billion based on NAV; (2) monthly options volume, as measured
by sides traded in the last month preceding the quarter end, greater
than 5 million options; (3) a position limit of at least 250,000
contracts; and (4) participate in the Penny Interval Program.\57\
Although the Tier 2 Qualifying Securities Criteria would have lower AUM
and monthly options volume eligibility requirements than the existing
Qualifying Securities Criteria, they would include the same 250,000-
contract position limit and Penny Interval Program participation
requirements. Therefore, the proposed criteria would help to ensure
that Tier 2 Qualifying Securities, as well as the options on such
securities, are highly liquid and actively traded.\58\
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\57\ See supra notes 26-29 and accompanying text.
\58\ According to the Exchange, substantially less than 1% of
Exchange-Traded Fund Shares would meet the Tier 2 Qualifying
Securities Criteria. See Notice, supra note 4, at 40619.
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If the Exchange chooses to modify the Qualifying Securities
Criteria, the proposed Tier 2 Qualifying Securities Criteria, or any
other aspect of the proposal, it will be required to file a proposed
rule change with the Commission, which will subject the proposed rule
change to the notice and comment process.
Based on the foregoing, the Commission believes the proposal
reasonably balances the Exchange's desire to accommodate investor
demand by offering a wider array of investment opportunities with the
need to avoid unnecessary proliferation of options series.
Additionally, and as noted above, this limited expansion of Qualifying
Securities expirations may provide the investing public and other
market participants more flexibility to closely
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tailor their investment and hedging decisions in these options, thus
allowing them to better manage their risk exposure. For these reasons,
the Commission finds that the proposed rule change is consistent with
Section 6(b)(5) of the Act \59\ and the rules and regulations
thereunder applicable to a national securities exchange.
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\59\ 15 U.S.C. 78s(b)(5).
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IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\60\ that the proposed rule change (SR-ISE-2026-34) be, and hereby
is, approved.
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\60\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\61\
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\61\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-16695 Filed 8-14-26; 8:45 am]
BILLING CODE 8011-01-P