8011-01P
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100272; File No. SR-NYSEAMER-2024-34]
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate
Effectiveness of Proposed Change to Amend Rule 903
June 4, 2024.
Pursuant to Section 19(b)(1)1 of the Securities Exchange Act of 1934 (“Act”)2 and Rule
19b-4 thereunder,3 notice is hereby given that, on May 30, 2024, NYSE American LLC (“NYSE
American” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”)
the proposed rule change as described in Items I and II below, which Items have been prepared
by the self-regulatory organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
I.

Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed
Rule Change
The Exchange proposes to amend Rule 903 (Series of Options Open For Trading) and to

make certain conforming changes. The proposed rule change is available on the Exchange’s
website at www.nyse.com, at the principal office of the Exchange, and at the Commission’s
Public Reference Room.
II.

Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, the self-regulatory organization included statements

concerning the purpose of, and basis for, the proposed rule change and discussed any comments
it received on the proposed rule change. The text of those statements may be examined at the
places specified in Item IV below. The Exchange has prepared summaries, set forth in sections

15 U.S.C. 78s(b)(1).

15 U.S.C. 78a.

17 CFR 240.19b-4.

A, B, and C below, of the most significant parts of such statements.
A.

Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory
Basis for, the Proposed Rule Change
1.

Purpose

The purpose of this filing is to amend Rule 903 (Series of Options Open For Trading) to
adopt a Monthly Options Series Program; to adopt a Low-Priced Strike Priced Interval Program;
to permit the listing and trading of five additional classes with Short Term Option Daily
Expirations; to permit Tuesday and Thursday expirations for certain classes with Short Term
Option Daily Expirations; and to permit the listing of two Wednesday expirations for options on
certain ETPs. Each of the proposed changes would align Exchange rules with already-approved
and implemented rules in place on at least one other options exchange as noted herein.
Monthly Options Series Program
The Exchange proposes to amend its Rules to accommodate the listing of options series
that would expire at the close of business on the last business day of a calendar month (“Monthly
Options Series”). This is a competitive filing that is based on a proposal recently submitted
Cboe Exchange, Inc (“CBOE”).4
Pursuant to proposed Commentary .11 to Rule 903 and Rule 903C(a)(v), the Exchange
may list Monthly Options Series for up to five currently listed option classes that are either index
options or options on exchange-traded funds (“ETFs”).5 In addition, the Exchange may also list
Monthly Options Series on any options classes that are selected by other securities exchanges
that employ a similar program under their respective rules.6 The Exchange may list 12

See Securities Exchange Act Release No. 98915 (Nov. 13, 2023) 88 FR 81495 (November 17, 2023 (SRCBOE-2023-049) (Order Approving a Proposed Rule Change To Adopt Monthly Options Series). See also
Cboe Rules 4.5, 4.11, 8.31, and 8.32.

The Exchange proposes to amend Rule 903(h) to provide that new Commentary .11 to Rule 903 (which has
been in Reserve) will describe how the Exchange will fix a specific expiration date and exercise price for
Monthly Options Series and that proposed Commentary .11 to Rule 903 will govern the procedures for
opening Monthly Options Series, respectively. This is consistent with language in current Rule 903 for
other Short Term Options Series and Quarterly Options Series. Consistent with this proposal, the Exchange
proposes to adopt a definition of Monthly options Series. See proposed Rule 1.1.

The Exchange’s proposal is based on CBOE’s approved rule change, see supra note 4. The Exchange notes
that other options exchanges have since adopted similar programs. See, e.g., Securities Exchange Act

expirations for Monthly Options Series. Monthly Options Series need not be for consecutive
months; however, the expiration date of a nonconsecutive expiration may not be beyond what
would be considered the last expiration date if the maximum number of expirations were listed
consecutively.7 Other expirations in the same class are not counted as part of the maximum
numbers of Monthly Options Series expirations for a class.8 Monthly Options Series will be
P.M.-settled.9
The strike price of each Monthly Options Series will be fixed at a price per share, with at
least two, but no more than five, strike prices above and at least two, but no more than five,
strike prices below the value of the underlying index or price of the underlying security at about
the time that a Monthly Options Series is opened for trading on the Exchange. The Exchange
will list strike prices for Monthly Options Series that are reasonably related to the current price
of the underlying security or current index value of the underlying index to which such series
relates at about the time such series of options is first opened for trading on the Exchange. The
term “reasonably related to the current price of the underlying security or index value of the
underlying index” means that the exercise price is within 30% of the current underlying security
price or index value.10 Additional Monthly Options Series of the same class may be open for

Release No. 98973 (November 16, 2023) 88 FR 81495 (November 22, 2023) (SR-MIAX-2023-44)
(immediately effective filing to accommodate the listing of Monthly Options Series).
The Exchange notes this provision considers consecutive monthly listings. In other words, as other
expirations (such as Quarterly Options Series) are not counted as part of the maximum, those expirations
would not be considered when considering when the last expiration date would be if the maximum number
were listed consecutively. For example, if it is January 2024 and the Exchange lists Quarterly Options
Series in class ABC with expirations in March, June, September, December, and the following March, the
Exchange could also list Monthly Options Series in class ABC with expirations in January, February, April
May, July, August, October, and November 2024 and January and February of 2025. This is because, if
Quarterly Options Series, for example, were counted, the Exchange would otherwise never be able to list
the maximum number of Monthly Options Series. This is consistent with the listing provisions for
Quarterly Options Series, which permit calendar quarter expirations. The need to list series with the same
expiration in the current calendar year and the following calendar year (whether Monthly or Quarterly
expiration) is to allow market participants to execute one-year strategies pursuant to which they may not
roll their exposures in the longer-dated options (e.g., January 2025) prior to the expiration of the nearer
dated option (e.g., January 2024).

See proposed Commentary .11(b) to Rule 903 and proposed Rule 903C(a)(v)(2).

See proposed Commentary .11(c) to Rule 903 and proposed Rule 903C(a)(v)(3).

See proposed Commentaries .11(d) to Rule 903 and proposed Rule 903C(a)(v)(4). The Exchange notes
these proposed provisions are consistent with the initial series provision for the Quarterly Options Series

trading on the Exchange when the Exchange deems it necessary to maintain an orderly market, to
meet ATP Holder demand,11 or when the market price of the underlying security moves
substantially from the initial exercise price or prices. To the extent that any additional strike
prices are listed by the Exchange, such additional strike prices will be within 30% above or
below the closing price of the underlying index or security on the preceding day. The Exchange
may also open additional strike prices of Monthly Options Series that are more than 30% above
or below the current price of the underlying security, provided that demonstrated ATP Holder
interest exists for such series, as expressed by institutional, corporate, ATP Holder or their
brokers. Market Makers trading for their own account will not be considered when determining
ATP Holder interest under this provision. The opening of the new Monthly Options Series will
not affect the series of options of the same class previously opened.12 The interval between strike
prices on Monthly Options Series will be the same as the interval for strike prices for series in
that same options class that expire in accordance with the normal monthly expiration cycle.13
By definition, Monthly Options Series can never expire in the same week that a standard
options series that expires on the third Friday of a month in the same class expires. The same,

program in Rule 903C(iv)(4). While different than the initial strike listing provision for the Quarterly
Options Series program (set forth in Commentary .09(c) to Rule 903), the Exchange believes the proposed
provision is appropriate, as it contemplates classes that may have strike intervals of $5 or greater. For
consistency, the Exchange also proposes to amend Commentary .09(c) to Rule 903 to incorporate the same
provision for initial series. The Exchange proposes a technical change to re-number the sub-paragraphs of
Commentary .0(f) into separate paragraphs, which technical change would add clarity, transparency and
internal consistent to Exchange rules. See proposed Commentary .09(f)-(h).
An “ATP” is an Options Trading Permit issued by the Exchange for effecting approved securities
transactions on the Exchange. See Rule 900.2NY. An “ATP Holder” refers to a natural person, in good
standing who has been issued an ATP and is a registered broker or dealer pursuant to Section 15 of the
Securities Exchange Act of 1934. Id.

See proposed Commentary .11(e) to Rule 903.

See proposed Commentary .11(f) to Rule 903; see also Commentaries .05 and .06 to Rule 903 (permissible
strike prices for ETF classes); and Commentary .05(a). and .13 (regarding “$0.50 and $1 Strike Price
Intervals for Options Used to Calculate Volatility Indexes”) to Rule 903. See also Commentary.04 to Rule
903C (permissible strike prices index options). The Exchange notes that there are two Commentaries .13 to
Rule 903 and, to correct this duplicate and avoid confusion, the Exchange proposes to re-locate the text of
Commentary .13 that relate to “$0.50 and $1 Strike Price Intervals for Options Used to Calculate Volatility
Indexes” to Commentary .08, which is currently held as Reserved. See proposed Commentary .08. The
Exchange notes that this proposed change is non-substantive and would add clarity and transparency to
Exchange rules.

however, is not the case with respect to Short Term Options Series or Quarterly Options Series.
Therefore, to avoid any confusion in the marketplace, the Exchange proposes to amend Rule
903(h) to provide that the Exchange will not list a Short Term Options Series in a class on a date
on which a Monthly Options Series or Quarterly Options Series expires.14 Similarly, proposed
Commentary .11 to Rule 903 provide that no Monthly Options Series may expire on a date that
coincides with an expiration date of a Quarterly Options Series in the same index or ETF class.
In other words, the Exchange will not list a Short Terms Options Series on an index or ETF if a
Monthly Options Series on that index or ETF were to expire on the same date, nor will the
Exchange list a Monthly Options Series on an index or ETF if a Quarterly Options Series on that
ETF were to expire on the same date to prevent the listing of series with concurrent expirations.15
With respect to Monthly Options Series added pursuant to proposed Commentary .11(a)(f) to Rule 903, the Exchange will, on a monthly basis, review series that are outside a range of
five strikes above and five strikes below the current price of the underlying index or security, and
delist series with no open interest in both the put and the call series having a strike: (i) higher
than the highest strike price with open interest in the put and/or call series for a given expiration
month; and (ii) lower than the lowest strike price with open interest in the put and/or call series
for a given expiration month. Notwithstanding this delisting policy, ATP Holders requests to add
strikes and/or maintain strikes in Monthly Options Series in series eligible for delisting will be
granted. In connection with this delisting policy, if the Exchange identifies series for delisting,
the Exchange will notify other options exchanges with similar delisting policies regarding

See proposed Rule 903(h). The Exchange also proposes to make a non-substantive change throughout Rule
903(h) and Commentary .10(f) thereto to change current references to “monthly options series” to
“standard expiration options series” (i.e., series that expire on the third Friday of a month), to eliminate
potential confusion. The current references to “monthly options series” are intended to refer to those series
that expire on the third Friday of a month, which are generally referred to in the industry as standard
expirations.

The Exchange notes this would not prevent the Exchange from listing a P.M.-settled Monthly Options
Series on an index with the same expiration date as an A.M.-settled Short Term Options Series on the same
index, both of which may expire on a Friday. The Exchange believes this concurrent listing would provide
investors with yet another hedging mechanism and is reasonable given these series would not be identical
(unlike if they were both P.M.-settled). This could not occur with respect to ETFs, as all Short Term
Options Series on ETFs are P.M.-settled.

eligible series for delisting and will work with such other exchanges to develop a uniform list of
series to be delisted, to ensure uniform series delisting of multiply listed Monthly Options
Series.16
The Exchange believes that Monthly Options Series will provide investors with another
flexible and valuable tool to manage risk exposure, minimize capital outlays, and be more
responsive to the timing of events affecting the securities that underlie options contracts. The
Exchange believes limiting Monthly Options Series to five classes will ensure the addition of
these new series will have a negligible impact on the Options Price Reporting Authority
(“OPRA”) and the Exchange’s quoting capacity. The Exchange represents it has the necessary
systems capacity to support new options series that will result from the introduction of Monthly
Options Series.
The Exchange also proposes to amend Rules 904C(b) and (c) to provide that positions in
Monthly Options Series will be aggregated with positions in options contracts on the same
underlying security or index.17 This is consistent with how position (and exercise) limits are
currently imposed on series with other expirations (Short Term Options Series and Quarterly
Options Series). Therefore, positions in options within class of index or ETF options, regardless
of their expirations, would continue to be subject to existing position (and exercise) limits. The
Exchange believes this will address potential manipulative schemes and adverse market impacts
surrounding the use of options.
The Exchange also represents its current surveillance programs will apply to Monthly
Options Series and will properly monitor trading in the proposed Monthly Options Series. The
Exchange currently lists Quarterly Options Series in certain ETF classes,18 which expire at the

See proposed Commentary .11(g) to Rule 903. Pursuant to Rule 905, exercise limits for impacted index and
ETF classes would be equal to the applicable position limits.

See proposed Rules 904C(b) (regarding position limits for broad-based index options) and 904C(c)
(regarding position limits for industry index options). Consistent with the adoption of Monthly Options
series for equity and index options, the Exchange proposes to adopt the definition of “Monthly Option
Series” as relates to index options in proposed Rule 900C(b)(29).

The Exchange notes it currently lists quarterly expirations on certain ETF options pursuant to Rule 903

close of business at the end of four calendar months (i.e., the end of each calendar quarter), and
has not experienced any market disruptions nor issues with capacity. The Exchange’s
surveillance programs currently in place to support and properly monitor trading in these
Quarterly Options Series, as well as Short Term Options Series and standard expiration series,
will apply to the proposed Monthly Options Series. The Exchange believes its surveillances
continue to be designed to deter and detect violations of its Rules, including position and
exercise limits and possible manipulative behavior, and these surveillances will apply to Monthly
Options Series that the Exchange determines to list for trading. Ultimately, the Exchange does
not believe the proposed rule change raises any unique regulatory concerns because existing
safeguards—such as position and exercise limits (and the aggregation of options overlying the
same index or ETF) and reporting requirements—would continue to apply.
Low-Priced Stock Interval Program
Miami International Securities Exchange, LLC (“MIAX”) recently received approval to
amend its Rule 404 to implement a new strike interval program for stocks that are priced less
than $2.50 and have an average daily trading volume of at least 1,000,000 shares per day for the
3 preceding calendar months.19 At this time, the Exchange proposes to adopt rules substantively
identical to MIAX, which are set forth in proposed new Commentary .16 to Rule 903, and to
make a conforming change to the table in Commentary .07 of Rule 903 to align that that table
with the proposed rule text.
Background
Rule 903 describes the process and procedures for listing and trading series of options on

Commentary .09.
See Securities Exchange Act Release No. 98917 (November 13, 2023), 88 FR 80361 (November 17, 2023)
(SR-MIAX-2023-36) (Order Approving a Proposed Rule Change To Amend Exchange Rule 404, Series of
Option Contracts Open for Trading). Other options exchanges have since adopted similar programs. See
also MIAX Rule 404, Interpretations and Policies .11 and .12. The Exchange notes that other options
exchanges have since adopted similar programs. See, e.g., Securities Exchange Act Release No. 99113
(December 7, 2023) 88 FR 86413 (December 7, 2023) (SR-CBOE-2023-065) (immediately effective filing
“[t]o adopt a Low Priced Stock Strike Price Interval Program’).

the Exchange.20 Rule 903 provides for a $2.50 Strike Price Program, where the Exchange may
select up to 60 option classes on individual stocks for which the interval of strike prices will be
$2.50 where the strike price is greater than $25.00 but less than $50.00.21 Rule 903 also provides
for a $1 Strike Price Interval Program, where the interval between strike prices of series of
options on individual stocks may be $1.00 or greater provided the strike price is $50.00 or less,
but not less than $1.00.22 Additionally, Rule 903 provides for a $0.50 Strike Program.23 The
interval of strike prices of series of options on individual stocks may be $0.50 or greater
beginning at $0.50 where the strike price is $5.50 or less, but only for options classes whose
underlying security closed at or below $5.00 in its primary market on the previous trading day
and which have national average daily volume that equals or exceeds 1,000 contracts per day as
determined by The Options Clearing Corporation during the preceding three calendar months.
The listing of $0.50 strike prices is limited to options classes overlying no more than 20
individual stocks (the “$0.50 Strike Program”) as specifically designated by the Exchange. The
Exchange may list $0.50 strike prices on any other option classes if those classes are specifically
designated by other securities exchanges that employ a similar $0.50 Strike Program under their
respective rules. A stock will remain in the $0.50 Strike Program until otherwise designated by
the Exchange.24
Proposal to Adopt Low-Priced Stock Interval Program
The Exchange proposes to adopt a new strike interval program for underlying stocks that
are not in the aforementioned $0.50 Strike Program (or the Short Term Option Series Program)25
and that close below $2.50 and have an average daily trading volume of at least 1,000,000 shares

Per Rule 1.1, “series of options” refers to “all options contracts of the same class of options having the
same expiration date and expiration price, and the same unit of trading.”

See Commentary .07 to Rule 903.

See Commentary .06 to Rule 903.

See Commentary .13 to Rule 903 (regarding the “$0.50 Strike Program”).

Id.

See Commentary .07 to Rule 903.

per day for the three (3) preceding calendar months.26 The $0.50 Strike Program considers stocks
that have a closing price at or below $5.00 whereas the Exchange’s proposal will consider stocks
that have a closing price below $2.50. Currently, there is a subset of stocks that are not included
in the $0.50 Strike Program as a result of the limitations of that program which provides that the
listing of $0.50 strike prices shall be limited to option classes overlying no more than 20
individual stocks as specifically designated by the Exchange and requires a national average
daily volume that equals or exceeds 1,000 contracts per day as determined by The Options
Clearing Corporation during the preceding three calendar months.27 Therefore, the Exchange is
proposing to implement a new strike interval program termed the “Low-Priced Stock Strike Price
Interval Program.”28
To be eligible for the inclusion in the Low-Priced Stock Strike Price Interval Program, an
underlying stock must (i) close below $2.50 in its primary market on the previous trading day;
and (ii) have an average daily trading volume of at least 1,000,000 shares per day for the three
(3) preceding calendar months. The Exchange notes that there is no limit to the number of
classes that will be eligible for inclusion in the proposed program, provided, of course, that the
underlying stocks satisfy both the price and average daily trading volume requirements of the
proposed program.
The Exchange also proposes that after a stock is added to the Low-Priced Stock Strike
Price Interval Program, the Exchange may list $0.50 strike price intervals from $0.50 up to
$2.00.29 For the purpose of adding strikes under the Low-Priced Stock Strike Price Interval
Program, the “price of the underlying stock” shall be measured in the same way as “the price of

See proposed Commentary .11 to Rule 903.

See Commentary .13 to Rule 903 (regarding the “$0.50 Strike Program”).

The Exchange proposes to include a hyphen to the modifier “Low-Priced.” See proposed Commentary .16
to Rule 903.

While the Exchange may list new strikes on underlying stocks that meet the eligibility requirements of the
new program the Exchange will exercise its discretion and will not list strikes on underlying stocks the
Exchange believes are subject to imminent delisting from their primary exchange.

the underlying security” as set forth in Rule 903A(b)(i).30 Further, no additional series in $0.50
intervals may be listed if the underlying stock closes at or above $2.50 in its primary market.
Additional series in $0.50 intervals may not be added until the underlying stock again closes
below $2.50.
The Exchange’s proposal addresses a gap in strike coverage for low-priced stocks. The
$0.50 Strike Program considers stocks that close below $5.00 and limits the number of option
classes listed to no more than 20 individual stocks (provided that the open interest criteria is also
satisfied). Whereas, the Exchange’s proposal has a narrower focus, with respect to the
underlying’s stock price, and is targeted to those stocks that close below $2.50 and does not limit
the number of stocks that may participate in the program (provided that the average daily trading
volume is also satisfied). The Exchange does not believe that any market disruptions will be
encountered with the addition of these new strikes. The Exchange represents that it has the
necessary capacity and surveillance programs in place to support and properly monitor trading in
the proposed Low-Priced Stock Strike Price Interval Program.
The Exchange believes that its average daily trading volume requirement of 1,000,000
shares is a reasonable threshold to ensure adequate liquidity in eligible underlying stocks as it is
substantially greater than the thresholds used for listing options on equities, American
Depository Receipts (“ADRs”), and broad-based indexes. Specifically, underlying securities with
respect to which put or call option contracts are approved for listing and trading on the Exchange
must meet certain criteria as determined by the Exchange. One of those requirements is that
trading volume (in all markets in which the underlying security is traded) has been at least
2,400,000 shares in the preceding twelve (12) months.31 Rule 915(d) provides the criteria for
listing options on ADRs if they meet certain criteria and guidelines set forth in Rule 915. One of

The Exchange notes this is the same methodology used in the $1 Strike Price Interval Program. See
Commentary .06 to Rule 903.

See Commentary .01(3) to Rule 915.

the requirements is that the average daily trading volume for the security in the U.S. markets
over the three (3) months preceding the selection of the ADR for options trading is 100,000 or
more shares.32 Finally, the Exchange may trade options on a broad-based index pursuant to Rule
19b-4(e) of the Act provided a number of conditions are satisfied. One of those conditions is that
each component security that accounts for at least one percent (1%) of the weight of the index
has an average daily trading volume of at least 90,000 shares during the last six-month period.33
Additionally, the Exchange proposes to amend the table in Commentary .11(e) to Rule
903 (the “Table”) to insert a new column to harmonize the Exchange’s proposal to the strike
intervals for Short Term Options Series as described in proposed Commentary .16 to Rule 903.
The Table is intended to limit the intervals between strikes for multiply listed equity options
within the Short Term Options Series (“STOS”) Program that have an expiration date more than
twenty-one days from the listing date. Specifically, the Table defines the applicable strike
intervals for options on underlying stocks given the closing price on the primary market on the
last day of the calendar quarter, and a corresponding average daily volume of the total number of
options contracts traded in a given security for the applicable calendar quarter divided by the
number of trading days in the applicable calendar quarter.34 However, the lowest share price
column is titled “Less than $25.” The Exchange now proposes to insert a column titled “Less
than $2.50” and to set the strike interval at $0.50 for each average daily volume tier represented
in the Table. Also, the Exchange proposes to amend the heading of the column currently titled
“Less than $25,” to “$2.50 to less than $25” as a result of the adoption of the new proposed
column, “Less than $2.50.” The Exchange believes this change will remove any potential
conflict between the strike intervals under the STOS Program and those described herein under

See Commentary .03 Rule 915 .

See Commentary .02(a)(7) to Rule 900C .

See Securities Exchange Release Act No. 92336 (July 7, 2021), 86 FR 36827 (July 13, 2021) (SRNYSEAMER-2021-32) (immediately effective filing to amend Rule 903 to limit Short Term Options Series
intervals).

the Exchange’s proposal.
The Exchange recognizes that its proposal will introduce new strikes in the marketplace
and further acknowledges that there has been significant effort undertaken by the industry to curb
strike proliferation. For example, the Exchange filed a proposal focused on the removal, and
prevention of the listing, of strikes which are extraneous and do not add value to the marketplace
(the “Strike Interval Proposal”).35 The Strike Interval Proposal was intended to remove repetitive
and unnecessary strike listings across the weekly expiries. Specifically, the Strike Interval
Proposal aimed to reduce the density of strike intervals that would be listed in the later weeks, by
creating limitations for intervals between strikes which have an expiration date more than
twenty-one days from the listing date.36 The Strike Interval Proposal took into account OCC
customer-cleared volume, using it as an appropriate proxy for demand. The Strike Interval
Proposal was designed to maintain strikes where there was customer demand and eliminate
strikes where there wasn’t. At the time of its proposal, the Exchange estimated that the Strike
Interval Proposal would reduce the number of strikes it listed by 81,000.37 The Exchange
proposes to amend the Table to define the strike interval at $0.50 for underlying stocks with a
share price of less than $2.50.38 The Exchange believes this amendment will harmonize the
Exchange’s proposal with the Strike Interval Proposal described above.
The Exchange recognizes that its proposal will moderately increase the total number of
option series available on the Exchange. However, the Exchange’s proposal is designed to only
add strikes where there is investor demand,39 which will improve market quality.40

Id.

Id.

Id.

See proposed Commentary .11(e) to Rule 903.

See proposed Commentary .16 to Rule 903, which requires that an underlying stock have an average daily
trading volume of 1,000,000 shares for the three (3) preceding months to be eligible for inclusion in the
Low-Priced Stock Strike Price Interval Program.

For example, MIAX determined that, as of August 9, 2023, 106 symbols met the criteria of the Low-Priced
Stock Program. Of those symbols 36 are currently in the $1 Strike Price Interval Program with $1.00 and
$2.00 strikes listed. Further, MIAX determined that this would add the $0.50 and $1.50 strikes for these

The Exchange does not believe that its proposal contravenes the industry’s efforts to
curtail unnecessary strikes. The Exchange’s proposal is targeted to only underlying stocks that
close at less than $2.50 and that also meet the average daily trading volume requirement.
Additionally, because the strike increment is $0.50 there are only a total of four strikes that may
be listed under the program ($0.50, $1.00, $1.50, and $2.00) for an eligible underlying stock.
Finally, if an eligible underlying stock is in another program (e.g., the $0.50 Strike Program or
the $1 Strike Price Interval Program) the number of strikes that may be added is further reduced
if there are pre-existing strikes as part of another strike listing program. Therefore, the Exchange
does not believe that it will list any unnecessary or repetitive strikes as part of its program, and
that the strikes that will be listed will improve market quality and satisfy investor demand.
The Exchange further believes that the Options Price Reporting Authority (“OPRA”), has
the necessary systems capacity to handle any additional messaging traffic associated with this
proposed rule change. The Exchange also believes that ATP Holders will not have a capacity
issue as a result of the proposed rule change. Finally, the Exchange believes that the additional
options will serve to increase liquidity, provide additional trading and hedging opportunities for
all market participants, and improve market quality.
Expand the STOS Program
Add Wednesday Expirations for options on certain ETPs
The Exchange proposes to amend Rule 903, Commentary .10(e) to expand the STOS
Program to permit the listing of two Wednesday expirations for options on United States Oil
Fund, LP (“USO”), United States Natural Gas Fund, LP (“UNG”), SPDR Gold Shares (“GLD”),
iShares Silver Trust (“SLV”), and iShares 20+ Year Treasury Bond ETF (“TLT”) (collectively
symbols for the current expiration terms. The remaining 70 symbols eligible under MIAX’s proposal would
have $0.50, $1.00, $1.50, and $2.00 strikes added to their current expiration terms. Therefore, for the 106
symbols eligible for the Low-Priced Stock Strike Price Interval Program on MIAX a total of approximately
3,250 options would be added. Finally, as of August 16, 2023, MIAX listed 1,090,414 options, therefore
the additional options that would be listed under this proposal would represent a very minor increase of
0.298% in the number of options. See Securities Exchange Act Release No. 98917 (November 13, 2023),
88 FR 80361, 80362 (November 17, 2023) (SR-MIAX-2023-36) (Order Approving a Proposed Rule
Change To Amend Exchange Rule 404, Series of Option Contracts Open for Trading).

“Exchange Traded Products” or “ETPs”). This is a competitive filing based on a rule change
submitted by Nasdaq ISE, LLC (“Nasdaq ISE”) and approved by the Commission.41
Currently, as set forth in Rule 903(h), after an option class has been approved for listing
and trading on the Exchange, the Exchange may open for trading on any Thursday or Friday that
is a business day (“Short Term Option Opening Date”) series of options on that class that expire
at the close of business on each of the next five Fridays that are business days and are not
Fridays on which monthly options series or Quarterly Options Series expire (“Friday Short Term
Option Expiration Dates”). The Exchange may have no more than a total of five Friday Short
Term Option Expiration Dates (“Short Term Option Weekly Expirations”). If the Exchange is
not open for business on the respective Thursday or Friday, the Short Term Option Opening Date
for Short Term Option Weekly Expirations will be the first business day immediately prior to
that respective Thursday or Friday. Similarly, if the Exchange is not open for business on a
Friday, the Short Term Option Expiration Date for Short Term Option Weekly Expirations will
be the first business day immediately prior to that Friday.
Additionally, the Exchange may open for trading series of options on the symbols
provided in Table 1 of Commentary .10(f) to Rule 903 that expire at the close of business on
each of the next two Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that are
business days and are not business days in which monthly options series or Quarterly Options
Series expire (“Short Term Option Daily Expirations”). For those symbols listed in Table 1, the
Exchange may have no more than a total of two Short Term Option Daily Expirations for each of
Monday, Tuesday, Wednesday, and Thursday expirations at one time.
At this time, the Exchange proposes to expand the Short Term Option Daily Expirations

See Securities Exchange Act Release No. 98905 (November 13, 2023) (SR-ISE-2023-11) (order approving
expansion of Short Term Option Series Program to permit the listing of Wednesday Expirations for options
on certain ETPs). See also Nasdaq ISE Supplementary Material to Options 4, Section 5. The Exchange
notes that other options exchanges have since adopted similar rule changes. See, e.g., Securities Exchange
Act Release No. 99035 (November 29, 2023), 88 FR 84367 (December 5, 2023) (SR-Cboe-2023-062)
(immediately effective filing to permit Wednesday expiration for options on certain ETPs).

to permit the listing and trading of options on USO, UNG, GLD, SLV, and TLT expiring on
Wednesdays. The Exchange proposes to permit two Short Term Option Expiration Dates beyond
the current week for each Wednesday expiration at one time. In order to effectuate the proposed
changes, the Exchange would add USO, UNG, GLD, SLV, and TLT to Table 1 of Commentary
.10(f) to Rule 903, which specifies each symbol that qualifies as a Short Term Option Daily
Expiration.42
The proposed Wednesday USO, UNG, GLD, SLV, and TLT expirations will be similar
to the current Wednesday Short Term Option Daily Expirations on SPDR® S&P 500® ETF
(“SPY”), PowerShares QQQ Trust (“QQQ”), and iShares Russell 2000 Index Fund (“IWM”)
SPY, QQQ, and IWM, as set forth in Rule 903(h), such that the Exchange may open for trading
on any Tuesday or Wednesday that is a business day (beyond the current week) series of options
on USO, UNG, GLD, SLV, and TLT to expire on any Wednesday of the month that is a business
day and is not a Wednesday in which standard expiration option series, Monthly Options Series,
or Quarterly Options Series expire (“Wednesday USO Expirations,” “Wednesday UNG
Expirations,” “Wednesday GLD Expirations,” “Wednesday SLV Expirations,” and “Wednesday
TLT Expirations”) (collectively, “Wednesday ETP Expirations”).43 In the event Short Term
Option Daily Expirations expire on a Wednesday and that Wednesday is the same day that a
standard expiration option series, Monthly Options Series, or Quarterly Options Series or
expires, the Exchange would skip that week’s listing and instead list the following week; the two
weeks would therefore not be consecutive. Today, Wednesday 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 Quarterly Option Series.
The Exchange notes that USO, UNG, GLD, SLV, and TLT Friday expirations would

See proposed Commentary .10(f) to Rule 903 (updates to Table 1).

While the relevant rule text in Commentary .10(f) to Rule 903 also indicates that the Exchange will not list
such expirations on a Wednesday that is a business day in which standard expiration options series expire,
practically speaking this would not occur.

continue to have a total of five Short Term Option Expiration Dates, provided those Friday
expirations are not Fridays in which standard expiration option series, Monthly Options Series,
or Quarterly Options Series expire (“Friday Short Term Option Expiration Dates”).
Like Wednesday SPY, QQQ, and IWM Short Term Option Daily Expirations within Rule
903(h) and Commentary .10(f) to that Rule, the Exchange proposes that it may open for trading
on any Tuesday or Wednesday that is a business day series of options on USO, UNG, GLD,
SLV, and TLT that expire at the close of business on each of the next two Wednesdays that are
business days and are not business days in which standard expiration option series, Monthly
Options Series, or Quarterly Options Series expire.
The interval between strike prices for the proposed Wednesday ETP Expirations will be
the same as those for the current Short Term Option Series for Friday expirations applicable to
the STOS Program.44 Specifically, the Wednesday ETP Expirations will have a strike interval of
$0.50 or greater for strike prices below $100, $1 or greater for strike prices between $100 and
$150, and $2.50 or greater for strike prices above $150.45 As is the case with other equity options
listed pursuant to the STOS Program, the Wednesday ETP Expirations series will be P.M. –
settled.
Pursuant to Rule 903(h), with respect to the STOS 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.
Currently, for each option class eligible for participation in the STOS Program, the
Exchange is limited to opening thirty (30) series for each expiration date for the specific class.46
The thirty (30) series restriction does not include series that are open by other securities
exchanges under their respective weekly rules; the Exchange may list these additional series that

See Commentary .10(e) to Rule 903.

Id.

See Commentary .07(c) to Rule 903.

are listed by other options exchanges.47 With the proposed changes, this thirty (30) series
restriction would apply to Wednesday USO, UNG, GLD, SLV, and TLT Short Term Option
Daily Expirations as well. In addition, the Exchange will be able to list series that are listed by
other exchanges, assuming that they file similar rules with the Commission to list Wednesday
ETP Expirations.
With this proposal, Wednesday ETP Expirations would be treated similarly to existing
Wednesday SPY, QQQ, and IWM Expirations.48 With respect to standard expiration options
series, Short Term Option Daily Expirations will be permitted to expire in the same week in
which standard expiration option series, on the same class expire. Not listing Short Term Option
Daily Expirations for one week every month because there was a monthly on that same class on
the Friday of that week would create investor confusion.
Further, as with Wednesday SPY, QQQ, and IWM Expirations, the Exchange would not
permit Wednesday ETP Expirations to expire on a business day in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series expire. Therefore, all Short
Term Option Daily Expirations would expire at the close of business on each of the next two
Wednesdays that are business days and are not business days in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series expire. The Exchange
believes that it is reasonable to not permit two expirations on the same day in which a standard
expiration option series, Monthly Options Series, or a Quarterly Options Series would expire
because those options would be duplicative of each other.
The Exchange does not believe that any market disruptions will be encountered with the
introduction of Wednesday ETP Expirations. The Exchange has the necessary capacity and

Id.

See proposed Commentary .10(f) to Rule 903. (proving that, with respect to Wednesday Expirations, the
Exchange may open for trading on any Tuesday or Wednesday that is a business day series of options on
the symbols provided in Table 1 above that expire at the close of business on each of the next two
Wednesdays that are business days and are not business days on which standard expiration options series,
Monthly Options Series, or Quarterly Options Series expire”).

surveillance programs in place to support and properly monitor trading in the proposed
Wednesday ETP Expirations. The Exchange currently trades P.M.-settled Short Term Option
Series that expire on Wednesday for SPY, QQQ, and IWM and has not experienced any market
disruptions nor issues with capacity. Today, the Exchange has surveillance programs in place to
support and properly monitor trading in Short Term Option Series that expire Wednesday for
SPY, QQQ, and IWM.
Add Tuesday and Thursday Expirations for options on IWM
The Exchange proposes to expand the STOS Program to permit the listing and trading of
options series with Tuesday and Thursday expirations for options on IWM, specifically
permitting two expiration dates for the proposed Tuesday and Thursday expirations in IWM.
This is a competitive filing based on a rule change submitted by Nasdaq ISE and approved by the
Commission.49
As noted above, Table 1 in Commentary .10(f) to Rule 903, specifies each symbol that
currently qualifies as a Short Term Option Daily Expiration.50 Today, Table 1 permits the listing
and trading of Monday Short Term Option Daily Expirations and Wednesday Short Term Option
Daily Expirations for IWM. At this time, the Exchange proposes to expand the Short Term
Option Series Program to permit the listing and trading of no more than a total of two IWM
Short Term Option Daily Expirations beyond the current week for each of Monday, Tuesday,

See Securities Exchange Act Release No. 99946 (April 11, 2024), 89 FR 27471 (April 17, 2024) (SR-ISE2024-06) (order approving expansion of Short Term Option Series Program to permit the listing of Tuesday
and Thursday expirations in IWM). See also Nasdaq ISE Options 4, Section 5, Supplementary Material .03.
The Exchange notes that other options exchanges have since adopted similar rule changes. See, e.g.,
Securities Exchange Act Release No. 99981 (April 17, 2024), 89 FR 30425 (April 23, 2024) (SRCboeEDGX-2024-022 (immediately effective filing to permit Tuesday and Thursday expiration for options
on IWM).

The Exchange may open for trading on any Thursday or Friday that is a business day series of options on
that class that expire at the close of business on each of the next five Fridays that are business days and are
not Fridays in which standard expiration options series, Monthly Options Series, or Quarterly Options
Series. Of these series of options, the Exchange may have no more than a total of five Short Term Option
Expiration Dates. In addition, the Exchange may open for trading series of options on certain symbols that
expire at the close of business on 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 options series, Monthly Options Series, or Quarterly Options Series expire (“Short Term Option
Daily Expirations”). See Commentary .10(f) to Rule 903.

Wednesday, and Thursday expirations at one time.51 The listing and trading of Tuesday and
Thursday Short Term Option Daily Expirations would be subject to Rule 903(h).
Today, Tuesday Short Term Option Daily Expirations in SPY and QQQ may open for
trading on any Monday or Tuesday that is a business day series of options on the symbols
provided in Table 1 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 (“Tuesday Short Term Option Expiration
Date”).52
Also, today, Thursday Short Term Option Daily Expirations in SPY and QQQ may open
for trading on any Tuesday or Wednesday that is a business day series of options on the symbols
provided in Table 1 that expire at the close of business on each of the next two Wednesdays that
are business days and are not business days in which standard expiration options series, Monthly
Options Series, or Quarterly Options Series expire (“Wednesday Short Term Option Expiration
Date”).53 In the event that options on IWM expire on a Tuesday or Thursday and that Tuesday or
Thursday is a business day in which standard expiration options series, Monthly Options Series,
or Quarterly Options Series expire, the Exchange would skip that week’s listing and instead list
the following week; the two weeks would therefore not be consecutive. With this proposal, the
Exchange would be able to open for trading series of options on IWM that expire at the close of
business on 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 options series, Monthly Options Series, or Quarterly Options Series expire.54

The Exchange proposes to amend the Tuesday and Thursday expirations for IWM from “0” to “2” to
permit Tuesday and Thursday expirations for options on IWM listed pursuant to the Short Term Option
Series. See proposed Commentary .10(f) to Rule 903.

See Commentary .10(f) to Rule 903.

Id.

Today, IWM may trade on Mondays and Wednesdays, in addition to Fridays, as is the case for all options
series.

The interval between strike prices for the proposed Tuesday and Thursday IWM Short
Term Option Daily Expirations will be the same as those for Tuesday and Thursday IWM Short
Term Option Daily Expirations in SPY and QQQ, applicable to the Short Term Option Series
Program.55 Specifically, the Tuesday and Thursday IWM Short Term Option Daily Expirations
will have a $0.50 strike interval minimum. As is the case with other equity options series listed
pursuant to the Short Term Option Series Program, the Tuesday and Thursday IWM Short Term
Option Daily Expiration series will be P.M.-settled.
Pursuant to Commentary .10(f) to Rule 903, with respect to the Short Term Option Series
Program, a Tuesday or Thursday expiration series shall expire on the first business day
immediately prior to that Tuesday or Thursday, e.g., Monday or Wednesday of that week,
respectively, if the Tuesday or Thursday is not a business day.
Currently, for each option class eligible for participation in the Short Term Option Series
Program, the Exchange is limited to opening thirty (30) series for each expiration date for the
specific class.56 The thirty (30) series restriction does not include series that are open by other
securities exchanges under their respective weekly rules; the Exchange may list these additional
series that are listed by other options exchanges.57 This thirty (30) series restriction would apply
to Tuesday and Thursday IWM Short Term Option Daily Expiration series as well. With this
proposal, Tuesday and Thursday IWM Expirations would be treated the same as Tuesday and
Thursday Expirations in SPY and QQQ. With respect to monthly option series, Short Term
Option Daily Expirations expire in the same week in which monthly option series on the same
class expire.58 Further, as is the case today with other Tuesday and Thursday Short Term Option
Daily Expirations, the Exchange would not permit Tuesday and Thursday Short Term Option
Daily Expirations to expire on a business day in which monthly options series or Quarterly
See Commentary .10(f) to Rule 903.

See Commentary .10(a) to Rule 903.

See Commentary .10(b) to Rule 903.

See Commentary .10(e) to Rule 903.

Options Series expire.59 Therefore, all Short Term Option Daily Expirations would expire at the
close of business on 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 options series, Monthly Options Series, or Quarterly Options Series expire.
The Exchange does not believe that any market disruptions will be encountered with the
introduction of P.M.-settled Tuesday and Thursday IWM Short Term Option Daily Expirations.
The Exchange has the necessary capacity and surveillance programs in place to support and
properly monitor trading in the proposed Tuesday and Thursday Short Term Option Daily
Expirations. The Exchange currently trades P.M.-settled Short Term Option Series that expire
Tuesday and Thursday for SPY and QQQ and has not experienced any market disruptions nor
issues with capacity. Today, the Exchange has surveillance programs in place to support and
properly monitor trading in Short Term Option Series that expire Tuesday and Thursday for SPY
and QQQ.
Impact of Proposal to Add Tuesday and Thursday Expirations for options on IWM
The Exchange notes that listings in the Short Term Option Series Program comprise a
significant part of the standard listing in options markets. The below table sets forth the
percentage of weekly listings as compared to monthly (standard expiration), quarterly, and LongTerm Option Series in 2023 in the options industry.60 The Exchange notes that during this time
period all options exchanges mitigated weekly strike intervals.
Number of Strikes - 2023
Expiration

Percent of Total Series

Monthly

62.82%

See Commentary .10(f) to Rule 903.

Per Nasdaq ISE, this information was sourced from The Options Clearing Corporation (“OCC”). The
information includes time averaged data for all 17 options markets through December 8, 2023. See
Securities Exchange Act Release No. 99604 (February 26, 2024), 89 FR 15235 (March 1, 2024) (SR-ISE2024-06).

Weekly

17.22%

LEAP

17.77%

Quarterly

2.20%

Similar to SPY and QQQ, the Exchange would limit the number of Short Term Option
Daily Expirations for IWM to two expirations for Tuesday and Thursday expirations while
expanding the Short Term Option Series Program to permit Tuesday, and Thursday expirations
for IWM. Expanding the Short Term Option Series Program to permit the listing of Tuesday and
Thursday expirations in IWM will account for the addition of 6.77% of strikes for IWM.61 With
respect to the impact to the Short Term Option Series Program on IWM overall, the impact
would be a 20% increase in strikes.62 With respect to the impact to the Short Term Options
Series Program overall, the impact would be a 0.1% increase in strikes.63 ATP Holders will
continue to be able to expand hedging tools because all days of the week would be available to
permit ATP Holders to tailor their investment and hedging needs more effectively in IWM.
Number of Strikes - 2023
Expiration

Percent of Total Series

Monthly

35.13%

Weekly

48.30%

LEAP

12.87%

Quarterly

3.70%

Weeklies comprise 48.30% of the total volume of options contracts.64 The Exchange believes

Nasdaq ISE sourced this information, which are estimates, from LiveVol®. The information includes data
for all 17 options markets as of January 3, 2024. See id.

Nasdaq ISE sourced this information, which are estimates, from LiveVol®. The information includes data
for all 17 options markets as of January 3, 2024. See id.

Nasdaq ISE sourced this information, which are estimates, from LiveVol®. The information includes data
for all 17 options markets as of January 3, 2024. See id.

This table sets forth industry volume. Weeklies comprise 48.30% of volume while only comprising 17.22%
of the strikes. Nasdaq ISE sourced this information from OCC. The information includes data for all 17

that inner weeklies (first two weeks) represent high volume as compared to outer weeklies (the last
three weeks) and would be more attractive to market participants. The introduction of IWM Tuesday
and Thursday expirations will, among other things, expand hedging tools available to market
participants and continue the reduction of the premium cost of buying protection. The Exchange
believes that IWM Tuesday and Thursday expirations will allow market participants to purchase IWM
options based on their timing as needed and allow them to tailor their investment and hedging needs
more effectively.
2.

Statutory Basis

The Exchange believes that its proposed rule change is consistent with the Act and the
rules and regulations thereunder applicable to the Exchange and, in particular, the requirements
of Section 6(b) of the Act.65 Specifically, the Exchange believes that its proposed rule change is
consistent with Section 6(b)(5)66 requirements in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in, securities, 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.
Monthly Options Series Program
The Exchange believes the introduction of Monthly Options Series will remove
impediments to and perfect the mechanism of a free and open market and a national market
system by expanding hedging tools available to market participants. The Exchange believes the
proposed monthly expirations will allow market participants to transact in the index and ETF
options listed pursuant to the proposed rule change based on their timings as needed and allow

options markets through December 8, 2023. See Securities Exchange Act Release No. 99604 (February 26,
2024), 89 FR 15235 (March 1, 2024) (SR-ISE-2024-06).
15 U.S.C. 78f(b)

15 U.S.C. 78f(b)(5).

them to tailor their investment and hedging needs more effectively. Further, the Exchange
believes the availability of Monthly Options Series would protect investors and the public
interest by providing investors with more flexibility to closely tailor their investment and
hedging decisions in these options, thus allowing them to better manage their risk exposure.
The Exchange believes the Quarterly Options Series Program has been successful to date
and the proposed Monthly Options Series program simply expands the ability of investors to
hedge risk against market movements stemming from economic releases or market events that
occur at month’s end in the same way the Quarterly Options Series Program has expanded the
landscape of hedging for quarter-end news. Monthly Options Series will also complement Short
Term Options Series, which will allow investors to hedge risk against events that occur
throughout a month. The Exchange believes the availability of additional expirations should
create greater trading and hedging opportunities for investors, as well as provide investors with
the ability to tailor their investment objectives more effectively.
The Exchange notes the proposed terms of Monthly Options Series, including the
limitation to five index and ETF option classes, are substantively the same as the current terms of
Quarterly Options Series.67 Quarterly Options Series expire on the last business day of a calendar
quarter, which is the last business day of every third month. The proposed Monthly Options
Series would fill the gaps between Quarterly Options Series expirations by permitting series to
expire on the last business day of every month, rather than every third month. The proposed
Monthly Options Series may be listed in accordance with the same terms as Quarterly Options
Series, including permissible strikes. As is the case with Quarterly Options Series, no Short Term
Options Series may expire on the same day as a Monthly Options Series. Similarly, as proposed,
no Monthly Options Series may expire on the same day as a Quarterly Options Series. The
Exchange believes preventing listing series with concurrent expirations in a class will eliminate

Compare proposed Commentary .11 to Rule 903 with Commentary .09 to Rule 903.

potential investors confusion and thus protect investors and the public interest. Given that
Quarterly Options Series the Exchange currently lists are essentially Monthly Options Series that
can expire at the end of only certain calendar months, the Exchange believes it is reasonable to
list Monthly Options Series in accordance with the same terms, as it will promote just and
equitable principles of trade. The Exchange believes limiting Monthly Options Series to five
classes will ensure the addition of these new series will have a negligible impact on the
Exchange and OPRA’s quoting capacity. The Exchange represents it has the necessary systems
capacity to support new options series that will result from the introduction of Monthly Options
Series.
The Exchange further believes the proposed rule change regarding the treatment of
Monthly Options Series with respect to determining compliance with position and exercise limits
is designed to prevent fraudulent and manipulative acts and practices and promote just and
equitable principles of trade. Monthly Options Series will be aggregated with options overlying
the same ETF or index for purposes of compliance with position (and exercise) limits, which is
consistent with how position (and exercise) limits are currently imposed on series with other
expirations (Short Term Options Series and Quarterly Options Series). Therefore, options
positions within ETF or index option classes for which Monthly Options Series are listed,
regardless of their expirations, would continue to be subject to existing position (and exercise)
limits. The Exchange believes this will address potential manipulative schemes and adverse
market impacts surrounding the use of options. The Exchange also represents its current
surveillance programs will apply to Monthly Options Series and will properly monitor trading in
the proposed Monthly Options Series. As mentioned above, the Exchange currently trades
Quarterly Options Series in certain ETF classes, which expire at the close of business at the end
of three calendar months (i.e., the end of each calendar quarter), and has not experienced any
market disruptions nor issues with capacity. The Exchange’s surveillance programs currently in
place to support and properly monitor trading in these Quarterly Options Series, as well as Short

Term Options Series, and standard expiration series, will apply to the proposed Monthly Options
Series. The Exchange believes its surveillances continue to be designed to deter and detect
violations of its Rules, including position and exercise limits and possible manipulative behavior,
and these surveillances will apply to Monthly Options Series that the Exchange determines to list
for trading. Ultimately, the Exchange does not believe the proposed rule change raises any
unique regulatory concerns because existing safeguards—such as position and exercise limits
(and the aggregation of options overlying the same ETF or index) and reporting requirements—
would continue to apply.
Finally, the Exchange believes that the proposed technical change to Rule 903,
Commentary.09 would add clarity, transparency and internal consistent to Exchange rules.
Low-Priced Stock Strike Price Interval Program
The Exchange believes the introduction of the Low-Priced Stock Strike Price Interval
Program will remove impediments to and perfect the mechanism of a free and open market and a
national market system by expanding hedging tools available to market participants. In
particular, the Exchange believes its proposal promotes just and equitable principles of trade and
removes impediments to and perfects the mechanisms of a free and open market and a national
market system as the Exchange has identified a subset of stocks that are trading under $2.50 and
do not have meaningful strikes available. For example, on August 9, 2023, symbol SOND closed
at $0.50 and had open interest of over 44,000 contracts and an average daily trading volume in
the underlying stock of over 1,900,000 shares for the three preceding calendar months.68
Currently the lowest strike listed is for $2.50, making the lowest strike 400% away from the
closing stock price. Another symbol, CTXR, closed at $0.92 on August 9, 2023, and had open
interest of 63,000 contracts and an average daily trading volume in the underlying stock of over

See Yahoo! Finance, https://finance.yahoo.com/quote/SOND/history?p=SOND (last visited August 10,
2023).

1,900,000 shares for the three preceding calendar months.69 Similarly, the lowest strike listed is
for $2.50, making the lowest strike more than 170% away from the closing stock price.
Currently, such products have no at-the-money options, as well as no in-the-money calls or outof-the-money puts. The Exchange’s proposal will provide additional strikes in $0.50 increments
from $0.50 up to $2.00 to provide more meaningful trading and hedging opportunities for this
subset of stocks. Given the increased granularity of strikes as proposed under the Exchange’s
proposal out-of-the-money puts and in-the-money calls will be created. The Exchange believes
this will allow market participants to tailor their investment and hedging needs more effectively.
The Exchange believes its proposal promotes just and equitable principles of trade and
removes impediments to and perfects the mechanisms of a free and open market and a national
market system and, in general, protects investors and the public interest by adding strikes that
improves market quality and satisfies investor demand. The Exchange does not believe that the
number of strikes that will be added under the program will negatively impact the market.
Additionally, the proposal does not run counter to any previous efforts to curb strike proliferation
as those efforts focused on the removal and prevention of extraneous strikes where there was no
investor demand. The Exchange’s proposal requires the satisfaction of an average daily trading
volume threshold in addition to the underlying stock closing at a price below $2.50 to be eligible
for the program.
The Exchange believes that the average daily trading volume threshold of the program
ensures that only strikes with investor demand will be listed and fills a gap in strike interval
coverage as described above. Further, being that the strike interval is $0.50, there are only a
maximum of four strikes that may be added ($0.50, $1.00, $1.50, and $2.00). Therefore, the
Exchange does not believe that its proposal will undermine any previous efforts to eliminate
repetitive and unnecessary strikes in any fashion.

Id.

The Exchange believes that the proposed program’s average daily trading volume
threshold promotes just and equitable principles of trade and removes impediments to and
perfects the mechanisms of a free and open market and a national market system and, in general,
protects investors and the public interest as it is designed to permit only those stocks with
demonstrably high levels of trading activity to participate in the program. The Exchange notes
that the proposed program’s average daily trading volume requirement is substantially greater
than the average daily trading requirement currently in place on the Exchange for options on
equity underlyings,70 ADRs, 71 and broad-based indexes.72
The Exchange also believes the proposed rule change is consistent with Section 6(b)(1)
of the Act,73 which provides that the Exchange be organized and have the capacity to be able to
carry out the purposes of the Act and to enforce compliance by the Exchange's ATP Holders and
persons associated with its ATP Holders with the Act, the rules and regulations thereunder, and
the rules of the Exchange. The proposed rule change allows the Exchange to respond to customer
demand to provide meaningful strikes for low priced stocks. The Exchange does not believe that
the proposed rule would create any capacity issue or negatively affect market functionality.
Additionally, the Exchange represents that it has the necessary systems capacity to support the
new options series and handle additional messaging traffic associated with this proposed rule
change. The Exchange also believes that its ATP Holders will not experience any capacity issues
as a result of this proposal. In addition, the Exchange represents that it believes that additional
strikes for low priced stocks will serve to increase liquidity available as well as improve price
efficiency by providing more trading opportunities for all market participants. The Exchange
believes that the proposed rule change will benefit investors by giving them increased
opportunities to execute their investment and hedging decisions.
See Commentary .01(3) to Rule 915.

See Commentary .03 to Rule 915.

See Commentary .02(a)(7) to Rule 900C.

15 U.S.C. 78f(b)(1).

Finally, the Exchange believes its proposal is designed to prevent fraudulent and
manipulative acts and practices as options may only be listed on underlyings that satisfy the
listing requirements of the Exchange as described in Rule 915. Specifically, Rule 915 requires
that underlying securities for which put or call option contracts are approved for listing and
trading on the Exchange must be duly registered (with the Commission) and be an “NMS stock”
(as defined in Rule 600 of Regulation NMS under the Act). Further, the underlying security is
characterized by a substantial number of outstanding shares that are widely held and actively
traded. In particular, Rule 915, provides that absent exceptional circumstances, an underlying
security will not be selected for options transactions unless: (1) there are a minimum of
7,000,000 shares of the underlying security which are owned by persons other than those
required to report their stock holdings under Section 16(a) of the Act; (2) there are a minimum of
2,000 holders of the underlying security; (3) the issuer is in compliance with any applicable
requirements of the Act; and (4) trading volume (in all markets in which the underlying security
is traded) has been at least 2,400,000 shares in the preceding 12 months. The Exchange’s
proposal does not impact the eligibility of an underlying stock to have options listed on it, but
rather addresses only the listing of new additional option classes on an underlying listed on the
Exchange in accordance with the Exchange’s listings rules. As such, the Exchange believes that
the listing requirements described in Rule 915 address potential concerns regarding possible
manipulation. Additionally, in conjunction with the proposed average daily volume requirement
described herein, the Exchange believes any possible market manipulation is further mitigated.
Expand STOS Program
Add Wednesday Expirations for options on certain ETPs
The Exchange believes that the proposal to expand the STOS Program to allow the
Wednesday ETP Expirations (subject to the proposed limitation of two expirations beyond the
current week) is consistent with the Act for the following reasons. Like Wednesday expirations in
SPY, QQQ, and IWM, the proposed Wednesday ETP Expirations would protect investors and

the public interest by providing the investing public and other market participants more choice
and flexibility to closely tailor their investment and hedging decisions in these options and allow
for a reduced premium cost of buying portfolio protection, thus allowing them to better manage
their risk exposure.
The Exchange represents that it has an adequate surveillance program 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 for Wednesday SPY, QQQ and IWM expirations. The
Exchange also represents that it has the necessary system capacity to support the new
expirations. Finally, the Exchange does not believe that any market disruptions will be
encountered with the introduction of these option expirations. As discussed above, the Exchange
believes that its proposal is a modest expansion of weekly expiration dates for GLD, SLV, USO,
UNG, and TLT given that it will be limited to two Wednesday expirations beyond the current
week. Lastly, the Exchange believes its proposal will not be a strain on liquidity providers
because of the multi-class nature of GLD, SLV, USO, UNG, and TLT and the available hedges
in highly correlated instruments, as described above.
The Exchange believes that the proposal is consistent with the Act as the proposal would
overall add a small number of Wednesday ETP Expirations by limiting the addition of two
Wednesday expirations beyond the current week. The addition of Wednesday ETP Expirations
would remove impediments to and perfect the mechanism of a free and open market by
encouraging Market Makers to continue to deploy capital more efficiently and improve market
quality. The Exchange believes that the proposal will allow market participants to expand
hedging tools and tailor their investment and hedging needs more effectively in USO, UNG,
GLD, SLV, and TLT as these funds are most likely to be utilized by market participants to hedge
the underlying asset classes.
Similar to Wednesday SPY, QQQ, and IWM expirations, the introduction of Wednesday
ETP Expirations is consistent with the Act as it will, among other things, expand hedging tools

available to market participants and allow for a reduced premium cost of buying portfolio
protection. The Exchange believes that Wednesday ETP Expirations will allow market
participants to purchase options on USO, UNG, GLD, SLV, and TLT based on their timing as
needed and allow them to tailor their investment and hedging needs more effectively, thus 9
allowing them to better manage their risk exposure. Today, the Exchange lists Wednesday SPY,
QQQ, and IWM Expirations.74
The Exchange believes the STOS Program has been successful to date and that
Wednesday ETP Expirations should simply expand the ability of investors to hedge risk against
market movements stemming from economic releases or market events that occur throughout the
month in the same way that the STOS Program has expanded the landscape of hedging. There
are no material differences in the treatment of Wednesday SPY, QQQ, and IWM expirations
compared to the proposed Wednesday ETP Expirations. Given the similarities between
Wednesday SPY, QQQ, and IWM expirations and the proposed Wednesday ETP Expirations,
the Exchange believes that applying the provisions in Commentary .10(f) to Rule 903, that
currently apply to Wednesday SPY, QQQ, and IWM expirations is justified and will benefit
investors and minimize investor confusion by providing such expirations in a continuous and
uniform manner.
Add Tuesday and Thursday Expirations for options on IWM
The Exchange believes that IWM Tuesday and Thursday Short Term Daily Expirations
will allow market participants to purchase IWM options based on their timing as needed and
allow them to tailor their investment and hedging needs more effectively. Further, the proposal to
permit Tuesday and Thursday Short Term Daily Expirations for options on IWM listed pursuant
to the Short Term Option Series Program, subject to the proposed limitation of two nearest
expirations, would protect investors and the public interest by providing the investing public and
other market participants more flexibility to closely tailor their investment and hedging decisions
See Commentary .10(f) to Rule 903.

in IWM options, thus allowing them to better manage their risk exposure. In particular, the
Exchange believes the Short Term Option Series Program has been successful to date and that
Tuesday and Thursday IWM against market movements stemming from economic releases or
market events that occur throughout the month in the same way that the Short Term Option
Series Program has expanded the landscape of hedging. Similarly, the Exchange believes
Tuesday and Thursday IWM Short Term Daily Expirations should create greater trading and
hedging opportunities and provide customers the flexibility to tailor their investment objectives
more effectively. The Exchange currently lists SPY and QQQ Tuesday and Thursday Short Term
Daily Expirations.75
With this proposal, Tuesday and Thursday IWM Expirations would be treated similar to
existing Tuesday and Thursday SPY and QQQ Expirations and would expire in the same week
that standard monthly options expire on Fridays.76 Further, today, Tuesday and Thursday Short
Term Option Daily Expirations do not expire on a business day in which monthly options series
or Quarterly Options Series expire.77 Today, all Short Term Option Daily Expirations expire at
the close of business on each of the next two Mondays, Tuesdays, Wednesdays, and Thursdays,
respectively, that are business days and are not business days in which monthly options series or
Quarterly Options Series expire. There are no material differences in the treatment of Tuesday
and Thursday SPY and QQQ Short Term Daily Expirations as compared to the proposed
Tuesday and Thursday IWM Short Term Daily Expirations.
Finally, the Exchange represents that it has an adequate surveillance program in place to
detect manipulative trading in the proposed Tuesday and Thursday IWM Short Term Daily
Expirations, in the same way that it monitors trading in the current Short Term Option Series and
trading in Tuesday and Thursday SPY and QQQ Expirations. The Exchange also represents that

Id.

Id.

See Rule 903(h).

it has the necessary systems capacity to support the new options series. Finally, the Exchange
does not believe that any market disruptions will be encountered with the introduction of
Tuesday and Thursday IWM Short Term Daily Expirations.
B.

Self-Regulatory Organization’s Statement on Burden on Competition

The Exchange does not believe that the proposed rule changes will impose any burden on
competition that is not necessary or appropriate in furtherance of the purposes of the Act. The
Exchange notes that the proposed changes would allow the Exchange to compete on more equal
footing with other options exchanges that have already adopted substantively identical rules as
noted herein. Thus, the Exchange believes this proposal would encourage competition.
Monthly Options Series Program
The Exchange does not believe the proposed rule change to list Monthly Options Series
will impose any burden on intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as any Monthly Options Series the Exchange lists for
trading will be available in the same manner for all market participants who wish to trade such
options. The Exchange notes the proposed terms of the Monthly Options Series, including the
limitation to five index and ETF option classes, are substantively the same as the current terms of
Quarterly Options Series.78 Quarterly Options Series expire on the last business day of a calendar
quarter, which is the last business day of every third month, making the concept of Monthly
Options Series in a limited number of index and ETF options not novel. The proposed Monthly
Options Series will fill the gaps between Quarterly Options Series expirations by permitting
series to expire on the last business day of every month, rather than every third month. The
proposed Monthly Options Series may be listed in accordance with the same terms as Quarterly
Options Series, including permissible strikes. Monthly Options Series will trade on the Exchange
in the same manner as other options in the same class.

See Commentary .09 to Rule 903.

The Exchange does not believe the proposed rule change to list Monthly Options Series
will impose any burden on intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as nothing prevents other options exchanges from
proposing similar rules. As discussed above, the proposed rule change would permit listing of
Monthly Options Series in five index or ETF options, as well as any other classes that other
exchanges may list under similar programs. To the extent that the availability of Monthly
Options Series makes the Exchange a more attractive marketplace to market participants at other
exchanges, market participants are free to elect to become market participants on the Exchange.
The Exchange believes that the proposed rule change may relieve any burden on, or
otherwise promote, competition. Similar to Short Term Options Series and Quarterly Options
Series, the Exchange believes the introduction of Monthly Options Series will not impose an
undue burden on competition. The Exchange believes that it will, among other things, expand
hedging tools available to market participants. The Exchange believes Monthly Options Series
will allow market participants to purchase options based on their timing as needed and allow
them to tailor their investment and hedging needs more effectively.
The Exchange does not believe the proposed rule change to provide positions in Monthly
Options Series will be aggregated with positions in options contracts on the same underlying
index or security for purposes of determining compliance with position (and exercise) limits will
impose any burden on intramarket competition that is not necessary or appropriate in furtherance
of the purposes of the Act, as it will apply in the same manner to all market participants. The
Exchange proposes to apply position (and exercise) limits to Monthly Options Series in the same
manner it applies position limits to series with other expirations (Short Term Options Series and
Quarterly Options Series). Therefore, positions in options in a class of ETF or index options,
regardless of their expirations, would continue to be subject to existing position (and exercise)
limits. Additionally, the Exchange does not believe this proposed rule change will impose any
burden on intermarket competition that is not necessary or appropriate in furtherance of the

purposes of the Act, because it will address potential manipulative schemes and adverse market
impacts surrounding the use of options.
Consequently, the Exchange does not believe that the proposed change implicates
competition at all. Additionally, and as stated above, this proposal to accommodate the listing of
options series that would expire at the close of business on the last business day of a calendar
month is substantively similar to that of at least one other options exchange.79
Low-Priced Stock Interval Program
The Exchange does not believe that its proposed rule change will impose any burden on
intramarket competition as the Rules of the Exchange apply equally to all ATP Holders and all of
whom may trade the new proposed strikes if they so choose. Instead, the Exchange believes that
investors and market participants will significantly benefit from the availability of finer strike
price intervals for stocks priced below $2.50, which will allow them to tailor their investment
and hedging needs more effectively. The Exchange’s proposal is substantively identical to
MIAX Interpretations and Policies .11 and .12 to Rule 404.80
The Exchange does not believe that its proposed rule change will impose any burden on
intermarket competition, as nothing prevents other options exchanges from proposing similar
rules to list and trade options on low priced stocks. Rather the Exchange believes that its
proposal will promote intermarket competition, as the Exchange’s proposal will result in
additional opportunities for investors to achieve their investment and trading objectives, to the
benefit of investors, market participants, and the marketplace in general.
Expand STOS Program
Add Wednesday Expirations for options on certain ETPs
The Exchange does not believe that its proposed rule change to permit Wednesday
expirations in certain ETPs will impose any undue burden on competition. In this regard and as

See supra note 4 (regarding SR-CBOE-2023-049).

See supra note 19 (regarding SR-MIAX-2023-36).

indicated above, the Exchange notes that this proposed rule change is being proposed as a
competitive response to the already-approved rule change submitted by Nasdaq ISE.81
While the proposal will expand the Short Term Options Expirations to allow Wednesday
ETP Expirations to be listed on the Exchange, the Exchange believes that this limited expansion
for Wednesday expirations for options on USO, UNG, GLD, SLV, and TLT will not impose an
undue burden on competition; rather, it will meet customer demand. The Exchange believes that
market participants will continue to be able to expand hedging tools and tailor their investment
and hedging needs more effectively in USO, UNG, GLD, SLV, and TLT given multi-class
nature of these products and the available hedges in highly correlated instruments, as described
above. Similar to Wednesday SPY, QQQ, and IWM expirations, the introduction of Wednesday
ETP Expirations does not impose an undue burden on competition. The Exchange believes that it
will, among other things, expand hedging tools available to market participants and allow for a
reduced premium cost of buying portfolio protection. The Exchange believes that Wednesday
ETP Expirations will allow market participants to purchase options on USO, UNG, GLD, SLV,
and TLT based on their timing as needed and allow them to tailor their investment and hedging
needs more effectively.
The Exchange does not believe the proposal will impose any burden on inter-market
competition, as nothing prevents the other options exchanges from proposing similar rules to list
and trade Wednesday ETP Expirations. Further, the Exchange does not believe the proposal will
impose any burden on intra-market competition, as all market participants will be treated in the
same manner under this proposal.
Add Tuesday and Thursday Expirations for options on IWM
Similar to SPY and QQQ Tuesday and Thursday Expirations, the introduction of IWM
Tuesday and Thursday Short Term Daily Expirations does not impose an undue burden on

See supra note 41 (regarding SR-ISE-2023-11).

competition. The Exchange believes that it will, among other things, expand hedging tools
available to market participants and continue the reduction of the premium cost of buying
protection. The Exchange believes that IWM Tuesday and Thursday Short Term Daily
Expirations will allow market participants to purchase IWM options based on their timing as
needed and allow them to tailor their investment and hedging needs more effectively.
The Exchange does not believe the proposal will impose any burden on inter-market
competition, as nothing prevents other options exchanges from proposing similar rules to list and
trade Short-Term Option Series with Tuesday and Thursday Short Term Daily Expirations. The
Exchange notes that having Tuesday and Thursday IWM expirations is not a novel proposal, as
SPY and QQQ Tuesday and Thursday Expirations are currently listed on the Exchange.82
Additionally, as noted above, the Commission recently approved a substantively identical
proposal of another exchange.83
Further, the Exchange does not believe the proposal will impose any burden on
intramarket competition, as all market participants will be treated in the same manner under this
proposal.
C.

Self-Regulatory Organization’s Statement on Comments on the Proposed Rule
Change Received from Members, Participants, or Others

No written comments were solicited or received with respect to the proposed rule change.
III.

Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
Because the proposed rule change does not: (i) significantly affect the protection of

investors or the public interest; (ii) impose any significant burden on competition; and (iii)
become operative prior to 30 days from the date on which it was filed, or such shorter time as the
Commission may designate, if consistent with the protection of investors and the public interest,

See Commentary .10(f) to Rule 903.

See supra note 49 (regarding SR-ISE-2024-06).

the proposed rule change has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act84
and Rule 19b-4(f)(6) thereunder.85
A proposed rule change filed under Rule 19b-4(f)(6)86 normally does not become
operative prior to 30 days after the date of the filing. However, pursuant to Rule
19b-4(f)(6)(iii),87 the Commission may designate a shorter time if such action is consistent with
the protection of investors and the public interest. The Exchange has asked the Commission to
waive the 30-day operative delay. The Exchange states that waiver of the operative delay would
allow the Exchange to implement, without delay, its proposal to: (i) adopt a Monthly Option
Series Program; (ii) adopt a Low-Priced Strike Priced Interval Program; (iii) permit the listing
and trading of five additional classes with Short Term Option Daily Expirations, specifically, by
permitting the listing of two Wednesday expirations for options on certain ETPs; and (iv) permit
Tuesday and Thursday expirations on IWM. The Exchange further states the proposed rule
change does not present any new or novel issues, as at least one other exchange permits each of
the proposed programs and expirations.88 Because the proposal does not raise any new or novel
issues, the Commission believes that waiver of the operative delay is consistent with the
protection of investors and the public interest. Accordingly, the Commission hereby waives the
30-day operative delay and designates the proposal operative upon filing.89
At any time within 60 days of the filing of the proposed rule change, the Commission
summarily may temporarily suspend such rule change if it appears to the Commission that such

15 U.S.C. 78s(b)(3)(A)(iii).

17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the
Commission written notice of its intent to file the proposed rule change, along with a brief description and
text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The Exchange has satisfied this
requirement.

17 CFR 240.19b-4(f)(6).

17 CFR 240.19b-4(f)(6)(iii).

See supra notes 4, 19, 41, and 49.

For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed
rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).

action is necessary or appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings under Section 19(b)(2)(B)90 of the Act to determine
whether the proposed rule change should be approved or disapproved.
IV.

Solicitation of Comments
Interested persons are invited to submit written data, views and arguments concerning the

foregoing, including whether the proposed rule change is consistent with the Act. Comments
may be submitted by any of the following methods:
Electronic Comments:
•

Use the Commission’s internet comment form
(https://www.sec.gov/rules/sro.shtml); or

•

Send an email to rule-comments@sec.gov. Please include file number
SR-NYSEAMER-2024-34 on the subject line.

Paper Comments:
•

Send paper comments in triplicate to Secretary, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-NYSEAMER-2024-34. This file number should
be included on the subject line if email is used. To help the Commission process and review
your comments more efficiently, please use only one method. The Commission will post all
comments on the Commission’s internet website (https://www.sec.gov/rules/sro.shtml). Copies
of the submission, all subsequent amendments, all written statements with respect to the
proposed rule change that are filed with the Commission, and all written communications
relating to the proposed rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be

15 U.S.C. 78s(b)(2)(B).

available for website viewing and printing in the Commission’s Public Reference Room, 100 F
Street NE, Washington, DC 20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of the filing also will be available for inspection and copying at the principal office
of the Exchange. Do not include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We may redact in part or
withhold entirely from publication submitted material that is obscene or subject to copyright
protection. All submissions should refer to file number SR-NYSEAMER-2024-34 and should be
submitted on or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE
FEDERAL REGISTER].
For the Commission, by the Division of Trading and Markets, pursuant to delegated
authority.91
Sherry R. Haywood,
Assistant Secretary.

[FR Doc. 2024-12592 Filed: 6/7/2024 8:45 am; Publication Date: 6/10/2024]

17 CFR 200.30-3(a)(12), (59).