Amend Listing Criteria for Multiple Crypto Asset Trusts

SR-MIAX-2026-13 Page 3 of 49

1. Text of the Proposed Rule Change (a) Miami International Securities Exchange, LLC ("MIAX" or the "Exchange"), pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (the "Act") and Rule 19b-4 thereunder, proposes to amend Exchange Rule 402, Criteria for 1 2 Underlying Securities, and Exchange Rule 403, Withdrawal of Approval of Underlying Securities, to establish listing criteria and withdrawal standards for options on Commodity-Based

Notice of the proposed rule change for publication in the Federal Register is attached hereto as Exhibit 1 and the text of the proposed rule change is attached hereto as Exhibit 5. (b) Not applicable. (c) Not applicable.

1. Procedures of the Self-Regulatory Organization
   The proposed rule change was approved by the Chief Executive Officer of the Exchange or his designee pursuant to authority delegated by the Exchange Board of Directors on March 26,

2. Exchange staff will advise the Board of Directors of any action taken pursuant to
   delegated authority. No other action by the Exchange is necessary for the filing of the proposed rule change. Questions and comments on the proposed rule change may be directed to Tanya Kitaigorovski, AVP, Associate Counsel, at (609) 413-5787.

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

4. Purpose
   15 U.S.C. 78s(b)(1). 1 17 CFR 240.19b-4. 2

SR-MIAX-2026-13 Page 4 of 49

Specifically, the Exchange proposes to amend the criteria for listing options on 3 Exchange-Traded Fund Shares ("ETFs") at Exchange Rule 402(i) and withdrawal criteria at Exchange Rule 403. This is a competitive filing substantively identical to the proposal submitted by Nasdaq ISE, LLC ("ISE") to the Securities and Exchange Commission (the "Commission"), which was recently approved. 4 On March 5, 2025, the Exchange filed SR-MIAX-2025-07, as Modified by Partial 5 Amendment No. 1, a proposed rule change to amend its listing rules at Exchange Rule 402, Criteria for Underlying Securities, to allow the listing and trading of options on interests in a Commodity-Based Trust and on November 6, 2025, during the government shutdown, the Exchange submitted Amendment 2 to SR-MIAX-2025-07. SR-MIAX-2025-07 was deemed approved as of November 14, 2025. The Exchange also reiterated the changes proposed in SR- 6

The Exchange notes that its a ffilia te options exchanges, MIAX PEARL, LLC ("MIAX Pearl") a nd MIAX 3 Sapphire, LLC ("MIAX Sa pphire"), submitted (or will subm it) substantively sim ila r proposals. The Exchange notes that the rules of Chapter IV of MIAX, including Exchange Rule 402, are incorporated by reference into the MIAX Emera ld, LLC ("MIAX Emerald") rulebook. See Securities Exchange Act Release No. 105072 (March 24, 2026), (SR-ISE-2025-30) (Self-Regulatory 4 Organizations; Nasdaq ISE, LLC; Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, Regarding the Adoption of Listing Criteria for Options on Commodity-Based Trusts That Hold Multiple Crypto Assets). See Securities Exchange Act Release No. 102658 (March 5, 2025), 90 FR 12870 (March 19, 2025) (SR-5 MIAX-2025-07) (Self-Regulatory Orga nizations; Notice of Filing of a Proposed Rule Change, a s Modified by Pa rtia l Am endment No. 1, by Mia mi International Securities Exchange, LLC To Amend Exchange Rule 402, Criteria for Underlying Securities, To List and Trade Options on Commodity-Ba sed Trust Sha res). See Securities Exchange Act Release No. 104210 (November 18, 2025), 90 FR 52727 (November 21, 6

1. (SR-MIAX-2025-07)( Self-Regulatory Organizations; BOX Exchange LLC, Cboe Exchange, Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Miami International Securities Exchange, LLC, MIAX PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, LLC, New York Stock Exchange LLC, NYSE Am erican LLC, NYSE Arca , Inc., NYSE Na tional, Inc., a nd NYSE Texa s, Inc.; Notice of Deemed Approval of Various Proposed Rule Changes).

SR-MIAX-2026-13 Page 5 of 49 MIAX-2025-07 to codify the proposed rule text in the Exchange's Rulebook by filing SR- MIAX-2025-49, which was noticed for immediate effectiveness. Currently, Exchange Rule 7 402(i)(6) allows the Exchange to list and trade options on a Commodity-Based Trust that meets the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, provided that the Commodity-Based Trust holds a single crypto asset. 8 On September 17, 2025, the Commission approved proposals by The Nasdaq Stock Market LLC, Cboe BZX Exchange, Inc. and NYSE Arca, Inc., to Adopt Generic Listing Standards for Commodity-Based Trusts. In the approval order, the Commission noted that each 9 of the exchanges proposed to adopt substantially identical "generic" listing standards for Commodity-Based Trusts. Those generic listing standards define the term shares of a "Commodity-Based Trust" as a security that: 10 (1) is issued by a trust, limited liability company, partnership, or other similar entity ("Trust") that, if applicable, is operated by a registered commodity pool

See Securities Exchange Act Release No. 104451 (December 4, 2025), 90 FR 60208 (December 23, 2025) 7 (SR-MIAX-2025-49)( Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, To Permit Options on Commodity-Ba sed Trust Sha res). The term "crypto asset" means an asset that is generated, issued and/or transferred using a blockchain or 8 similar distributive ledger technology network, including but not limited to, assets known as "tokens," "digital assets," "virtual currencies," and "coins" and that relies on cryptographic protocols. See Exchange Rule 402(i)(6)(iii). See Securities Exchange Act Release No. 103995 (Sept. 17, 2025), 90 FR 45414 (Sept. 22, 2025) (Self-9 Regula tory Orga nizations; The Na sdaq Stock Market LLC; Cboe BZX Excha nge, Inc.; NYSE Arca , Inc.; Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, To Adopt Generic Listing Standards for Commodity-Based Trust Shares)( SR-NASDAQ-2025-056; SR- CboeBZX-2025-104; SR-NYSEARCA-2025-54) ("Generic Listing Sta ndards for Commodity-Based Trust Sha res Approval"). The Exchange believes that it is appropriate to rely on the generic listing standards outlined by the primary listing market due to the potential proliferation of new primary listing markets and the Commission's acknowledgment that the definition of shares of a Commodity-Based Trust across those prim a ry listing ma rkets is substantially identical. Shares of the a pplicable Commodity-Based Trust trade as equity securities. See Securities Exchange Act 10 Release No. 50603 (Oct. 28, 2004), 69 FR 64614, 64619 (Nov. 5, 2004) (SR-NYSE-2004-22) (approving the listing and trading of streetTRACKS Gold Shares) ("Spot Gold Approval Order") and ETP Request for Comments, infra note 20, at 34731. See a lso Nasdaq Rule 5711(d)(ii); proposed BZX Rule 14.11(e)(4)(B); proposed NYSE Arca Rule 8.201-E(b) (Generic) (sta ting that Commodity-Based Trust Shares are included within the definition of a "security" as such term is used in the Exchanges' rules and are subject to the Exchanges' existing rules governing the trading of equity securities).

SR-MIAX-2026-13 Page 6 of 49 operator pursuant to the Commodity Exchange Act ("CEA"), and is not registered as an investment company pursuant to the Investment Company Act of 1940, or series or class thereof; (2) is designed to reflect the performance of one or more reference assets or an index of reference assets; (3) in order to reflect the performance, is issued by a Trust that holds (a) one or more commodities or commodity-based assets, and (b) in addition to such commodities or commodity-based assets, may hold securities, cash, and cash equivalents; (4) is issued by such Trust in a specified aggregate minimum number in return for a deposit of (a) a specified quantity of the underlying commodities, commodity-based assets, securities, cash, and/or cash equivalents or (b) a cash amount with a value based on the next determined net asset value per Trust share; and (5) when aggregated in the same specified minimum number, may be redeemed at a holder's request by such Trust which will deliver to the redeeming holder (a) the specified quantity of the underlying commodities, commodity-based assets, securities, cash, and/or cash equivalents or (b) a cash amount with a value based on the next determined net asset value per Trust share. Further, a Commodity-Based Trust that meets the requirements of Exchange Rule 402(i)(6) must also satisfy the following requirements: (A) the total global supply of the underlying crypto asset held by the Commodity Based Trust must have an average daily market value of at least $700 million over the last 12 months; and (B) the crypto asset held by the

common membership in the Intermarket Surveillance Group ("ISG"). At this time, the Exchange proposes to amend Exchange Rule 402(i)(6) to permit the listing and trading of options on a Commodity-Based Trust that holds multiple crypto assets in addition to a Commodity-Based Trust that holds a single crypto asset. As amended, Exchange Rule 402(i)(6) would state,

SR-MIAX-2026-13 Page 7 of 49 (6) represent interests in a Commodity-Based Trust that meet the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, except that the Commodity-Based Trust holds a single crypto asset or multiple crypto assets as defined in subparagraph (iii) below, provided that all of the following conditions are met: Further, the Exchange proposes to amend Exchange Rule 402(i)(6)(iii) to state, Additionally, with respect to a Commodity-Based Trust that meets the requirements of Exchange Rule 402(i)(6), the following requirements are satisfied: (A) the total global supply of each underlying crypto asset(s) held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (B) each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the Intermarket Surveillance Group. For purposes of this rule the term "crypto asset" means an asset that is generated, issued and/or transferred using a blockchain or similar distributive ledger technology network, including but not limited to, assets known as "tokens," "digital assets," "virtual currencies," and "coins" and that relies on cryptographic protocols. With the addition of multiple crypto assets, the criteria would require each underlying crypto asset to meet the total global supply figure and to underlie a derivative contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement. The market value for each underlying crypto asset held by a Commodity-Based Trust will be calculated by taking the total global supply of the particular crypto asset multiplied by the token price of that asset. The total supply of a crypto asset includes all crypto assets currently issued 11 and does not include unissued crypto assets. 12 As a result of this filing, the proposed listing criteria would permit a Commodity Based

The market supply information can be obtained from publicly available sources such as coingecko.com or 11 coinmarketcap.com. For example, if Bitcoin were the underlying crypto asset, the Exchange would consider the total supply of 12 all Bitcoin currently issued instead of the maximum supply, which would be currently issued a s well a s unminted Bitcoin. As of March 10, 2026 Bitcoin's total supply wa s 20,000,406 (the maximum supply is 21,000,000). See https://www.coingecko.com/en/coins/bitcoin. The Exchange would calculate market value by utilizing the total supply number multiplied by the Bitcoin price on that day.

SR-MIAX-2026-13 Page 8 of 49 Trust that is generically listed on the applicable primary listing market and holds multiple crypto assets to qualify for the listing of options on that ETF, provided Exchange Rule 402(i)(6)(iii), as amended in the relevant part, has also been met, as well as the listing criteria in Exchange Rule 402(a) and (b), or Exchange Rule 402(i)(6)(i)(B). Similar to options on any ETF, an option on a Commodity-Based Trust that meets the requirements of Exchange Rule 402(i)(6) would also be subject to the Exchange's continued listing standards for options on ETFs set forth in Exchange Rule 403(g). Currently, pursuant to Exchange Rule 403(g), ETFs approved for options trading pursuant to Exchange Rule 402(i) will not be deemed to meet the requirements for continued approval, and the Exchange shall not open for trading any additional series of option contracts of the class covering that such ETFs, if the ETFs are delisted from trading pursuant to Exchange Rule 403(b)(4), are halted or suspended 13 from trading in their primary market. With respect to options on Commodity-Based Trusts that 14 are approved subject to Exchange Rule 402(i)(6), the Exchange proposes to amend Exchange Rule 403(g) to adopt a new subparagraph (3) which states, "In the case of options covering Exchange-Traded Fund Shares approved pursuant to Exchange Rule 402(i)(6), if the criteria in Exchange Rule 402(i)(6)(iii)(A) are no longer satisfied, as determined by the Exchange on a monthly basis, or if the criteria in Exchange Rule 402(i)(6)(iii)(B) are no longer satisfied." Th is 15 proposed new criteria would require ETFs that are listed pursuant to Exchange Rule 402(i)(6) to continue to meet the requirements of Exchange Rule 402(i)(6)(iii)(A) and (B). Additionally, this proposed new criteria, which would also be added to Exchange Rule 403(g)(1), would require

Exchange Rule 403(b)(4) provides the Exchange will not open for trading any additional series of options 13 on shares of an ETF if the ETF is no longer an NMS stock as defined in Rule 600 of Reg NMS under the Act. See Exchange Rule 403(g). 14 The Exchange would renumber the remaining paragraphs of Exchange Rule 403(g). 15

SR-MIAX-2026-13 Page 9 of 49 ETFs that are listed pursuant to Exchange Rule 402(i)(6)(i)(A) to continue to meet the requirements of Exchange Rule 403 subparagraphs (b)(1), (2), (3) and (4) of Exchange Rule 403. The Exchange is proposing that the criteria in Exchange Rule 402(i)(6)(iii)(A) be met on a monthly basis while the criteria in Exchange Rule 402(i)(6)(iii)(B) be met on a daily basis. The Exchange believes that requiring the criteria in Exchange Rule 402(i)(6)(iii)(A) to be met on a monthly basis is reasonable given that the Exchange believes that it is unlikely that a crypto asset with an average daily market value of at least $700 million over the previous twelve months would fail to meet that standard as a resulting of trading over a relatively short period of time. By way of example, if a crypto asset has a market capitalization of $900 million and traded at that market capitalization for 15 days in a 20-day trading month, the crypto asset could lose a substantial amount of its value (up to 88%) and still meet the criteria. Similarly, a crypto asset with a market capitalization of $500 million for 15 days in a 20- day trading month, would have to achieve a market capitalization of $1.3 billion (a 160% increase) in the last 5 days to meet the criteria. Given the unlikelihood that there would be a huge movement over a month's period of time and considering the work that would be required to calculate the criteria on a daily basis as compared to each month, the Exchange believes that the proposed continued listing obligation for the average daily market value criteria is sufficient. Further, options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6) would continue to be subject to Exchange Rule 403(g)(5), as renumbered, which states that the Exchange may consider suspending open transactions in options on an ETF if, "such other event occurs or condition exists that in the opinion of the Exchange makes further dealing in such options on the Exchange inadvisable." The Exchange may determine at any point to delist an option on a Commodity- Based Trust that may not have sufficient liquidity or market demand.

SR-MIAX-2026-13 Page 10 of 49 Consistent with current Exchange Rule 404, which governs the opening of options series on a specific underlying security (including ETFs), the Exchange will open at least one expiration month for options on Commodity-Based Trusts that are approved subject to 16 Exchange Rule 402(i)(6) and may also list series of options on Commodity-Based Trust Share for trading on a weekly, monthly, or quarterly basis. The Exchange may also list long-term 17 18 19 equity option series ("LEAPS") that expire from 12 to 39 months from the time they are listed. 20 Pursuant to Exchange Rule 404, Interpretation and Policy .06, which governs strike prices of series of options on ETFs, the interval between strike prices of series of options on ETFs approved for options trading pursuant to Exchange Rule 402(i) shall be fixed at a price per share which is reasonably close to the price per share at which the underlying security is traded in the primary market at or about the same time such series of options is first open for trading on the Exchange, or at such intervals as may have been established on another options exchange prior to the initiation of trading on the Exchange. With respect to the Short Term Options Series or Weekly Program, during the month prior to expiration of an option class that is selected for

See Exchange Rule 404(b). The monthly expirations are subject to certain listing criteria for underlying 16 securities described within Exchange Rule 404 and its Interpretations and Policies. Monthly listings expire the third Friday of the month. The term "expiration date" (unless separately defined elsewhere in the OCC By-Laws), when used in respect of an option contract (subject to certain exceptions), means the third Friday of the expiration month of such option contract, or if such Friday is a day on which the exchange on which such option is listed is not open for business, the preceding day on which such exchange is open for business. See OCC By-Laws Article I, Section 1. Pursuant to Exchange Rule 404(c), additional series of options of the same class may be opened for trading on the Exchange when the Exchange deems it necessary to maintain an orderly market, to meet customer demand or when the market price of the underlying stock moves more than five strike prices from the initial exercise price or prices. Pursuant to Exchange Rule 404(e), new series of options on an individual stock may be added until the beginning of the month in which the options contract will expire. Due to unusual market conditions, the Exchange, in its discretion, may add a new series of options on an individual stock until the close of trading on the business day prior to expiration. See Exchange Rule 404, Interpretation and Policy .02. 17 See Exchange Rule 404, Interpretation and Policy .13. 18 See Exchange Rule 404, Interpretation and Policy .03. 19 See Exchange Rule 406. 20

SR-MIAX-2026-13 Page 11 of 49 the Short Term Option Series Program, the strike price intervals for the related non-Short Term Option ("Related non-Short Term Option") shall be the same as the strike price intervals for the Short Term Option. Specifically, the Exchange may open for trading Short Term Option Series 21 at strike price intervals of (i) $0.50 or greater where the strike price is less than $100, and $1 or greater where the strike price is between $100 and $150 for all option classes that participate in the Short Term Options 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 where the strike price is above $150. Additionally, the Exchange may list series of options pursuant to the 22 $1 Strike Price Interval Program, the $0.50 Strike Program, and the $2.50 Strike Price 23 24 Program. Pursuant to Exchange Rule 510, where the price of a series of options on a 25 Commodity-Based Trust is less than $3.00, the minimum increment will be $0.05, and where the price is $3.00 or higher, the minimum increment will be $0.10 consistent with the minimum 26 increments for options on other ETFs listed on the Exchange. Any and all new series of a Commodity-Based Trust options that the Exchange lists will be consistent and comply with the expirations, strike prices, and minimum increments set forth in Rules 404 and 510, as applicable. Further, options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6) would trade in the same manner as options on other ETFs on the Exchange. The Exchange Rules that currently apply to the listing and trading of all options on ETFs on the Exchange, including, for example, Rules that govern listing criteria, expirations, exercise prices,

See Exchange Rule 404, Interpretation and Policy .02(e). 21 Id. 22 See Exchange Rule 404, Interpretation and Policy .01. 23 See Exchange Rule 404, Interpretation and Policy .04. 24 See Exchange Rule 404(f). 25 See Exchange Rule 510. 26

SR-MIAX-2026-13 Page 12 of 49 minimum increments, position and exercise limits, margin requirements, customer accounts and trading halt procedures would apply to the listing and trading of options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6) in the same manner. Position and exercise limits for options on Commodity-Based Trusts that are approved pursuant to Exchange Rule 402(i)(6) would be determined pursuant to Exchange Rules 307 and 309, respectively, as is the case for other options on other ETFs. Position and exercise limits for options on ETF vary according to the number of outstanding shares and the trading volumes of the underlying ETF over the past six months, where the largest in capitalization and the most frequently traded ETFs have an option position and exercise limits of 250,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market; and smaller capitalization ETFs have position and exercise limits of 200,000, 75,000, 50,000 or 25,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market. Further, Exchange Rule 1502, which governs margin requirements applicable to trading on the Exchange, including options on ETFs, will also apply to the trading of options on a Commodity- Based Trusts listed pursuant to Exchange Rule 402(i)(6). The Exchange represents that the same surveillance procedures applicable to all other options on other ETFs currently listed and traded on the Exchange will apply to the trading of options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6). 27 The Exchange represents that it has the necessary systems capacity to support the new option series. The Exchange believes that its existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might potentially arise from listing and

The surveillance program includes real-time patterns for price and volume movements and post-tra de 27 surveillance patterns (e.g., spoofing, marking the close, pinging, phishing).

SR-MIAX-2026-13 Page 13 of 49 trading options on ETFs, including the listing of options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6). Also, the Exchange may obtain information from designated contract markets that are members of the ISG related to a financial instrument that is based, in whole or in part, upon an interest in or performance of a crypto asset, as applicable. The Exchange has specified in proposed Exchange Rule 402(i)(6) that each crypto asset held by the

common membership in ISG. The Exchange will be required to ensure that this requirement is 28 met prior to listing options on a Commodity- Based Trust listed pursuant to proposed Exchange Rule 402(i)(6). Additionally, the Exchange has also analyzed its capacity and represents that it believes the Exchange and the Options Price Reporting Authority or "OPRA" have the necessary systems capacity to handle the additional traffic associated with the listing of new series of ETFs, including options on Commodity-Based Trusts, that are approved subject to Exchange Rule 402(i)(6), up to the number of expirations currently permissible under the Exchange Rules.

and 29

There are a number of futures contracts on digital asset commodities that are listed and trading on the CME 28 and Coinbase Derivatives, both of which are ISG members. See https://www.cmegroup.com/markets/cryptocurrencies.html#products. See a lso https://www.coinbase.com/derivatives.

Fidelity Wise Origin Bitcoin Fund, the ARK21Shares Bitcoin ETF, the Grayscale Bitcoin Trust (BTC), the

SR-MIAX-2026-13 Page 14 of 49

1. Statutory Basis The Exchange believes the 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. Specifically, the Exchange believes the proposed rule change is 30 consistent with the Section 6(b)(5) requirements that the rules of an exchange be designed to 31 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) requirement 32 that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. In particular, the Exchange believes that its proposal to permit Commodity-Based Trust Shares that hold multiple crypto assets to be listed and traded without the need for additional approvals, will remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because it would allow the Exchange to immediately list and trade qualifying options on Commodity-Based Trusts, provided the initial listing criteria has been met, without any additional approvals from the Commission. Specifically, the Exchange's proposal to adopt Exchange Rule 402(i)(6) to allow the

15 U.S.C. 78f(b). 30 15 U.S.C. 78f(b)(5). 31 Id. 32

SR-MIAX-2026-13 Page 15 of 49 listing and trading of options on units that represent interests in Commodity- Based Trusts that meet the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, and hold multiple crypto assets in addition to single crypto assets, is consistent 33 with the Act because it will permit the Exchange to offer options on Commodity-Based Trusts soon after the listing of the ETF on the primary listing market, provided that all the generic listing standards for that Commodity-Based Trust on that primary listing market have been met. Listing these options will avail market participants of the opportunity to hedge their positions in the Commodity-Based Trusts in a timely manner, thereby providing investors with the ability to hedge their exposure to the underlying Commodity-Based Trust. Options on Commodity-Based Trusts benefits investors, similar to the listing of any other option on an ETF, by providing investors with a relatively lower-cost risk management tool to manage their positions and associated risk in their portfolios more easily in connection with exposure to the price of a crypto asset. Additionally, listing options on Commodity-Based Trusts provides investors with the ability to transact in such options on a listed market as opposed to the OTC options market, which increases market transparency and enhances the process of price discovery to the benefit of all investors. Also, this proposal would permit options on Commodity-Based Trusts to be listed on the Exchange in the same manner as all other securities that are subject to the current listing criteria in Exchange Rule 402. The Exchange notes that the majority of ETFs are able to list and trade options once the initial listing criteria have been met without the need for additional approvals. The proposed rule change would allow options on certain Commodity-Based Trusts to likewise list and trade options once the initial listing criteria on the primary listing market have been met

See supra note 9. 33

SR-MIAX-2026-13 Page 16 of 49 without the need for additional approvals. As proposed, the Exchange would list options in a Commodity-Based Trust that met the generic criteria of the applicable primary listing market, provided the Commodity-Based Trust held multiple crypto assets. Further, each crypto asset held by the Commodity-Based Trust would also be required to satisfy the conditions in proposed Exchange Rule 402(i)(6)(iii), which requires that (A) the total global supply of each underlying crypto asset held by the Commodity- Based Trust has an average daily market value of at least $700 million over the last 12 months; and (B) each crypto asset held by the Commodity-Based Trust underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG. These requirements are consistent with the Act and the protection of investors as they should ensure that each crypto asset held by the underlying ETF has sufficient liquidity prior to listing options, which will serve to prevent disruption to the underlying market. The Exchange believes that market supply serves as a good measure of liquidity to permit options trading in options on Commodity-Based Trusts that holds multiple crypto assets. Requiring each underlying crypto asset to have a requisite amount of deliverable supply, in addition to all the other criteria the ETF is required to have under the applicable primary listing market rules, should ensure adequate liquidity prior to listing. Further, ensuring each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG, will provide the Exchange with information to adequately surveillance options on qualifying Commodity-Based Trusts. Today, the Exchange has a comprehensive surveillance sharing agreement in place with both the CME and Coinbase

SR-MIAX-2026-13 Page 17 of 49 Derivatives through its common membership in ISG. This facilitates the sharing of information that is available to the CME and Coinbase Derivatives through their surveillance of their respective markets, including their surveillance of their respective digital asset futures markets. The Exchange also believes the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system, because it is consistent with current Exchange Rules, previously filed with the Commission. Options on qualifying Commodity-Based Trusts must satisfy the initial listing standards and continued listing standards currently in the Exchange Rules applicable to options on all ETFs, including ETFs that hold other crypto assets already deemed appropriate for options trading on the Exchange in addition to the proposed criteria. Further, the proposal adopts new subparagraph (3) to Exchange Rule 403(g) which will require each crypto asset held by a Commodity-Based Trust to continue to meet the requirement of Exchange Rule 402(i)(6)(iii)(A) on a monthly basis and for the criteria in Exchange Rule 402(i)(6)(iii)(B) to be met on a continuous basis. Accordingly, each crypto asset held by a Commodity-Based Trust must continue to have a total global supply with an average daily market value of at least $700 million over the last 12 months, and also must continue to underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG. The Exchange believes that this continued listing standard, in addition to requirements of Rule 402(i) would protect investors and the public interest by ensuring that the crypto assets held by the Commodity-Based Trust continue to remain liquid. The Exchange believes that requiring the criteria in Exchange Rule 402(i)(6)(iii)(A) on a monthly basis is consistent with the Act and the protection of investors given that the Exchange believes that it is unlikely that a crypto asset with

SR-MIAX-2026-13 Page 18 of 49 an average daily market value of at least $700 million over the previous twelve months would fail to meet that standard as a resulting of trading over a relatively short period of time. By way of example, if a crypto asset has a market capitalization of $900 million and traded at that market capitalization for 15 days in a 20-day trading month, the crypto asset could lose a substantial amount of its value (up to 88%) and still meet the criteria. Similarly, a crypto asset with a market capitalization of $500 million for 15 days in a 20-day trading month, would have to achieve a market capitalization of $1.3 billion (a 160% increase) in the last 5 days to meet the criteria. Given the unlikelihood that there would be a huge movement over a month's period of time and considering the work that would be required to calculate the criteria on a daily basis as compared to each month, the Exchange believes that the proposed continued listing obligation for the average daily market value criteria is sufficient. Further, options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6) would continue to be subject to exchange Rule 403(g)(5), as renumbered, which states that the Exchange may consider suspending open transactions in options on an ETF if, "such other event occurs or condition exists that in the opinion of the Exchange makes further dealing in such options on the Exchange inadvisable." The Exchange may determine at any point to delist an option on a Commodity-Based Trust that may not have sufficient liquidity or market demand. Options on qualifying Commodity-Based Trusts would trade in the same manner as any other ETF options -- the same Exchange Rules that currently govern the listing and trading o f all ETF options, including permissible expirations, strike prices and minimum increments, and applicable position and exercise limits and margin requirements, will govern the listing and trading of options on qualifying Commodity-Based Trusts.

SR-MIAX-2026-13 Page 19 of 49 The Exchange represents that it has the necessary systems capacity to support the listing and trading of options on qualifying Commodity-Based Trusts. The Exchange believes that its existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from listing and trading of these options on Commodity-Based Trust, particularly in light of the additional requirement that each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in ISG.

and 34

1. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In this regard and as indicated above, the Exchange notes that the rule change is being proposed as a competitive response to the filing submitted by ISE. 35 The Exchange does not believe that the proposal to amend the listing criteria at Exchange Rule 402(i)(6), with respect to ETFs, to adopt new criteria to permit the listing and trading of options on certain Commodity-Based Trusts that hold multiple crypto assets and that were listed

SR-MIAX-2026-13 Page 20 of 49 pursuant to the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, without the need for additional approvals, will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. Options on qualifying Commodity-Based Trusts would need to satisfy the initial listing standards set forth in the Exchange Rules in the same manner as any other ETF before the Exchange could list options on them. Additionally, options on qualifying Commodity-Based Trusts will be equally available to all market participants who wish to trade such options. The Exchange Rules currently applicable to the listing and trading of options on ETFs on the Exchange will apply in the same manner to the listing and trading of all options on qualifying Commodity-Based Trusts. Additionally, the Exchange notes that listing and trading options on qualifying Commodity-Based Trusts on the Exchange will subject such options to transparent exchange based rules as well as price discovery and liquidity, as opposed to alternatively trading such options in the OTC market. The Exchange believes that the proposed rule change may relieve any burden on, or otherwise promote, competition as it is designed to increase competition for order flow on the Exchange in a manner that is beneficial to investors by providing them with a lower-cost option to hedge their investment portfolios in a timely manner. The Exchange does not believe that the proposal to adopt new listing criteria at Exchange Rule 402(i)(6) to permit the listing and trading of certain options on certain Commodity-Based Trusts that hold multiple crypto assets and that were listed pursuant to the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, without the need for additional approvals, will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. Other options exchanges are

SR-MIAX-2026-13 Page 21 of 49 free to amend their applicable rules to permit them to list and trade options on Commodity-Based

1. Self-Regulatory Organization's Statement on Comments on the Proposed Rule
   Change Received from Members, Participants, or Others No written comments were either solicited or received.

2. Extension of Time Period for Commission Action
   Not applicable.

3. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for Accelerated
   Effectiveness Pursuant to Section 19(b)(2) The Exchange respectfully requests accelerated effectiveness pursuant to Section 19(b)(2) of the Act of this proposal. The Exchange believes that this proposed rule change, which is essential to promote a free and open market for the benefit of investors, does not raise any new, unique or substantive issues from those raised by ISE in its filing. Accelerated 36 approval will allow the Exchange to immediately implement the proposed rule change upon its filing and approval with the Commission. The Exchange believes that accelerated approval is consistent with the protection of investors and the public interest because most, if not all, other competing exchanges would (or already have) filed similar proposals. The requested accelerated approval would, therefore, allow the Exchange to immediately compete with other options exchanges for order flow to list and trade options on a Commodity-Based Trust that meets the generic listing standards described in this filing. Investors and the public interest will benefit by the trading of these option contracts on additional exchanges, via increased price competition. Accordingly, the proposed accelerated approval does not give rise to any novel investor protection concerns.

SR-MIAX-2026-13 Page 22 of 49 This filing expands upon the previously established definition of Commodity-Based Trust and allows it to hold multiple crypto assets. The expansion upon the established criteria will still ensure the liquidity in the Commodity-Based Trust prior to listing options, and will still require that the crypto assets held by the Commodity-Based Trust underlie a derivative contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in ISG. In short, the proposed filing reduces the type of options on Commodity- Based Trusts that would be listed pursuant to the generic criteria. First, the Commodity- Based Trust may hold multiple crypto assets. Second, the Exchange requires the total global supply of the underlying crypto asset held by each Commodity-Based Trust to have an average daily market value of at least $700 million over the last 12 months, ensuring liquidity prior to listing options on the Commodity-Based Trust. The Exchange believes that market supply serves as a good measure of liquidity to prevent the addition of options trading from disrupting the market for the underlying security. Third, the crypto asset held by each Commodity-Based Trust must underlie a derivatives contract that trades. Finally, the Exchange believes that its existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from listing and trading of these ETF options particularly in light of the additional requirement that the commodity held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in ISG, providing the Exchange with information to adequately surveillance options on qualifying Commodity-Based Trusts. The Exchange has not identified any issues with the listing and trading of any options on

SR-MIAX-2026-13 Page 23 of 49 ETFs, including options on a Commodity- Based Trust that holds a single crypto asset. Accordingly, the Exchange believes that no regulatory purpose would be served by delaying implementation of this filing.

1. Proposed Rule Change Based on Rules of Another Self-Regulatory Organization
   or of the Commission The proposed rule change is substantively similar to the proposal by ISE which was recently approved. 37

2. Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act
   Not applicable.

3. Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing and
   Settlement Supervision Act Not applicable.

4. Exhibits

5. Notice of proposed rule for publication in the Federal Register.

6. Text of proposed rule change.
   Id. 37

SR-MIAX-2026-13 Page 24 of 49 EXHIBIT 1 SECURITIES AND EXCHANGE COMMISSION (Release No. 34- ; File No. SR-MIAX-2026-13) ______, 2026 Self-Regulatory Organizations: Notice of Filing of a Proposed Rule Change by Miami International Securities Exchange, LLC to Amend Exchange Rule 402, Criteria for Underlying Securities, and Exchange Rule 403, Withdrawal of Approval of Underlying Securities, to Establish Listing Criteria and Withdrawal Standards for Options on Commodity-Based Trusts Holding Multiple Crypto Assets Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act") and Rule 19b-4 thereunder, notice is hereby given that on __, 2026, Miami 1 2 International Securities Exchange, LLC ("MIAX" or "Exchange") filed with the Securities and Exchange Commission ("Commission") a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

1. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

The text of the proposed rule change is available on the Exchange's website at https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings , at MIAX's principal office, and at the Commission's Public Reference Room.

1. Se lf-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

15 U.S.C. 78s(b)(1). 1 17 CFR 240.19b-4. 2

SR-MIAX-2026-13 Page 25 of 49 In its filing with the Commission, the Exchange 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 these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.

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

2. Purpose
   Specifically, the Exchange proposes to amend the criteria for listing options on 3 Exchange-Traded Fund Shares ("ETFs") at Exchange Rule 402(i) and withdrawal criteria at Exchange Rule 403. This is a competitive filing substantively identical to the proposal submitted by Nasdaq ISE, LLC ("ISE") to the Securities and Exchange Commission (the "Commission"), which was recently approved. 4 On March 5, 2025, the Exchange filed SR-MIAX-2025-07, as Modified by Partial 5 Amendment No. 1, a proposed rule change to amend its listing rules at Exchange Rule 402,

The Exchange notes that its a ffilia te options exchanges, MIAX PEARL, LLC ("MIAX Pearl") a nd MIAX 3 Sapphire, LLC ("MIAX Sa pphire"), submitted (or will subm it) substantively sim ila r proposals. The Exchange notes that the rules of Chapter IV of MIAX, including Exchange Rule 402, are incorporated by reference into the MIAX Emera ld, LLC ("MIAX Emerald") rulebook. See Securities Exchange Act Release No. 105072 (March 24, 2026), (SR-ISE-2025-30) (Self-Regulatory 4 Orga niza tions; Nasdaq ISE, LLC; Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, Regarding the Adoption of Listing Criteria for Options on Commodity-Based Trusts That Hold Multiple Crypto Assets). See Securities Exchange Act Release No. 102658 (March 5, 2025), 90 FR 12870 (March 19, 2025) (SR-5 MIAX-2025-07) (Self-Regulatory Orga nizations; Notice of Filing of a Proposed Rule Change, a s Modified by Pa rtia l Am endment No. 1, by Mia mi International Securities Exchange, LLC To Amend Exchange Rule 402, Criteria for Underlying Securities, To List and Trade Options on Commodity-Ba sed Trust Sha res).

SR-MIAX-2026-13 Page 26 of 49 Criteria for Underlying Securities, to allow the listing and trading of options on interests in a Commodity-Based Trust and on November 6, 2025, during the government shutdown, the Exchange submitted Amendment 2 to SR-MIAX-2025-07. SR-MIAX-2025-07 was deemed approved as of November 14, 2025. The Exchange also reiterated the changes proposed in SR- 6 MIAX-2025-07 to codify the proposed rule text in the Exchange's Rulebook by filing SR- MIAX-2025-49, which was noticed for immediate effectiveness. Currently, Exchange Rule 7 402(i)(6) allows the Exchange to list and trade options on a Commodity-Based Trust that meets the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, provided that the Commodity-Based Trust holds a single crypto asset. 8 On September 17, 2025, the Commission approved proposals by The Nasdaq Stock Market LLC, Cboe BZX Exchange, Inc. and NYSE Arca, Inc., to Adopt Generic Listing Standards for Commodity-Based Trusts. In the approval order, the Commission noted that each 9 of the exchanges proposed to adopt substantially identical "generic" listing standards for

See Securities Exchange Act Release No. 104210 (November 18, 2025), 90 FR 52727 (November 21, 6

1. (SR-MIAX-2025-07)( Self-Regulatory Organizations; BOX Exchange LLC, Cboe Exchange, Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Miami International Securities Exchange, LLC, MIAX PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, LLC, New York Stock Exchange LLC, NYSE Am erican LLC, NYSE Arca , Inc., NYSE Na tional, Inc., a nd NYSE Texa s, Inc.; Notice of Deemed Approval of Various Proposed Rule Changes). See Securities Exchange Act Release No. 104451 (December 4, 2025), 90 FR 60208 (December 23, 2025) 7 (SR-MIAX-2025-49)( Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, To Permit Options on Commodity-Ba sed Trust Sha res). The term "crypto asset" means an asset that is generated, issued and/or transferred using a blockchain or 8 similar distributive ledger technology network, including but not limited to, assets known as "tokens," "digital assets," "virtual currencies," and "coins" and that relies on cryptographic protocols. See Exchange Rule 402(i)(6)(iii). See Securities Exchange Act Release No. 103995 (Sept. 17, 2025), 90 FR 45414 (Sept. 22, 2025) (Self-9 Regula tory Orga nizations; The Na sdaq Stock Market LLC; Cboe BZX Exchange, Inc.; NYSE Arca, Inc.; Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, To Adopt Generic Listing Standards for Commodity-Based Trust Shares)( SR-NASDAQ-2025-056; SR- CboeBZX-2025-104; SR-NYSEARCA-2025-54) ("Generic Listing Sta ndards for Commodity-Based Trust Sha res Approval"). The Exchange believes that it is appropriate to rely on the generic listing standards outlined by the primary listing market due to the potential proliferation of new primary listing markets and the Commission's acknowledgment that the definition of shares of a Commodity-Based Trust across those prim a ry listing ma rkets is substantially identical.

SR-MIAX-2026-13 Page 27 of 49 Commodity-Based Trusts. Those generic listing standards define the term shares of a that: "Commodity-Based Trust" as a security 10 (1) is issued by a trust, limited liability company, partnership, or other similar entity ("Trust") that, if applicable, is operated by a registered commodity pool operator pursuant to the Commodity Exchange Act ("CEA"), and is not registered as an investment company pursuant to the Investment Company Act of 1940, or series or class thereof; (2) is designed to reflect the performance of one or more reference assets or an index of reference assets; (3) in order to reflect the performance, is issued by a Trust that holds (a) one or more commodities or commodity-based assets, and (b) in addition to such commodities or commodity-based assets, may hold securities, cash, and cash equivalents; (4) is issued by such Trust in a specified aggregate minimum number in return for a deposit of (a) a specified quantity of the underlying commodities, commodity-based assets, securities, cash, and/or cash equivalents or (b) a cash amount with a value based on the next determined net asset value per Trust share; and (5) when aggregated in the same specified minimum number, may be redeemed at a holder's request by such Trust which will deliver to the redeeming holder (a) the specified quantity of the underlying commodities, commodity-based assets, securities, cash, and/or cash equivalents or (b) a cash amount with a value based on the next determined net asset value per Trust share. Further, a Commodity-Based Trust that meets the requirements of Exchange Rule 402(i)(6) must also satisfy the following requirements: (A) the total global supply of the underlying crypto asset held by the Commodity Based Trust must have an average daily market value of at least $700 million over the last 12 months; and (B) the crypto asset held by the

Shares of the a pplicable Commodity-Based Trust trade as equity securities. See Securities Exchange Act 10 Release No. 50603 (Oct. 28, 2004), 69 FR 64614, 64619 (Nov. 5, 2004) (SR-NYSE-2004-22) (approving the listing and trading of streetTRACKS Gold Shares) ("Spot Gold Approval Order") and ETP Request for Comments, infra note 20, at 34731. See a lso Nasdaq Rule 5711(d)(ii); proposed BZX Rule 14.11(e)(4)(B); proposed NYSE Arca Rule 8.201-E(b) (Generic) (sta ting that Commodity-Based Trust Shares are included within the definition of a "security" as such term is used in the Exchanges' rules and are subject to the Exchanges' existing rules governing the trading of equity securities).

SR-MIAX-2026-13 Page 28 of 49

common membership in the Intermarket Surveillance Group ("ISG"). At this time, the Exchange proposes to amend Exchange Rule 402(i)(6) to permit the listing and trading of options on a Commodity-Based Trust that holds multiple crypto assets in addition to a Commodity-Based Trust that holds a single crypto asset. As amended, Exchange Rule 402(i)(6) would state, (6) represent interests in a Commodity-Based Trust that meet the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, except that the Commodity-Based Trust holds a single crypto asset or multiple crypto assets as defined in subparagraph (iii) below, provided that all of the following conditions are met: Further, the Exchange proposes to amend Exchange Rule 402(i)(6)(iii) to state, Additionally, with respect to a Commodity-Based Trust that meets the requirements of Exchange Rule 402(i)(6), the following requirements are satisfied: (A) the total global supply of each underlying crypto asset(s) held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (B) each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the Intermarket Surveillance Group. For purposes of this rule the term "crypto asset" means an asset that is generated, issued and/or transferred using a blockchain or similar distributive ledger technology network, including but not limited to, assets known as "tokens," "digital assets," "virtual currencies," and "coins" and that relies on cryptographic protocols. With the addition of multiple crypto assets, the criteria would require each underlying crypto asset to meet the total global supply figure and to underlie a derivative contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement. The market value for each underlying crypto asset held by a Commodity-Based Trust will be calculated by taking the total global supply of the particular crypto asset multiplied by the token

SR-MIAX-2026-13 Page 29 of 49 price of that asset. The total supply of a crypto asset includes all crypto assets currently issued 11 and does not include unissued crypto assets. 12 As a result of this filing, the proposed listing criteria would permit a Commodity Based Trust that is generically listed on the applicable primary listing market and holds multiple crypto assets to qualify for the listing of options on that ETF, provided Exchange Rule 402(i)(6)(iii), as amended in the relevant part, has also been met, as well as the listing criteria in Exchange Rule 402(a) and (b), or Exchange Rule 402(i)(6)(i)(B). Similar to options on any ETF, an option on a Commodity-Based Trust that meets the requirements of Exchange Rule 402(i)(6) would also be subject to the Exchange's continued listing standards for options on ETFs set forth in Exchange Rule 403(g). Currently, pursuant to Exchange Rule 403(g), ETFs approved for options trading pursuant to Exchange Rule 402(i) will not be deemed to meet the requirements for continued approval, and the Exchange shall not open for trading any additional series of option contracts of the class covering that such ETFs, if the ETFs are delisted from trading pursuant to Exchange Rule 403(b)(4), are halted or suspended 13 from trading in their primary market. With respect to options on Commodity-Based Trusts that 14 are approved subject to Exchange Rule 402(i)(6), the Exchange proposes to amend Exchange Rule 403(g) to adopt a new subparagraph (3) which states, "In the case of options covering Exchange-Traded Fund Shares approved pursuant to Exchange Rule 402(i)(6), if the criteria in

The market supply information can be obtained from publicly available sources such as coingecko.com or 11 coinmarketcap.com. For example, if Bitcoin were the underlying crypto asset, the Exchange would consider the total supply of 12 all Bitcoin currently issued instead of the maximum supply, which would be currently issued a s well a s unminted Bitcoin. As of March 10, 2026 Bitcoin's total supply wa s 20,000,406 (the maximum supply is 21,000,000). See https://www.coingecko.com/en/coins/bitcoin. The Exchange would calculate market value by utilizing the total supply number multiplied by the Bitcoin price on that day. Exchange Rule 403(b)(4) provides the Exchange will not open for trading any additional series of options 13 on shares of an ETF if the ETF is no longer an NMS stock as defined in Rule 600 of Reg NMS under the Act. See Exchange Rule 403(g). 14

SR-MIAX-2026-13 Page 30 of 49 Exchange Rule 402(i)(6)(iii)(A) are no longer satisfied, as determined by the Exchange on a monthly basis, or if the criteria in Exchange Rule 402(i)(6)(iii)(B) are no longer satisfied." Th is 15 proposed new criteria would require ETFs that are listed pursuant to Exchange Rule 402(i)(6) to continue to meet the requirements of Exchange Rule 402(i)(6)(iii)(A) and (B). Additionally, this proposed new criteria, which would also be added to Exchange Rule 403(g)(1), would require ETFs that are listed pursuant to Exchange Rule 402(i)(6)(i)(A) to continue to meet the requirements of Exchange Rule 403 subparagraphs (b)(1), (2), (3) and (4) of Exchange Rule 403. The Exchange is proposing that the criteria in Exchange Rule 402(i)(6)(iii)(A) be met on a monthly basis while the criteria in Exchange Rule 402(i)(6)(iii)(B) be met on a daily basis. The Exchange believes that requiring the criteria in Exchange Rule 402(i)(6)(iii)(A) to be met on a monthly basis is reasonable given that the Exchange believes that it is unlikely that a crypto asset with an average daily market value of at least $700 million over the previous twelve months would fail to meet that standard as a resulting of trading over a relatively short period of time. By way of example, if a crypto asset has a market capitalization of $900 million and traded at that market capitalization for 15 days in a 20-day trading month, the crypto asset could lose a substantial amount of its value (up to 88%) and still meet the criteria. Similarly, a crypto asset with a market capitalization of $500 million for 15 days in a 20- day trading month, would have to achieve a market capitalization of $1.3 billion (a 160% increase) in the last 5 days to meet the criteria. Given the unlikelihood that there would be a huge movement over a month's period of time and considering the work that would be required to calculate the criteria on a daily basis as compared to each month, the Exchange believes that the proposed continued listing obligation for the average daily market value criteria is sufficient. Further, options on Commodity-Based

The Exchange would renumber the remaining paragraphs of Exchange Rule 403(g). 15

SR-MIAX-2026-13 Page 31 of 49 Trusts that are approved subject to Exchange Rule 402(i)(6) would continue to be subject to Exchange Rule 403(g)(5), as renumbered, which states that the Exchange may consider suspending open transactions in options on an ETF if, "such other event occurs or condition exists that in the opinion of the Exchange makes further dealing in such options on the Exchange inadvisable." The Exchange may determine at any point to delist an option on a Commodity- Based Trust that may not have sufficient liquidity or market demand. Consistent with current Exchange Rule 404, which governs the opening of options series on a specific underlying security (including ETFs), the Exchange will open at least one expiration month for options on Commodity-Based Trusts that are approved subject to 16 Exchange Rule 402(i)(6) and may also list series of options on Commodity-Based Trust Share for trading on a weekly, monthly, or quarterly basis. The Exchange may also list long-term 17 18 19 equity option series ("LEAPS") that expire from 12 to 39 months from the time they are listed. 20 Pursuant to Exchange Rule 404, Interpretation and Policy .06, which governs strike prices of series of options on ETFs, the interval between strike prices of series of options on

See Exchange Rule 404(b). The monthly expirations are subject to certain listing criteria for underlying 16 securities described within Exchange Rule 404 and its Interpretations and Policies. Monthly listings expire the third Friday of the month. The term "expiration date" (unless separately defined elsewhere in the OCC By-Laws), when used in respect of an option contract (subject to certain exceptions), means the third Friday of the expiration month of such option contract, or if such Friday is a day on which the exchange on which such option is listed is not open for business, the preceding day on which such exchange is open for business. See OCC By-Laws Article I, Section 1. Pursuant to Exchange Rule 404(c), additional series of options of the same class may be opened for trading on the Exchange when the Exchange deems it necessary to maintain an orderly market, to meet customer demand or when the market price of the underlying stock moves more than five strike prices from the initial exercise price or prices. Pursuant to Exchange Rule 404(e), new series of options on an individual stock may be added until the beginning of the month in which the options contract will expire. Due to unusual market conditions, the Exchange, in its discretion, may add a new series of options on an individual stock until the close of trading on the business day prior to expiration. See Exchange Rule 404, Interpretation and Policy .02. 17 See Exchange Rule 404, Interpretation and Policy .13. 18 See Exchange Rule 404, Interpretation and Policy .03. 19 See Exchange Rule 406. 20

SR-MIAX-2026-13 Page 32 of 49 ETFs approved for options trading pursuant to Exchange Rule 402(i) shall be fixed at a price per share which is reasonably close to the price per share at which the underlying security is traded in the primary market at or about the same time such series of options is first open for trading on the Exchange, or at such intervals as may have been established on another options exchange prior to the initiation of trading on the Exchange. With respect to the Short Term Options Series or Weekly Program, during the month prior to expiration of an option class that is selected for the Short Term Option Series Program, the strike price intervals for the related non-Short Term Option ("Related non-Short Term Option") shall be the same as the strike price intervals for the Short Term Option. Specifically, the Exchange may open for trading Short Term Option Series 21 at strike price intervals of (i) $0.50 or greater where the strike price is less than $100, and $1 or greater where the strike price is between $100 and $150 for all option classes that participate in the Short Term Options 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 where the strike price is above $150. Additionally, the Exchange may list series of options pursuant to the 22 $1 Strike Price Interval Program, the $0.50 Strike Program, and the $2.50 Strike Price 23 24 Program. Pursuant to Exchange Rule 510, where the price of a series of options on a 25 Commodity-Based Trust is less than $3.00, the minimum increment will be $0.05, and where the price is $3.00 or higher, the minimum increment will be $0.10 consistent with the minimum 26 increments for options on other ETFs listed on the Exchange. Any and all new series of a

See Exchange Rule 404, Interpretation and Policy .02(e). 21 Id. 22 See Exchange Rule 404, Interpretation and Policy .01. 23 See Exchange Rule 404, Interpretation and Policy .04. 24 See Exchange Rule 404(f). 25 See Exchange Rule 510. 26

SR-MIAX-2026-13 Page 33 of 49 Commodity-Based Trust options that the Exchange lists will be consistent and comply with the expirations, strike prices, and minimum increments set forth in Rules 404 and 510, as applicable. Further, options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6) would trade in the same manner as options on other ETFs on the Exchange. The Exchange Rules that currently apply to the listing and trading of all options on ETFs on the Exchange, including, for example, Rules that govern listing criteria, expirations, exercise prices, minimum increments, position and exercise limits, margin requirements, customer accounts and trading halt procedures would apply to the listing and trading of options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6) in the same manner. Position and exercise limits for options on Commodity-Based Trusts that are approved pursuant to Exchange Rule 402(i)(6) would be determined pursuant to Exchange Rules 307 and 309, respectively, as is the case for other options on other ETFs. Position and exercise limits for options on ETF vary according to the number of outstanding shares and the trading volumes of the underlying ETF over the past six months, where the largest in capitalization and the most frequently traded ETFs have an option position and exercise limits of 250,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market; and smaller capitalization ETFs have position and exercise limits of 200,000, 75,000, 50,000 or 25,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market. Further, Exchange Rule 1502, which governs margin requirements applicable to trading on the Exchange, including options on ETFs, will also apply to the trading of options on a Commodity- Based Trusts listed pursuant to Exchange Rule 402(i)(6). The Exchange represents that the same surveillance procedures applicable to all other options on other ETFs currently listed and traded on the Exchange will apply to the trading of

SR-MIAX-2026-13 Page 34 of 49 options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6). 27 The Exchange represents that it has the necessary systems capacity to support the new option series. The Exchange believes that its existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might potentially arise from listing and trading options on ETFs, including the listing of options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6). Also, the Exchange may obtain information from designated contract markets that are members of the ISG related to a financial instrument that is based, in whole or in part, upon an interest in or performance of a crypto asset, as applicable. The Exchange has specified in proposed Exchange Rule 402(i)(6) that each crypto asset held by the

common membership in ISG. The Exchange will be required to ensure that this requirement is 28 met prior to listing options on a Commodity- Based Trust listed pursuant to proposed Exchange Rule 402(i)(6). Additionally, the Exchange has also analyzed its capacity and represents that it believes the Exchange and the Options Price Reporting Authority or "OPRA" have the necessary systems capacity to handle the additional traffic associated with the listing of new series of ETFs, including options on Commodity-Based Trusts, that are approved subject to Exchange Rule 402(i)(6), up to the number of expirations currently permissible under the Exchange Rules.

The surveillance program includes real-time patterns for price and volume movements and post-tra de 27 surveillance patterns (e.g., spoofing, marking the close, pinging, phishing). There are a number of futures contracts on digital asset commodities that are listed and trading on the CME 28 and Coinbase Derivatives, both of which are ISG members. See https://www.cmegroup.com/markets/cryptocurrencies.html#products. See a lso https://www.coinbase.com/derivatives.

SR-MIAX-2026-13 Page 35 of 49 and 29

1. Statutory Basis The Exchange believes the 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. Specifically, the Exchange believes the proposed rule change is 30 consistent with the Section 6(b)(5) requirements that the rules of an exchange be designed to 31 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) requirement 32 that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. In particular, the Exchange believes that its proposal to permit Commodity-Based Trust Shares that hold multiple crypto assets to be listed and traded without the need for additional approvals, will remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because it would allow the Exchange

15 U.S.C. 78f(b). 30 15 U.S.C. 78f(b)(5). 31 Id. 32

SR-MIAX-2026-13 Page 36 of 49 to immediately list and trade qualifying options on Commodity-Based Trusts, provided the initial listing criteria has been met, without any additional approvals from the Commission. Specifically, the Exchange's proposal to adopt Exchange Rule 402(i)(6) to allow the listing and trading of options on units that represent interests in Commodity- Based Trusts that meet the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, and hold multiple crypto assets in addition to single crypto assets, is consistent 33 with the Act because it will permit the Exchange to offer options on Commodity-Based Trusts soon after the listing of the ETF on the primary listing market, provided that all the generic listing standards for that Commodity-Based Trust on that primary listing market have been met. Listing these options will avail market participants of the opportunity to hedge their positions in the Commodity-Based Trusts in a timely manner, thereby providing investors with the ability to hedge their exposure to the underlying Commodity-Based Trust. Options on Commodity-Based Trusts benefits investors, similar to the listing of any other option on an ETF, by providing investors with a relatively lower-cost risk management tool to manage their positions and associated risk in their portfolios more easily in connection with exposure to the price of a crypto asset. Additionally, listing options on Commodity-Based Trusts provides investors with the ability to transact in such options on a listed market as opposed to the OTC options market, which increases market transparency and enhances the process of price discovery to the benefit of all investors. Also, this proposal would permit options on Commodity-Based Trusts to be listed on the Exchange in the same manner as all other securities that are subject to the current listing criteria in Exchange Rule 402. The Exchange notes that the majority of ETFs are able to list and trade options once the initial listing criteria have been met without the need for additional approvals.

See supra note 9. 33

SR-MIAX-2026-13 Page 37 of 49 The proposed rule change would allow options on certain Commodity-Based Trusts to likewise list and trade options once the initial listing criteria on the primary listing market have been met without the need for additional approvals. As proposed, the Exchange would list options in a Commodity-Based Trust that met the generic criteria of the applicable primary listing market, provided the Commodity-Based Trust held multiple crypto assets. Further, each crypto asset held by the Commodity-Based Trust would also be required to satisfy the conditions in proposed Exchange Rule 402(i)(6)(iii), which requires that (A) the total global supply of each underlying crypto asset held by the Commodity- Based Trust has an average daily market value of at least $700 million over the last 12 months; and (B) each crypto asset held by the Commodity-Based Trust underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG. These requirements are consistent with the Act and the protection of investors as they should ensure that each crypto asset held by the underlying ETF has sufficient liquidity prior to listing options, which will serve to prevent disruption to the underlying market. The Exchange believes that market supply serves as a good measure of liquidity to permit options trading in options on Commodity-Based Trusts that holds multiple crypto assets. Requiring each underlying crypto asset to have a requisite amount of deliverable supply, in addition to all the other criteria the ETF is required to have under the applicable primary listing market rules, should ensure adequate liquidity prior to listing. Further, ensuring each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG, will provide the Exchange with information to adequately surveillance options on qualifying Commodity-Based Trusts. Today, the Exchange has a

SR-MIAX-2026-13 Page 38 of 49 comprehensive surveillance sharing agreement in place with both the CME and Coinbase Derivatives through its common membership in ISG. This facilitates the sharing of information that is available to the CME and Coinbase Derivatives through their surveillance of their respective markets, including their surveillance of their respective digital asset futures markets. The Exchange also believes the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system, because it is consistent with current Exchange Rules, previously filed with the Commission. Options on qualifying Commodity-Based Trusts must satisfy the initial listing standards and continued listing standards currently in the Exchange Rules applicable to options on all ETFs, including ETFs that hold other crypto assets already deemed appropriate for options trading on the Exchange in addition to the proposed criteria. Further, the proposal adopts new subparagraph (3) to Exchange Rule 403(g) which will require each crypto asset held by a Commodity-Based Trust to continue to meet the requirement of Exchange Rule 402(i)(6)(iii)(A) on a monthly basis and for the criteria in Exchange Rule 402(i)(6)(iii)(B) to be met on a continuous basis. Accordingly, each crypto asset held by a Commodity-Based Trust must continue to have a total global supply with an average daily market value of at least $700 million over the last 12 months, and also must continue to underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG. The Exchange believes that this continued listing standard, in addition to requirements of Rule 402(i) would protect investors and the public interest by ensuring that the crypto assets held by the Commodity-Based Trust continue to remain liquid. The Exchange believes that requiring the criteria in Exchange Rule 402(i)(6)(iii)(A) on a monthly basis is consistent with the Act and the protection of investors given that the Exchange believes that it is unlikely that a crypto asset with

SR-MIAX-2026-13 Page 39 of 49 an average daily market value of at least $700 million over the previous twelve months would fail to meet that standard as a resulting of trading over a relatively short period of time. By way of example, if a crypto asset has a market capitalization of $900 million and traded at that market capitalization for 15 days in a 20-day trading month, the crypto asset could lose a substantial amount of its value (up to 88%) and still meet the criteria. Similarly, a crypto asset with a market capitalization of $500 million for 15 days in a 20-day trading month, would have to achieve a market capitalization of $1.3 billion (a 160% increase) in the last 5 days to meet the criteria. Given the unlikelihood that there would be a huge movement over a month's period of time and considering the work that would be required to calculate the criteria on a daily basis as compared to each month, the Exchange believes that the proposed continued listing obligation for the average daily market value criteria is sufficient. Further, options on Commodity-Based Trusts that are approved subject to Exchange Rule 402(i)(6) would continue to be subject to exchange Rule 403(g)(5), as renumbered, which states that the Exchange may consider suspending open transactions in options on an ETF if, "such other event occurs or condition exists that in the opinion of the Exchange makes further dealing in such options on the Exchange inadvisable." The Exchange may determine at any point to delist an option on a Commodity-Based Trust that may not have sufficient liquidity or market demand. Options on qualifying Commodity-Based Trusts would trade in the same manner as any other ETF options -- the same Exchange Rules that currently govern the listing and trading o f all ETF options, including permissible expirations, strike prices and minimum increments, and applicable position and exercise limits and margin requirements, will govern the listing and trading of options on qualifying Commodity-Based Trusts. The Exchange represents that it has the necessary systems capacity to support the listing and trading of options on qualifying Commodity-Based Trusts. The Exchange believes that its

SR-MIAX-2026-13 Page 40 of 49 existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from listing and trading of these options on Commodity-Based Trust, particularly in light of the additional requirement that each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in ISG.

and 34

1. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In this regard and as indicated above, the Exchange notes that the rule change is being proposed as a competitive response to the filing submitted by ISE. 35 The Exchange does not believe that the proposal to amend the listing criteria at Exchange Rule 402(i)(6), with respect to ETFs, to adopt new criteria to permit the listing and trading of options on certain Commodity-Based Trusts that hold multiple crypto assets and that were listed pursuant to the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, without the need for additional approvals, will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the

SR-MIAX-2026-13 Page 41 of 49 Act. Options on qualifying Commodity-Based Trusts would need to satisfy the initial listing standards set forth in the Exchange Rules in the same manner as any other ETF before the Exchange could list options on them. Additionally, options on qualifying Commodity-Based Trusts will be equally available to all market participants who wish to trade such options. The Exchange Rules currently applicable to the listing and trading of options on ETFs on the Exchange will apply in the same manner to the listing and trading of all options on qualifying Commodity-Based Trusts. Additionally, the Exchange notes that listing and trading options on qualifying Commodity-Based Trusts on the Exchange will subject such options to transparent exchange based rules as well as price discovery and liquidity, as opposed to alternatively trading such options in the OTC market. The Exchange believes that the proposed rule change may relieve any burden on, or otherwise promote, competition as it is designed to increase competition for order flow on the Exchange in a manner that is beneficial to investors by providing them with a lower-cost option to hedge their investment portfolios in a timely manner. The Exchange does not believe that the proposal to adopt new listing criteria at Exchange Rule 402(i)(6) to permit the listing and trading of certain options on certain Commodity-Based Trusts that hold multiple crypto assets and that were listed pursuant to the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, without the need for additional approvals, will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. Other options exchanges are free to amend their applicable rules to permit them to list and trade options on Commodity-Based

1. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others Written comments were neither solicited nor received.

SR-MIAX-2026-13 Page 42 of 49

1. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange respectfully requests accelerated effectiveness pursuant to Section 19(b)(2) of the Act of this proposal. The Exchange believes that this proposed rule change, which is essential to promote a free and open market for the benefit of investors, does not raise any new, unique or substantive issues from those raised by ISE in its filing. Accelerated 36 approval will allow the Exchange to immediately implement the proposed rule change upon its filing and approval with the Commission. The Exchange believes that accelerated approval is consistent with the protection of investors and the public interest because most, if not all, other competing exchanges would (or already have) filed similar proposals. The requested accelerated approval would, therefore, allow the Exchange to immediately compete with other options exchanges for order flow to list and trade options on a Commodity-Based Trust that meets the generic listing standards described in this filing. Investors and the public interest will benefit by the trading of these option contracts on additional exchanges, via increased price competition. Accordingly, the proposed accelerated approval does not give rise to any novel investor protection concerns. This filing expands upon the previously established definition of Commodity-Based Trust and allows it to hold multiple crypto assets. The expansion upon the established criteria will still ensure the liquidity in the Commodity-Based Trust prior to listing options, and will still require that the crypto assets held by the Commodity-Based Trust underlie a derivative contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in ISG. In short, the proposed filing reduces the type of options on Commodity- Based Trusts that

SR-MIAX-2026-13 Page 43 of 49 would be listed pursuant to the generic criteria. First, the Commodity- Based Trust may hold multiple crypto assets. Second, the Exchange requires the total global supply of the underlying crypto asset held by each Commodity-Based Trust to have an average daily market value of at least $700 million over the last 12 months, ensuring liquidity prior to listing options on the Commodity-Based Trust. The Exchange believes that market supply serves as a good measure of liquidity to prevent the addition of options trading from disrupting the market for the underlying security. Third, the crypto asset held by each Commodity-Based Trust must underlie a derivatives contract that trades. Finally, the Exchange believes that its existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from listing and trading of these ETF options particularly in light of the additional requirement that the commodity held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in ISG, providing the Exchange with information to adequately surveillance options on qualifying Commodity-Based Trusts. The Exchange has not identified any issues with the listing and trading of any options on ETFs, including options on a Commodity- Based Trust that holds a single crypto asset. Accordingly, the Exchange believes that no regulatory purpose would be served by delaying implementation of this filing.

1. 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:

SR-MIAX-2026-13 Page 44 of 49

• Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml);

• Send an e-mail to rule-comments@sec.gov. Please include File Number SR-
  MIAX-2026-13 on the subject line. Paper comments:

• Send paper comments in triplicate to Vanessa Countryman, Secretary, Securities and
  Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. All submissions should refer to file number SR-MIAX-2026-13. 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 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.

SR-MIAX-2026-13 Page 45 of 49 All submissions should refer to file number SR-MIAX-2026-13 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. 37 Sherry R. Haywood, Assistant Secretary

17 CFR 200.30-3(a )(12). 37

SR-MIAX-2026-13 Page 46 of 49

EXHIBIT 5

New text is underlined; Deleted text is in [brackets]

MIAX Options Exchange Rules

---

Rule 402. Criteria for Underlying Securities

(a) -- (h) No Change. (i) Securities deemed appropriate for options trading shall include shares or other securities ("Exchange-Traded Fund Shares") that are traded on a national securities exchange and are defined as an "NMS stock" under Rule 600 of Regulation NMS, and that: (1) -- (3) No Change. (4) are issued by the SPDR® Gold Trust, the iShares COMEX Gold Trust, the iShares Silver Trust, the Aberdeen Standard Silver ETF Trust, the Aberdeen Standard Physical Gold Trust, the Aberdeen Standard Palladium ETF Trust, the Aberdeen Standard Platinum ETF Trust, the Goldman Sachs Physical Gold ETF, the Sprott Physical Gold Trust, the iShares Bitcoin Trust, the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund, the ARK 21Shares Bitcoin ETF, the VanEck Bitcoin ETF, the Fidelity Ethereum Fund, the iShares Ethereum Trust, the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, or the Bitwise Ethereum ETF; (5) represent an interest in a registered investment company ("Investment Company") organized as an open-end management company or similar entity, that invests in a portfolio of securities selected by the Investment Company's investment adviser consistent with the Investment Company's investment objectives and policies, which is issued in a specified aggregate minimum number in return for a deposit of a specified portfolio of securities and/or a cash amount with a value equal to the next determined net asset value ("NAV"), and when aggregated in the same specified minimum number, may be redeemed at a holder's request, which holder will be paid a specified portfolio of securities and/or cash with a value equal to the next determined NAV ("Managed Fund Share"); or (6) represent interests in a Commodity-Based Trust that meet the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, except that the Commodity-Based Trust holds a single crypto asset or multiple crypto assets as defined in subparagraph (iii) below, provided that all of the following conditions are met: (i) the Exchange-Traded Fund Shares either: (A) meet the criteria and guidelines set forth in paragraphs (a) and (b) above; or

SR-MIAX-2026-13 Page 47 of 49 (B) the Exchange-Traded Fund Shares are available for creation or redemption each business day from or through the issuing trust, investment company, commodity pool or other entity in cash or in kind at a price related to net asset value, and the issuer is obligated to issue Exchange-Traded Fund Shares in a specified aggregate number even if some or all of the investment assets and/or cash required to be deposited have not been received by the issuer, subject to the condition that the person obligated to deposit the investment assets has undertaken to deliver them as soon as possible and such undertaking is secured by the delivery and maintenance of collateral consisting of cash or cash equivalents satisfactory to the issuer of the Exchange-Traded Fund Shares, all as described in the Exchange-Traded Fund Shares' prospectus; and (C) For Commodity Pool ETFs that engage in holding and/or managing portfolios or baskets commodity futures contracts, options on commodity futures contracts, swaps, forward contracts, options on physical commodities, options on non-U.S. currency and/or securities, the Exchange has entered into a comprehensive surveillance sharing agreement with the marketplace or marketplaces with last sale reporting that represent(s) the highest volume in such commodity futures contracts and/or options on commodity futures contracts on the specified commodities or non-U.S. currency, which are utilized by the national securities exchange where the underlying Commodity Pool ETFs are listed and traded. (ii) the Exchange-Traded Fund Shares meet the following criteria: (A) are listed pursuant to generic listing standards for ETF Shares, or portfolio depositary receipts and index fund shares based on international or global indexes under which a comprehensive surveillance agreement is not required; or (B) (1) any non-U.S. component securities of an index or portfolio of securities on which the Exchange-Traded Fund Shares are based that are not subject to comprehensive surveillance agreements do not in the aggregate represent more than 50% of the weight of the index or portfolio; (2) component securities of an index or portfolio of securities on which the Exchange-Traded Fund Shares are based for which the primary market is in any one country that is not subject to a comprehensive surveillance agreement do not represent 20% or more of the weight of the index; (3) component securities of an index or portfolio of securities on which the Exchange-Traded Fund Shares are based for which the primary market is in any two countries that are not subject to comprehensive surveillance agreements do not represent 33% or more of the weight of the index; and (4) For Currency Trust Shares, the Exchange has entered into an appropriate comprehensive surveillance sharing agreement with the marketplace or marketplaces with last sale reporting that represent(s) the highest volume in derivatives (options or futures) on the specified non-U.S. currency or currencies, which are utilized by the national securities exchange where the underlying Currency Trust Shares are listed and traded.

SR-MIAX-2026-13 Page 48 of 49 (iii) Additionally, with respect to a Commodity-Based Trust that meets the requirements of Exchange Rule 402(i)(6), the following requirements are satisfied: (A) the total global supply of [the]each underlying crypto asset(s) held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (B) [the]each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the Intermarket Surveillance Group. For purposes of this rule the term "crypto asset" means an asset that is generated, issued and/or transferred using a blockchain or similar distributive ledger technology network, including but not limited to, assets known as "tokens," "digital assets," "virtual currencies," and "coins" and that relies on cryptographic protocols. *****

Rule 403. Withdrawal of Approval of Underlying Securities

(a) -- (f) No Change. (g) Exchange-Traded Fund Shares approved for options trading pursuant to Rule 402(i) will not be deemed to meet the requirements for continued approval, and the Exchange shall not open for trading any additional series of option contracts of the class covering such Exchange-Traded Fund Shares if the Exchange-Traded Fund Shares are delisted from trading as provided in subparagraph (b)([4]5) of this Rule or the Exchange-Traded Fund Shares are halted or suspended from trading on their primary market. In addition, the Exchange shall consider the suspension of opening transactions in any series of options of the class covering Exchange-Traded Fund Shares in any of the following circumstances: (1) In the case of options covering Exchange-Traded Fund Shares approved pursuant to Rule 402(i)(6)(i)(A), in accordance with the terms of subparagraphs (b)(1), (2) and and (4) of this Rule 403; (2) In the case of options covering Exchange-Traded Fund Shares approved pursuant to Rule 402(i)(6)(i)(B), following the initial twelve-month period beginning upon the commencement of trading in the Exchange-Traded Fund Shares on a national securities exchange and are defined as an "NMS stock" under Rule 600 of Regulation NMS, there were fewer than 50 record and/or beneficial holders of such Exchange-Traded Fund Shares for 30 or more consecutive trading days; (3) In the case of options covering Exchange-Traded Fund Shares approved pursuant to Rule 402(i)(6)(iii), if the criteria in Rule 402(i)(6)(iii)(A) are no longer satisfied, as determined by the Exchange on a monthly basis, or if the criteria in Rule 402(i)(6)(iii)(B) are no longer satisfied; ([3]4) the value of the index or portfolio of securities or non-U.S. currency, portfolio of commodities including commodity futures contracts, options on commodity futures contracts, swaps, forward contracts, options on physical commodities and/or Financial Instruments

SR-MIAX-2026-13 Page 49 of 49 and Money Market Instruments, on which the Exchange-Traded Fund Shares are based is no longer calculated or available; or ([4]5) such other event occurs or condition exists that in the opinion of the Exchange makes further dealing in such options on the Exchange inadvisable. *****