ISE Proposes Codifying Monday/Wednesday Short Term Daily Expiration Listing Rules for Qualifying Securities with Earnings Announcements

SR-ISE-2026-19 Page 3 of 28

1. Text of the Proposed Rule Change
   (a) Nasdaq ISE, LLC ("ISE" or "Exchange"), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act") and Rule 19b-4 thereunder, is filing with the 1 2 Securities and Exchange Commission ("SEC" or "Commission") a proposal to amend the Short Term Option Series Program in Supplementary Material .03 of Options 4, Section 5 to add clarifying language concerning the listing and treatment of Monday and Wednesday Short Term Daily Expirations for Qualifying Securities when an Earnings Announcement occurs after 3 market close. A notice of the proposed rule change for publication in the Federal Register is attached as Exhibit 1. The text of the proposed rule change is attached as Exhibit 5. (b) Not applicable. (c) The proposed rule change amends The Nasdaq Stock Market LLC ("Nasdaq"), Nasdaq Phlx LLC ("Phlx"), Nasdaq BX, Inc. ("BX"), Nasdaq GEMX, LLC ("GEMX") and Nasdaq MRX, LLC ("MRX") Options 4, Section 5. Nasdaq, Phlx, BX, GEMX and MRX incorporate ISE Options 4, Section 5 by reference.

2. Procedures of the Self-Regulatory Organization
   The proposed rule change was approved by the Board of Directors (the "Board") on February 5, 2025. No other action is necessary for the filing of the rule change.

15 U.S.C. 78s(b)(1). 1 17 CFR 240.19b-4. 2 An Earnings Announcement shall include official public quarterly or yearly earnings filed with the 3 Securities and Exchange Commission.

SR-ISE-2026-19 Page 5 of 28 Qualifying Security. ISE makes the list of Qualifying Securities available by close of business 5 on the first trading day of the quarter on its website. For individual stocks on Qualifying Securities, the Exchange does not list a Monday or Wednesday Short Term Daily Expiration on a day when an Earnings Announcement occurs after market close. If a Monday or Wednesday Short Term Option Daily Expiration is listed and an Earnings Announcement is subsequently made after the listing becomes available for trading, the Exchange immediately takes one of the following actions: (1) delists the affected expiration if there is no open interest, or (2) marks the affected expiration as closing only. This is the Exchange's current practice to avoid violating the listing requirements of Supplementary Material .03 of Options 4, Section 5. At this time, the Exchange proposes to codify this practice in its rule text to provide Members with clear expectations regarding listing availability. The Exchange proposes to state, For individual stocks on Qualifying Securities, the Exchange will not list a Monday or Wednesday Short Term Option Daily Expiration on a day when an Earnings Announcement will occur after market close. If a Monday or Wednesday Short Term Option Daily Expiration is listed and an Earnings Announcement is subsequently made after the listing becomes available for trading, the Exchange will: (1) delist the affected expiration if there is no open interest; or (2) if there is open interest, designate the affected expiration as closing only. "Earnings Announcement" shall include official public quarterly or yearly earnings filed with the Securities and Exchange Commission.

Beginning on the second trading day in the first month of each calendar quarter, the market capitalization 5 of individual stocks is calculated based on the closing price established on the primary exchange on the last trading day of the prior calendar quarter and the AUM for Exchange-Traded Fund Shares is calculated based on the NAV established on the primary exchange on the last trading day of the prior calendar quarter. The data establishing the volume thresholds is established by using data from the last month of the prior calendar quarter from The Options Clearing Corporation. For options listed on the first trading day of a given calendar quarter, the volume is calculated using the last month of the quarter prior to that calendar quarter. For example, if the Exchange were to list Qualifying Securities in Q3 of 2026, ISE would look at the volume, measured in sides, for the last month of Q2 2026 or June 2026.

SR-ISE-2026-19 Page 6 of 28 Additionally, the Exchange proposes to remove current text in Supplementary Material .03 to Options 4, Section 5 which states that, "For Qualifying Securities, the Exchange would not list an expiry on a day when there will be an Earnings Announcement that takes place after market close." The proposed rule text makes this sentence unnecessary. Finally, the Exchange proposes to relocate the current description of an Earnings Announcement into the proposed text. The Exchange also proposes other technical amendments to Options 4, Section 5 to reorganize the rule text. The Exchange proposes to relocate current Supplementary Material .07 to Options 4, Section 5 regarding listing Short Term Option Series in equity options, excluding Exchange-Traded Fund Shares and ETNs, which have an expiration date more than twenty-one days from the listing date to a new Supplementary Material .03(g). Also, the Exchange proposes to amend the citations in current Supplementary Material .07 to Options 4, Section 5 to reflect the relocation to current Supplementary Material .03(g) to Options 4, Section 5. Other Amendments to Options 4, Section 5 The Exchange proposes to renumber current Supplementary Material .08 to Options 4, Section 5 (Low Priced Stock Strike Price Interval Program) as Supplementary Material .07 and also proposes to renumber current Supplementary Material .09 to Options 4, Section 5 (Monthly Options Series Program) as Supplementary Material .08. Margin Currently, Options 6C, Section 3, Margin Requirements, provides at subparagraph (a) that a Member must elect to be bound by the initial and maintenance margin requirements of either the Chicago Board of Options Exchange ("Cboe") or the New York Stock Exchange as the

SR-ISE-2026-19 Page 7 of 28 same may be in effect from time to time. The Exchange proposes to update Cboe's name from 6 "Chicago Board of Options Exchange" to "Cboe Exchange, Inc." " b. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act, in 7 general, and furthers the objectives of Section 6(b)(5) of the Act, in particular, in that it is 8 designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The Exchange believes that codifying its existing practice regarding the treatment of Monday and Wednesday Short Term Daily Expiration listings for Qualifying Securities promotes just and equitable principles of trade by providing Members with clear and transparent expectations concerning the availability of such listings. Under the proposed rule text, Members will have express notice that the Exchange will not list a Monday or Wednesday Short Term Daily Expiration on a day when an Earnings Announcement is scheduled to occur after market close, and that in the event an Earnings Announcement is announced after such a listing becomes available for trading, the Exchange will either delist the affected expiration if there is no open interest or mark the expiration as closing only. By memorializing this practice in the rule text, the Exchange ensures that all market participants are informed of the manner in which the Exchange administers its Short Term Option Series Program with respect to Qualifying Securities, thereby promoting fairness and transparency in the marketplace.

MRX Options 6C Rules incorporate by reference ISE's Options 6C Rules. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 8

SR-ISE-2026-19 Page 8 of 28 The Exchange further believes the proposal removes impediments to and perfects the mechanism of a free and open market and a national market system by ensuring that Monday or Wednesday Short Term Daily Expirations are not listed or do not remain available for new opening positions in circumstances that could expose investors to heightened risks associated with post-market-close Earnings Announcements. Options expiring on a day following an after- hours Earnings Announcement may be subject to significant price volatility and uncertainty that could disadvantage investors who are unable to react to material information disclosed after the close of trading. By formalizing the Exchange's practice of either not listing such expirations or marking them as closing only when an Earnings Announcement is announced after listing, depending on whether there is open interest, the proposal helps ensure that the options market operates in a manner that mitigates these risks and supports the integrity of the national market system. The Exchange notes that the proposal does not raise any new or novel regulatory concerns. The proposed rule change merely codifies the Exchange's current practice, which has been in effect to ensure compliance with Supplementary Material .03 of Options 4, Section 5. The Exchange is not proposing to alter its existing approach to administering the Short Term Option Series Program for Qualifying Securities; rather, the Exchange seeks to formalize that approach in its rule text to enhance clarity and predictability for Members and other market participants.

Options 4, Section 5, and renumber current Supplementary Material .08 to Options 4, Section 5

SR-ISE-2026-19 Page 9 of 28 Section 5 (Monthly Options Series Program) are non-substantive amendments intended to reorganize the Exchange's current rules.

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. With respect to intra-market competition, the Exchange does not believe the proposal will place any category of market participant at a competitive disadvantage relative to any other category of market participant. All market participants will be subject to the same rules regarding the listing and treatment of Monday and Wednesday Short Term Daily Expirations for Qualifying Securities when an Earnings Announcement occurs after market close. With respect to inter-market competition, the Exchange does not believe the proposal will place the Exchange at a competitive disadvantage relative to other options exchanges or impose any burden on competition among options exchanges. The proposed rule change does not alter the competitive landscape for options trading, as it merely formalizes the Exchange's current practice in rule text which practice is consistent with that of other options exchanges that have the same listing rules.

Options 4, Section 5 and renumber current Supplementary Material .08 to Options 4, Section 5

Section 5 (Monthly Options Series Program) are non-substantive amendments intended to reorganize the Exchange's current rules.

SR-ISE-2026-19 Page 10 of 28

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

3. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for Accelerated
   Effectiveness Pursuant to Section 19(b)(2) The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(iii) of 9 the Act and Rule 19b-4(f)(6) thereunder in that it effects a change that: (i) does not 10 significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. The Exchange believes the proposal does not significantly affect the protection of investors or the public interest because it does not change the substantive operation of the Short Term Option Series Program or expand the circumstances under which the Exchange may list short-term option series. Rather, the proposal codifies an existing practice designed to address circumstances in which an Earnings Announcement occurs after market close. By formally describing in the rule text how the Exchange will address these situations, including by delisting affected Monday or Wednesday Short Term Daily Expirations when there is no open interest or

15 U.S.C. 78s(b)(3)(A)(iii). 9 17 CFR 240.19b-4(f)(6). 10

SR-ISE-2026-19 Page 11 of 28 marking affected expirations as closing only if there is open interest, the proposal enhances transparency and reduces uncertainty for Members and investors. The remainder of the proposed changes are non-substantive changes. The Exchange also believes the proposal does not impose any significant burden on competition because all market participants will be subject to the same rules regarding the listing and treatment of Monday and Wednesday Short Term Daily Expirations for Qualifying Securities when an Earnings Announcement occurs after market close. The remainder of the proposed changes are non-substantive changes. Furthermore, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the 11 Commission written notice of its intent to file a proposed rule change under that subsection at least five business days prior to the date of filing, or such shorter time as designated by the Commission. The Exchange has provided such notice. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved.

1. Proposed Rule Change Based on Rules of Another Self-Regulatory Organization or of the Commission.

17 CFR 240.19b-4(f)(6)(iii). 11

SR-ISE-2026-19 Page 12 of 28

1. Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act

2. Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing and
   Settlement Supervision Act

3. Exhibits

4. Notice of Proposed Rule Change for publication in the Federal Register.

5. Text of the proposed rule change.

SR-ISE-2026-19 Page 13 of 28

EXHIBIT 1

SECURITIES AND EXCHANGE COMMISSION [Release No. 34 ; File No. SR-ISE-2026-19] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Short Term Options Series Program

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act"), and Rule 1 19b-4 thereunder, notice is hereby given that on April 24, 2026, Nasdaq ISE, LLC ("ISE" or 2 "Exchange") filed with the Securities and Exchange Commission ("SEC" or "Commission") the 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 Exchange proposes to amend the Short Term Option Series Program in Supplementary Material .03 of Options 4, Section 5 to add clarifying language concerning the listing and treatment of Monday and Wednesday Short Term Daily Expirations for Qualifying Securities when an Earnings Announcement occurs after market close. 3 The text of the proposed rule change is available on the Exchange's Website at https://listingcenter.nasdaq.com/rulebook/ise/rulefilings, and at the principal office of the Exchange.

15 U.S.C. 78s(b)(1). 1 17 CFR 240.19b-4. 2 An Earnings Announcement shall include official public quarterly or yearly earnings filed with the 3 Securities and Exchange Commission.

SR-ISE-2026-19 Page 14 of 28

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

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

3. Purpose
   The Exchange proposes to amend the Short Term Option Series Program in Supplementary Material .03 of Options 4, Section 5. The amendment would add clarifying language concerning Monday and Wednesday expiration listings for options on certain individual stocks or Exchange-Traded Fund Shares (collectively, "Qualifying Securities") that are required to be marked closing only. Other technical changes are also proposed to Options 4, Section 5, Series of Options Contracts Open for Trading. The Exchange also proposes an amendment to Options 6C, Margins. Each change will be described below.

Short Term Options Series

Currently, the Exchange permits certain Qualifying Securities to list up to two Monday and Wednesday Short Term Daily Expirations in addition to the Friday weekly expiration, provided they meet the eligibility requirements noted in Supplementary Material .03 of Options 4

Qualifying Securities must meet the following criteria on a quarterly basis: (1) an underlying security, as 4 measured on the last day of the prior calendar quarter, must have:(A) a market capitalization of greater than 700 billion dollars for an individual stock based on the closing price, or (B) Assets under Management ("AUM") greater than 50 billion dollars for an Exchange-Traded Fund Share based on net asset value; (2) monthly options volume, as measured by sides traded in the last month preceding the quarter end, of greater than 10 million options; (3) a position limit of at least 250,000 contracts; and (4) participate in the Penny Interval Program. See Supplementary Material .03 of Options 4, Section 5.

SR-ISE-2026-19 Page 15 of 28 4, Section 5. Each calendar quarter, the Exchange applies the above criteria to individual stocks and Exchange-Traded Fund Shares to determine eligibility for the following quarter as a Qualifying Security. ISE makes the list of Qualifying Securities available by close of business 5 on the first trading day of the quarter on its website. For individual stocks on Qualifying Securities, the Exchange does not list a Monday or Wednesday Short Term Daily Expiration on a day when an Earnings Announcement occurs after market close. If a Monday or Wednesday Short Term Option Daily Expiration is listed and an Earnings Announcement is subsequently made after the listing becomes available for trading, the Exchange immediately takes one of the following actions: (1) delists the affected expiration if there is no open interest, or (2) marks the affected expiration as closing only. This is the Exchange's current practice to avoid violating the listing requirements of Supplementary Material .03 of Options 4, Section 5. At this time, the Exchange proposes to codify this practice in its rule text to provide Members with clear expectations regarding listing availability. The Exchange proposes to state, For individual stocks on Qualifying Securities, the Exchange will not list a Monday or Wednesday Short Term Option Daily Expiration on a day when an Earnings Announcement will occur after market close. If a Monday or Wednesday Short Term Option Daily Expiration is listed and an Earnings Announcement is subsequently made after the listing becomes available for trading, the Exchange will: (1) delist the affected expiration if there is no open interest; or (2) if there is open interest, designate the affected expiration as closing only. "Earnings Announcement" shall include official public quarterly or yearly earnings filed with the Securities and Exchange Commission.

Beginning on the second trading day in the first month of each calendar quarter, the market capitalization 5 of individual stocks is calculated based on the closing price established on the primary exchange on the last trading day of the prior calendar quarter and the AUM for Exchange-Traded Fund Shares is calculated based on the NAV established on the primary exchange on the last trading day of the prior calendar quarter. The data establishing the volume thresholds is established by using data from the last month of the prior calendar quarter from The Options Clearing Corporation. For options listed on the first trading day of a given calendar quarter, the volume is calculated using the last month of the quarter prior to that calendar quarter. For example, if the Exchange were to list Qualifying Securities in Q3 of 2026, ISE would look at the volume, measured in sides, for the last month of Q2 2026 or June 2026.

SR-ISE-2026-19 Page 16 of 28 Additionally, the Exchange proposes to remove current text in Supplementary Material .03 to Options 4, Section 5 which states that, "For Qualifying Securities, the Exchange would not list an expiry on a day when there will be an Earnings Announcement that takes place after market close." The proposed rule text makes this sentence unnecessary. Finally, the Exchange proposes to relocate the current description of an Earnings Announcement into the proposed text. The Exchange also proposes other technical amendments to Options 4, Section 5 to reorganize the rule text. The Exchange proposes to relocate current Supplementary Material .07 to Options 4, Section 5 regarding listing Short Term Option Series in equity options, excluding Exchange-Traded Fund Shares and ETNs, which have an expiration date more than twenty-one days from the listing date to a new Supplementary Material .03(g). Also, the Exchange proposes to amend the citations in current Supplementary Material .07 to Options 4, Section 5 to reflect the relocation to current Supplementary Material .03(g) to Options 4, Section 5.

Other Amendments to Options 4, Section 5

The Exchange proposes to renumber current Supplementary Material .08 to Options 4, Section 5 (Low Priced Stock Strike Price Interval Program) as Supplementary Material .07 and also proposes to renumber current Supplementary Material .09 to Options 4, Section 5 (Monthly Options Series Program) as Supplementary Material .08.

Margin

Currently, Options 6C, Section 3, Margin Requirements, provides at subparagraph (a) that a Member must elect to be bound by the initial and maintenance margin requirements of either the Chicago Board of Options Exchange ("Cboe") or the New York Stock Exchange as the

SR-ISE-2026-19 Page 17 of 28 same may be in effect from time to time. The Exchange proposes to update Cboe's name from 6 "Chicago Board of Options Exchange" to "Cboe Exchange, Inc."

1. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act, in 7 general, and furthers the objectives of Section 6(b)(5) of the Act, in particular, in that it is 8 designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The Exchange believes that codifying its existing practice regarding the treatment of Monday and Wednesday Short Term Daily Expiration listings for Qualifying Securities promotes just and equitable principles of trade by providing Members with clear and transparent expectations concerning the availability of such listings. Under the proposed rule text, Members will have express notice that the Exchange will not list a Monday or Wednesday Short Term Daily Expiration on a day when an Earnings Announcement is scheduled to occur after market close, and that in the event an Earnings Announcement is announced after such a listing becomes available for trading, the Exchange will either delist the affected expiration if there is no open interest or mark the expiration as closing only. By memorializing this practice in the rule text, the Exchange ensures that all market participants are informed of the manner in which the Exchange administers its Short Term Option Series Program with respect to Qualifying Securities, thereby promoting fairness and transparency in the marketplace.

MRX Options 6C Rules incorporate by reference ISE's Options 6C Rules. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 8

SR-ISE-2026-19 Page 18 of 28 The Exchange further believes the proposal removes impediments to and perfects the mechanism of a free and open market and a national market system by ensuring that Monday or Wednesday Short Term Daily Expirations are not listed or do not remain available for new opening positions in circumstances that could expose investors to heightened risks associated with post-market-close Earnings Announcements. Options expiring on a day following an after- hours Earnings Announcement may be subject to significant price volatility and uncertainty that could disadvantage investors who are unable to react to material information disclosed after the close of trading. By formalizing the Exchange's practice of either not listing such expirations or marking them as closing only when an Earnings Announcement is announced after listing, depending on whether there is open interest, the proposal helps ensure that the options market operates in a manner that mitigates these risks and supports the integrity of the national market system. The Exchange notes that the proposal does not raise any new or novel regulatory concerns. The proposed rule change merely codifies the Exchange's current practice, which has been in effect to ensure compliance with Supplementary Material .03 of Options 4, Section 5. The Exchange is not proposing to alter its existing approach to administering the Short Term Option Series Program for Qualifying Securities; rather, the Exchange seeks to formalize that approach in its rule text to enhance clarity and predictability for Members and other market participants.

Options 4, Section 5, and renumber current Supplementary Material .08 to Options 4, Section 5

SR-ISE-2026-19 Page 19 of 28 Section 5 (Monthly Options Series Program) are non-substantive amendments intended to reorganize the Exchange's current rules.

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. With respect to intra-market competition, the Exchange does not believe the proposal will place any category of market participant at a competitive disadvantage relative to any other category of market participant. All market participants will be subject to the same rules regarding the listing and treatment of Monday and Wednesday Short Term Daily Expirations for Qualifying Securities when an Earnings Announcement occurs after market close. With respect to inter-market competition, the Exchange does not believe the proposal will place the Exchange at a competitive disadvantage relative to other options exchanges or impose any burden on competition among options exchanges. The proposed rule change does not alter the competitive landscape for options trading, as it merely formalizes the Exchange's current practice in rule text which practice is consistent with that of other options exchanges that have the same listing rules.

Options 4, Section 5 and renumber current Supplementary Material .08 to Options 4, Section 5

Section 5 (Monthly Options Series Program) are non-substantive amendments intended to reorganize the Exchange's current rules.

SR-ISE-2026-19 Page 20 of 28

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.

1. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
   Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act and subparagraph (f)(6) of Rule 19b-4 thereunder. 9 10 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved.

2. 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:

15 U.S.C. 78s(b)(3)(A)(iii). 9 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the 10 Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement.

SR-ISE-2026-19 Page 21 of 28 Electronic Comments:

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

• Send an email to rule-comments@sec.gov. Please include file number

SR-ISE-2026-19 on the subject line. Paper Comments:

• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to file number SR-ISE-2026-19. 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 filing will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-ISE-2026-19 and should be submitted on or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL

REGISTER].

SR-ISE-2026-19 Page 22 of 28 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 11

Sherry R. Haywood, Assistant Secretary.

17 CFR 200.30-3(a)(12). 11

SR-ISE-2026-19 Page 23 of 28 EXHIBIT 5 New text is underlined; deleted text is in brackets. Nasdaq ISE, LLC Rules

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  Options 4 Options Listing Rules

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  Section 5. Series of Options Contracts Open for Trading (a) After a particular class of options has been approved for listing and trading on the Exchange, the Exchange from time to time may open for trading series of options in that class. Only options contracts in series of options currently open for trading may be purchased or written on the Exchange. Prior to the opening of trading in a given series, the Exchange will fix the type of option, expiration month, year and exercise price of that series. Exercise-price setting parameters adopted as part of the Options Listing Procedures Plan ("OLPP") are set forth in Options 4, Section 6(b). For Short Term Option Series, the Exchange will fix a specific expiration date and exercise price, as provided in Supplementary Material .03. For Quarterly Options Series, the Exchange will fix a specific expiration date and exercise price, as provided in Supplementary Material .04. For Monthly Options Series, the Exchange will fix a specific expiration date and exercise price, as provided in Supplementary Material .0[9]8.

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  Supplementary Material to Options 4, Section 5

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  .03 Short Term Option Series Program. After an option class has been approved for listing and trading on the Exchange as a Short Term Option Series pursuant to Options 1, Section 1(a)(50), the Exchange may open for trading on any Thursday or Friday that is a business day ("Short Term Option Opening Date") series of options on that class that expire at the close of business on each of the next five Fridays that are business days and are not Fridays in which standard expiration options series, Monthly Options Series, or Quarterly Options Series expire ("Friday Short Term Option Expiration Dates"). The Exchange may have no more than a total of five Short Term Option Expiration Dates ("Short Term Option Weekly Expirations"). If the Exchange is not open for business on the respective Thursday or Friday, the Short Term Option Opening Date for Short Term Option Weekly Expirations will be the first business day immediately prior to that respective Thursday or Friday. Similarly, if the Exchange is not open for business on a Friday, the Short Term Option Expiration Date for Short Term Option Weekly Expirations will be the first business day immediately prior to that Friday. Short Term Option Daily Expirations

SR-ISE-2026-19 Page 24 of 28 In addition to the above, the Exchange may open for trading series of options on the symbols provided in Table 1 and Table 2 below that expire at the close of business on each of the next two Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that are business days beyond the current week and are not business days in which standard expiration options series, Monthly Options Series, or Quarterly Options Series expire ("Short Term Option Daily Expirations"). The Exchange may have no more than a total of two Short Term Option Daily Expirations beyond the current week for each of Monday, Tuesday, Wednesday, and Thursday expirations at one time. Short Term Option Daily Expirations would be subject to this Supplementary Material .03.

• * * * *
• Qualifying Securities are defined as eligible individual stocks or Exchange-Traded Fund Shares, which are separate and apart from the symbols listed in Table 1, that have received approval to list additional expiries on specific symbols, that meet the following criteria on a quarterly basis: (1) an underlying security, as measured on the last day of the prior calendar quarter, must have: (A) a market capitalization of greater than 700 billion dollars for an individual stock based on the closing price, or (B) Assets under Management ("AUM") greater than 50 billion dollars for an Exchange-Traded Fund Share based on net asset value ("NAV"); (2) monthly options volume, as measured by sides traded in the last month preceding the quarter end, of greater than 10 million options; (3) a position limit of at least 250,000 contracts; and (4) participate in the Penny Interval Program. Each calendar quarter, the Exchange will apply the above criteria to individual stocks and Exchange-Traded Fund Shares to determine eligibility for the following quarter as a Qualifying Security. Beginning on the second trading day in the first month of each calendar quarter, the market capitalization of individual stocks shall be calculated based on the closing price established on the primary exchange on the last trading day of the prior calendar quarter and the AUM for Exchange-Traded Fund Shares shall be calculated based on the NAV established on the primary exchange on the last trading day of the prior calendar quarter. The data establishing the volume thresholds will be established by using data from the last month of the prior calendar quarter from The Options Clearing Corporation. For options listed on the first trading day of a given calendar quarter, the volume shall be calculated using the last month of the quarter prior to the last trading calendar quarter. For individual stocks on Qualifying Securities, the Exchange will not list a Monday or Wednesday Short Term Option Daily Expiration on a day when an Earnings Announcement will

SR-ISE-2026-19 Page 25 of 28 occur after market close. If a Monday or Wednesday Short Term Option Daily Expiration is listed and an Earnings Announcement is subsequently made after the listing becomes available for trading, the Exchange will: (1) delist the affected expiration if there is no open interest; or (2) if there is open interest, designate the affected expiration as closing only. "Earnings Announcement" shall include official public quarterly or yearly earnings filed with the Securities and Exchange Commission. With respect to Monday expirations for symbols defined in Table 1 and Table 2 above ("Monday Expirations"), the Exchange may open for trading on any Friday or Monday that is a business day series of options on the symbols provided in Table 1 and Table 2 above that expire at the close of business on each of the next two Mondays that are business days and are not business days in which standard expiration options series, Monthly Options Series, or Quarterly Options Series expire ("Monday Short Term Option Expiration Date"), provided that Monday Expirations that are listed on a Friday must be listed at least one business week and one business day prior to the expiration. [For Qualifying Securities, the Exchange would not list an expiry on a day when there will be an Earnings Announcement that takes place after market close. "Earnings Announcement" shall include official public quarterly or yearly earnings filed with the Securities and Exchange Commission.]

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  Regarding Short Term Option Series: (a) Classes. The Exchange may select up to fifty (50) currently listed option classes on which Short Term Option Series may be opened on any Short Term Option Opening Date. In addition to the 50 option class restriction, the Exchange may also list Short Term Option Series on any option classes that are selected by other securities exchanges that employ a similar program under their respective rules. For each option class eligible for participation in the Short Term Option Series Program, the Exchange may open up to 30 Short Term Option Series for each expiration date in that class. The Exchange may also open Short Term Option Series that are opened by other securities exchanges in option classes selected by such exchanges under their respective short term option rules.

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  (e) Strike Interval. During the month prior to expiration of an option class that is selected for the Short Term Option Series Program pursuant to this Rule ("Short Term Option"), 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. The Exchange may open for trading Short Term Option Series 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.

SR-ISE-2026-19 Page 26 of 28 (f) Notwithstanding (e) above, when Short Term Options Series in equity options, excluding Exchange-Traded Funds ("ETFs") and ETNs, have an expiration more than twenty-one days from the listing date, the strike interval for each options class shall be the greater of the strike price interval specified in Supplementary Material .03(e) and the strike price interval specified in the table in Supplementary Material .07. (g) With respect to listing Short Term Option Series in equity options, excluding Exchange- Traded Fund Shares and ETNs, which have an expiration date more than twenty-one days from the listing date, the following table, which specifies the applicable interval for listing, will apply as noted within (f) above. To the extent there is a conflict between applying (e) above and the below table, the greater interval would apply.

Daily than to to to to or Volume $2.50 less less less less than than than than

than

than 1,000 to

The Share Price would be the closing price on the primary market on the last day of the calendar quarter. The Average Daily Volume would be the total number of options contracts traded in a given security for the applicable calendar quarter divided by the number of trading days in the applicable calendar quarter. Beginning on the second trading day in the first month of each calendar quarter, the Average Daily Volume shall be calculated by utilizing data from the prior calendar quarter based on Customer-cleared volume at The Options Clearing Corporation. For options listed on the first trading day of a given calendar quarter, the Average Daily Volume shall be calculated using the quarter prior to the last trading calendar quarter. Short Term Options Series that are newly eligible for listing pursuant to Supplementary Material .03 to Options 4, Section 3 will not be subject to this paragraph (g) until after the end of the first full calendar quarter following the date the option class was first listed for trading on any options market. Tier Average Less $2.50 $25 $75 $150 $500 Greater $0.50 $1.00 $1.00 $1.00 $5.00 $10.00 Greater $0.50 $0.50 $1.00 $1.00 $5.00 $5.00 greater 0 to $0.50 $2.50 $5.00 $5.00 $5.00 $10.00 5,000 5,000 1,000 Share Price $25 $75 $150 $500

SR-ISE-2026-19 Page 27 of 28 In the event of a corporate action, the Share Price of the surviving company would be utilized.

• * * * * [.07 With respect to listing Short Term Option Series in equity options, excluding Exchange- Traded Fund Shares and ETNs, which have an expiration date more than twenty-one days from the listing date, the following table, which specifies the applicable interval for listing, will apply as noted within Supplementary Material .03(f). To the extent there is a conflict between applying Supplementary Material .03(e) and the below table, the greater interval would apply.

Daily than to to to to or Volume $2.50 less less less less than than than than

than

than

The Share Price would be the closing price on the primary market on the last day of the calendar quarter. The Average Daily Volume would be the total number of options contracts traded in a given security for the applicable calendar quarter divided by the number of trading days in the applicable calendar quarter. Beginning on the second trading day in the first month of each calendar quarter, the Average Daily Volume shall be calculated by utilizing data from the prior calendar quarter based on Customer-cleared volume at The Options Clearing Corporation. For options listed on the first trading day of a given calendar quarter, the Average Daily Volume shall be calculated using the quarter prior to the last trading calendar quarter. Short Term Options Series that are newly eligible for listing pursuant to Options 4, Section 3 will not be subject to this proposed Supplementary .07 until after the end of the first full calendar quarter following the date the option class was first listed for trading on any options market. Tier Average Less $2.50 $25 $75 $150 $500 Greater $0.50 $1.00 $1.00 $1.00 $5.00 $10.00 greater Greater $0.50 $0.50 $1.00 $1.00 $5.00 $5.00 1,000 to 0 to $0.50 $2.50 $5.00 $5.00 $5.00 $10.00 Share Price $25 $75 $150 $500 5,000 5,000 1,000

SR-ISE-2026-19 Page 28 of 28 In the event of a corporate action, the Share Price of the surviving company would be utilized.] .0[8]7 Low Priced Stock Strike Price Interval Program. (a) Eligibility for the Low Priced Stock Strike Price Interval Program. To be eligible for inclusion in the Low Priced Stock Strike Price Interval Program, an underlying stock must (i) close below $2.50 in its primary market on the previous trading day; and (ii) have an average daily trading volume of at least 1,000,000 shares per day for the three (3) preceding calendar months.

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  .0[9]8 Monthly Options Series Program. The Exchange may list and trade options series that expire at the close of business on the last business day of a calendar month ("Monthly Options Series").

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  Options 6C Margins

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  Section 3. Margin Requirements (a) A Member must elect to be bound by the initial and maintenance margin requirements of either the [Chicago Board of Options]Cboe Exchange, Inc. or the New York Stock Exchange as the same may be in effect from time to time.

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