U.S. Options

Direxion Daily Small Cap Bear 3X ETF (TZA) has announced a reverse stock split effective for Wednesday, July 15, 2026.

TZA1 will be available for trading on the MIAX Options, MIAX Pearl Options and MIAX Sapphire Options Exchanges on Wednesday, July 15, 2026. TZA1 will not be available for trading on the MIAX Emerald Options Exchange.

No options on the underlying TZA will be available for trading on Wednesday, July 15, 2026.

All GTC orders resting on the MIAX order books in TZA will be canceled at the close of business on Tuesday, July 14, 2026.

TZA will resume trading on the MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options Exchanges on Thursday July 16, 2026.

Please Note:

• TZA1 options will trade on Cloud 17 on the MIAX Options Exchange, on Cloud 9 on the MIAX Pearl Options Exchange and on Cloud 6 on the MIAX Sapphire Options Exchange.

Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments. 

• TZA should be used for class assignments in TZA1via MFP

All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later.

MIAX Options and MIAX Emerald Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP. 
 
Additional details about the Direxion Daily Small Cap Bear 3X ETF (TZA) reverse split are provided in the attached OCC Memo.

Please contact MIAX Listings with any questions at Listings@miaxglobal.com or (609) 897-7308.