Options Penny Program
MIAX is a participant in an industry-wide program that provides for the quoting and trading of certain option classes in penny increments (the "Penny Interval Program" or "Penny Program"). Specifically, the Penny Program allows the quoting and trading of certain option classes in minimum increments of $0.01 for all series in such option classes with a price of less than $3.00; and in minimum increments of $0.05 for all series in such option classes with a price of $3.00 or higher. Options overlying the Invesco QQQ Trust® (QQQ), SPDR® S&P 500® ETF Trust (SPY), and iShares® Russell 2000 ETF (IWM), however, are quoted and traded in minimum increments of $0.01 for all series regardless of the price.