Conclusion: MIAX believes that there is insufficient data to make a reliable statistical and economic evaluation of market quality in the options market during States. MIAX further believes that there is insufficient data to make a reliable assessment of whether the lack of obvious error rules in effect during straddle and limit states are problematic. As noted above, to date, the Exchange has not received any requests for review of a transaction pursuant to Rule 521 when the underlying security was in a State. As such, MIAX has not identified any problematic outcomes as a result of the pilot rule. .