Trade Gold Like Stocks? New ETF Options Sparkle
Published Date: 4/2/2025
Notice
Summary
MEMX is now letting folks trade options on special ETFs that hold precious metals like gold, silver, palladium, and platinum. This change means investors can get more creative with their trades starting right away, potentially opening new ways to invest and manage money. If you’re into trading or investing in these shiny metals, this update is for you!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Options Allowed on Six Precious‑Metal ETFs
MEMX may list and trade options on six specified precious‑metal ETFs: SIVR, SGOL, PALL, PPLT, PHYS, and AAAU. The rule change was filed March 14, 2025 and expands MEMX Rule 19.3(i)(4) to include these ETFs as Fund Shares appropriate for options trading.
Specified Position Limits for ETF Options
MEMX will apply position limits to these ETF options; the filing lists specific limits: SIVR—250,000 contracts; SGOL—250,000 contracts; PALL—50,000 contracts; PPLT—75,000 contracts; AAAU—250,000 contracts; and anticipates PHYS will be subject to a 250,000 contract limit. Position and exercise limits will be set pursuant to MEMX Rules 18.7 and 18.9.
Trading Terms: Settlement and Strike Rules
Options on these precious‑metal ETFs will be physically settled American‑style contracts. Strike price intervals may be $1 (for strikes $200 or less) or $5 (for strikes over $200), and MEMX may list series under $1, $0.50, $2.50, or $5 strike programs; minimum quoting increments are $0.05 if the series trades below $3.00 and $0.10 if trading at $3.00 or higher (with penny increments possible under the Penny Interval Program).
Rule Became Operative Immediately
The Exchange filed the proposed rule change on March 14, 2025 and requested waiver of the 30‑day operative delay; the Commission designated the proposed rule change to be operative upon filing. That means MEMX could list and trade options on the listed precious‑metal ETFs immediately after filing.
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