NYSE Arca Enables iShares and Fidelity Ethereum Options
Published Date: 4/17/2025
Notice
Summary
NYSE Arca is updating its rules to let people trade options on two new Ethereum-based funds: the iShares Ethereum Trust ETF and the Fidelity Ethereum Fund. This change affects investors interested in crypto-related products and takes effect immediately, opening fresh trading opportunities without extra fees. It’s a smart move to keep up with the growing crypto market and give traders more choices right now!
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Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
Options Now Listed for ETHA and FETH
You can trade options on the iShares Ethereum Trust ETF (ETHA) and the Fidelity Ethereum Fund (FETH) on NYSE Arca after the Exchange filed the rule change on April 9, 2025. The Exchange amended Rules 5.3-O, 5.4-O, and 6.8-O to permit listing and trading of options on these two Ether Funds.
25,000-Contract Position Limit Set
Options on the Ether Funds will have a position and exercise limit of 25,000 contracts on the same side of the market. The Exchange set this 25,000-contract limit (the lowest available industry limit) to address manipulation concerns and to govern how many contracts a single investor may control.
Surveillance, Clearing, and Market Safeguards
Options on the Ether Funds will not be available for trading until The Options Clearing Corporation (OCC) confirms it can clear and settle them, and trading will be monitored using existing Exchange surveillance, FINRA regulatory arrangements, and Intermarket Surveillance Group (ISG) information sharing (including CME data). The Exchange says these surveillance and reporting safeguards are intended to deter and detect manipulation in Ether Fund options trading.
Trading Specs, Expirations, and Limits
Options on ETHA and FETH will be physically settled American-style contracts and the Exchange will open at least one expiration month at commencement. The Exchange may list weekly, monthly, quarterly, or LEAPS (12 to 39 months), will use strike intervals of $1 for strikes at $200 or less and $5 for strikes over $200, and minimum increments of $0.05 when option price is below $3.00 and $0.10 when $3.00 or higher; Ether Fund options will not be eligible for FLEX trading.
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