NYSE Arca Expands Options for Commodity Trust Shares
Published Date: 12/10/2025
Notice
Summary
NYSE Arca is updating its rules to make it easier to list options on Commodity-Based Trust Shares, joining Nasdaq ISE in this move. This change affects traders and investors by expanding the types of options available, with the new rules effective immediately. No new fees or costs are mentioned, so it’s all about more choices and smoother trading starting now!
Analyzed Economic Effects
6 provisions identified: 3 benefits, 3 costs, 0 mixed.
Allows options on single-crypto ETFs
You can trade options on Commodity-Based Trust Shares (ETFs) that hold a single crypto asset if they meet NYSE Arca's generic listing criteria and the extra requirements in the new Rule 5.3-O(g)(x). The Exchange says these options may be listed and traded the same way as other ETF options once the listing criteria are met.
$700M crypto supply threshold
To qualify, the total global supply of the crypto asset held by the Commodity-Based Trust must have an average daily market value of at least $700,000,000 over the last 12 months. The market value is calculated as total issued supply multiplied by the token price.
Derivatives market surveillance requirement
A crypto asset held by the Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement (including via common membership in the Intermarket Surveillance Group). The Exchange must ensure this surveillance requirement is met before listing options.
Immediate listing once criteria met
The Exchange may list and open options on qualifying Commodity-Based Trust Shares without additional Commission approvals once the listing criteria are met. The Commission designated the proposed rule change to be operative upon filing (filed November 21, 2025).
Standard option terms and increments apply
Options on Commodity-Based Trust Shares will follow the Exchange's existing rules for expirations, strike‑price intervals, and minimum increments. For example, strike intervals are $1 when strike price is $200 or less and $5 when over $200; minimum quote increments are $0.05 when option price is below $3.00 and $0.10 when $3.00 or higher.
Existing position and exercise limits apply
Position and exercise limits for options on qualifying Commodity-Based Trust Shares will follow existing Exchange rules: the largest and most frequently traded ETFs can have limits up to 250,000 contracts on the same side of the market; smaller ETFs may have limits of 200,000, 75,000, 50,000, or 25,000 contracts (subject to adjustments).
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