Nasdaq Refines Commodity Share Rules: 85% Asset Threshold Set
Published Date: 4/28/2026
Notice
Summary
Nasdaq wants to update the rules for listing Commodity-Based Trust Shares, making sure at least 85% of their value comes from approved assets and clarifying what counts as a commodity. This change affects investors and companies listing these shares, aiming for clearer, safer trading. The SEC is now asking for public feedback before deciding, so watch for updates soon!
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Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
85% NAV Requirement and 15% Flex
Nasdaq would require at least 85% of a Commodity-Based Trust Share's net asset value (NAV) to be made up of assets already allowed under the generic listing standards, and up to 15% of the NAV may be other assets. The fund sponsor must monitor the 85% threshold daily and promptly notify Nasdaq if the Trust falls below the requirement.
Excluding NFTs and Collectibles
Nasdaq proposes to amend the Commodity definition to exclude non-fungible assets and collectibles, meaning those items would not count as eligible commodities under the generic listing standards. Nasdaq may still seek individual SEC approval (via a 19b-4 filing) to list a Commodity-Based Trust Share that includes such excluded assets.
Derivatives Counted by Gross Notional
When calculating the 85% NAV requirement, holdings in listed and over-the-counter derivatives will be measured using their aggregate gross notional value. This is the specific method Nasdaq will use to include derivatives in the Trust's NAV calculation.
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