NYSE Seeks Green Light for Commodity Trust Options Trading
Published Date: 6/17/2025
Notice
Summary
The NYSE American and NYSE Arca want to let people trade options on Commodity-Based Trust Shares, which are like special investment bundles tied to commodities. The SEC is now deciding if this change is a good idea, with a deadline around mid-June 2025. If approved, investors could see new ways to trade and possibly more money-making chances in the near future.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Options Trading Allowed on Commodity Trusts
The NYSE American and NYSE Arca have proposed rules to allow listing and trading of options on Commodity-Based Trust Shares. The Exchanges filed the proposals on February 24, 2025, and the SEC instituted proceedings on June 12, 2025 (with a designation touching June 15, 2025) to determine whether to approve or disapprove the changes. The Exchanges state that options on these shares would let investors hedge exposure and trade in a listed market with increased transparency and price discovery.
Broader Eligibility Without Extra SEC Approval
The Exchanges propose that any exchange-traded fund approved to list on the primary market as a Commodity-Based Trust Share would qualify as an underlying for options on the Exchanges without requiring separate additional Commission approval. This change would apply once an ETF is approved as a Commodity-Based Trust Share and other listing criteria are met.
Existing ETF Option Rules Will Apply
The Exchanges state that options on Commodity-Based Trust Shares would trade under the same existing ETF option rules, including listing criteria, continued listing standards, expirations (weekly/monthly/quarterly/LEAPS), exercise/strike price rules, minimum increments, position and exercise limits, margin rules, customer account rules, trading halt procedures, and surveillance. For example, the largest funds may have option position and exercise limits of 250,000 contracts, with smaller funds subject to 200,000, 75,000, 50,000, or 25,000 contract limits.
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The SEC is taking extra time to review Nasdaq’s plan to list and trade shares of the VanEck Avalanche ETF, a new commodity-based fund. This means investors and traders will have to wait until July 28, 2025, for a final decision. The delay helps ensure the SEC carefully considers all feedback before giving the green light or a no-go.
Next: 2025-11097 — Self-Regulatory Organizations; Cboe Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend Rules To Permit the Listing of Options on Commodity-Based Trust Shares
The Cboe Exchanges want to start listing options on Commodity-Based Trust Shares, which are special investment products tied to commodities like gold or oil. The SEC is now deciding whether to approve or reject these rule changes, with a decision expected by June 17, 2025. This move could open new trading opportunities for investors and impact how these options are bought and sold.