Cboe Pushes for New Commodity Options on the Trading Floor
Published Date: 6/17/2025
Notice
Summary
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.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Options on Commodity-Based Trusts Allowed
The Cboe Exchanges have proposed rules to allow listing and trading of options on Commodity-Based Trust Shares (Units or Fund Shares) that represent interests in trusts holding specified commodities and/or cash. If approved, any ETF already approved to list on a primary equities market that qualifies as a Commodity-Based Trust Share could be an underlying for options without additional Commission approvals; the SEC is reviewing the proposal with a decision due by June 17, 2025. The Exchanges say these options would let investors hedge commodity exposure and increase market transparency and price discovery.
ETF Option Rules and Position Limits Apply
The Exchanges state that options on Commodity-Based Trust Shares would trade under the same rules that apply to other ETF options, including listing criteria, continued listing standards, expirations, strike-price rules, minimum increments, margin requirements, customer account rules, and trading-halt procedures. Position and exercise limits would apply and, for the largest funds, can be 250,000 contracts on the same side of the market; smaller funds may have limits of 200,000, 75,000, 50,000, or 25,000 contracts. BZX and EDGX may list long-term options that expire from 12 to 39 months.
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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.
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