Copper Trust Hits the Exchange: Sprott Shares Coming to NYSE Arca
Published Date: 6/26/2025
Notice
Summary
NYSE Arca wants to start trading shares of the Sprott Physical Copper Trust, letting investors buy and sell copper-backed units easily. This change affects anyone interested in investing in copper through the stock market and could open new ways to invest starting soon after approval. It’s a fresh, shiny chance to add copper to your portfolio with the convenience of regular stock trading.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 2 costs, 1 mixed.
Copper-backed Shares Listed on NYSE Arca
NYSE Arca filed to list and trade units of the Sprott Physical Copper Trust under NYSE Arca Rule 8.201-E. The filing was made on June 10, 2025, and the Units currently trade on the Toronto Stock Exchange under the symbols COP.U (U.S. dollars) and COP.UN (Canadian dollars).
Monthly Redemptions With Specific Terms
Unitholders may redeem Units on a monthly basis for physical copper or for cash. Physical redemptions must be at least one Minimum Physical Redemption Lot (the equivalent of 100 metric tons); cash redemptions receive 95% of the lesser of (i) the 5-business-day volume-weighted average trading price or (ii) the Net Asset Value as of 4:00 p.m. on the applicable Redemption Date, less fees, with redemption notices due by 4:00 p.m. Eastern time on the 15th day of the calendar month.
No Regular Cash Distributions
The Trust does not anticipate making regular cash distributions to unitholders. The Trust expects to hold substantially all of its assets in physical copper and cash and will not make regular payments to holders.
Trust Holds Only Physical Copper and Cash
The Trust will hold substantially all of its assets in physical copper (Grade 1 Cathode or Grade A Cathode) and cash and will not hold or trade in futures, options, warrants, swap contracts, commodity interests, or other instruments regulated by the Commodity Exchange Act. The Trust will not be a commodity pool or an investment company registered under the Investment Company Act of 1940.
Transparency: NAV, IIV, and Daily Holdings
The Trust will calculate and publish its Net Asset Value (NAV) daily and will provide an intraday indicative value (IIV) per Unit every 15 seconds during the NYSE Arca Core Trading Session (9:30 a.m. to 4:00 p.m. Eastern time). The Trust will post its copper holdings on its website before 9:30 a.m. Eastern time each trading day.
Custody and Storage Location Details
The Trust will store its copper with Warehouse Providers at Facilities approved by the CME or LME in Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States. The Trustee is custodian of the Trust's assets it holds but is not responsible for the safekeeping of the Trust's physical copper, and the Manager may change custodial arrangements with the Trustee's consent.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2025-11731 — Scott Hansen, A.R.N.P.; Default Decision and Order
Scott Hansen, a nurse practitioner from Seattle, had his DEA registration suspended and is losing his license to handle controlled substances because he kept prescribing drugs after his state license was suspended. Since he didn’t ask for a hearing, the DEA decided to revoke his registration to keep the public safe. This means he can no longer legally prescribe or handle controlled substances, effective immediately.
Next: 2025-11733 — Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of Filing of Proposed Plan for the Allocation of Regulatory Responsibilities Between the Financial Industry Regulatory Authority, Inc. and Green Impact Exchange, LLC
FINRA and Green Impact Exchange (GIX) teamed up to decide who watches over which rules for their shared members, so companies don’t get checked twice for the same thing. This new plan, filed with the SEC, aims to cut down on extra work and costs for brokers who belong to both groups. The SEC is now asking for public feedback before making it official, with no immediate money changes but smoother future checks.