Nasdaq Speeds Up Gold and Crypto ETF Listings – Less Paperwork, More Bling?
Published Date: 8/4/2025
Notice
Summary
Nasdaq wants to make it easier and faster to list and trade special investment products called Commodity-Based Trust Shares, which hold things like gold or digital assets. This change means new products can get approved without extra paperwork each time, helping investors get access quicker. The rule change is up for public comment now and could impact how these products hit the market soon.
Analyzed Economic Effects
9 provisions identified: 8 benefits, 1 costs, 0 mixed.
Faster Listings Without Individual SEC Filings
Nasdaq proposes to let qualifying Commodity-Based Trust Shares be listed and traded without the Exchange submitting a separate Section 19(b) rule filing to the SEC by relying on SEC Rule 19b-4(e). The Exchange filed this proposed rule change on July 30, 2025 and is soliciting public comment.
Broader Asset Types Allowed in Trusts
Nasdaq proposes that Commodity-Based Trust Shares may hold not only physical commodities but also "commodity-based assets" (defined as commodity futures, commodity options, or commodity swaps), securities, cash, and cash equivalents, while still being passively managed.
Required Website Disclosures for Trusts
Each Trust would have to publish, free of charge on its public website before regular market open, items including ticker, identifier, description, quantity and percentage weighting of holdings, current net asset value (NAV), market price, premium/discount (as of prior business day), a table and line graph of premium/discount trading days, median-ask spread (calculated from 10-second intervals over the last 30 days), liquidity risk policies, NAV methodology, prior day's trading volume, and an effective prospectus available to download.
Liquidity Risk Policies When <85% Assets Available
If a Trust has on a daily basis less than 85% of its assets readily available to meet redemptions, it must have written liquidity risk policies and procedures, reviewed at least annually, that address investment strategy liquidity, holdings of cash/cash equivalents and borrowing arrangements, and the percentage and description of assets that are restricted from liquidation.
Eligibility: ISG, DCM Futures, or 40% ETF Test
Each commodity or commodity-based asset held by the Trust must (1) trade on a market that is an Intermarket Surveillance Group (ISG) member; or (2) underlie a futures contract that has traded on a designated contract market (DCM) for at least six months with a comprehensive surveillance-sharing agreement; or (3) on an initial basis only, be investible through an ETF that provides at least 40% exposure to the commodity and trades on a national securities exchange.
15-Second Data and NAV Availability; Trading Halts
The proposal requires that the value of underlying reference assets or indices and the Intraday Indicative Value (IIV) be made widely available on at least a 15-second basis from sources unaffiliated with the sponsor or Trust, and that net asset value (NAV) be calculated at least once daily and made widely available. If these data are not available, Nasdaq may halt trading (and will halt no later than the next trading day if interruptions persist).
No Leveraged or Inverse Commodity Trusts
The proposed rule would prohibit Commodity-Based Trust Shares from seeking returns that are a specified multiple of, or inverse to, an index or reference value (i.e., no leveraged or inverse products allowed for this Trust class).
Firewall and MNPI Protections for Indexes and Affiliates
If a Trust's value is based on an index maintained by a broker-dealer, the broker-dealer must erect a firewall around personnel maintaining the index. If the Trust is affiliated with an entity that can influence the price or supply of a commodity held by the Trust, the Trust must implement a firewall, written policies to prevent use/dissemination of material non-public information, and policies to prevent fraudulent or manipulative acts.
Initial and Continued Listing Thresholds and Delisting Triggers
For continued listing, after the initial 12-month period the Trust must have at least 50 record/beneficial holders if the Trust has more than 60 days until termination, at least 50,000 Trust shares issued and outstanding, and a market value of all Trust shares of at least $1,000,000; failure to meet these or other listed conditions can trigger suspension or delisting.
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Department and Agencies
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