SEC Accelerates Commodity Trust Listings for Major Exchanges
Published Date: 9/22/2025
Notice
Summary
The SEC just gave a green light to Nasdaq, Cboe BZX, and NYSE Arca to create easy, one-size-fits-all rules for listing commodity-based trust shares. This means these exchanges can now list these investment products faster and more smoothly, helping investors get quicker access to commodity funds. The new rules kick in right away, making trading simpler and potentially saving money on delays.
Analyzed Economic Effects
7 provisions identified: 5 benefits, 1 costs, 1 mixed.
Faster Listings for Commodity ETPs
The SEC approved generic listing standards so Nasdaq, Cboe BZX, and NYSE Arca can list Commodity-Based Trust Shares under Rule 19b-4(e) without submitting a separate Section 19(b) filing. This lets exchanges bring funds to market faster and reduces burdens on issuers and other market participants.
Liquidity Safeguard: 85% Readily Available
If a trust has on a daily basis less than 85% of its assets readily available to meet redemptions within one business day, the trust must adopt written liquidity risk policies and procedures, reviewed at least annually, describing strategy, cash holdings, borrowing sources, and percentage of assets that are encumbered or restricted.
Delisting Thresholds for Small Trusts
An Exchange will consider suspension or delisting (after the initial 12-month period) if a trust has fewer than 50 record and/or beneficial holders, fewer than 50,000 shares issued and outstanding, or a market value of all shares issued and outstanding of less than $1,000,000.
Eligibility Rules for Underlying Commodities
For generic listing, each commodity (or commodity underlying a commodity-based asset) must either trade on an Intermarket Surveillance Group (ISG) member market, or underlie a futures contract listed on a designated contract market (DCM) that has been made available to trade for at least six months and is covered by a comprehensive surveillance-sharing agreement. Alternatively, on an initial basis only, an ETF that provides at least 40% of its net asset value exposure to the commodity may qualify.
Mandatory Public Disclosures for Trusts
To list generically, each trust must publish on a free public website before the market open: ticker, identifiers, descriptions and quantities of holdings, percentage weightings, current net asset value per share, prior business day market price and premium/discount, prior-day trading volume, and an effective prospectus available for download. The Exchanges must post specified information within five business days after trading starts for a new derivative securities product under Rule 19b-4(e).
When Exchanges May Halt Trading
Exchanges may halt trading in a Commodity-Based Trust Share on the day there is an interruption in dissemination of the underlying reference asset(s) or index value, the intraday indicative value, required disclosure information, or the net asset value. Some Exchanges may also halt for market conditions or other unusual circumstances.
Firewalls and Market-Maker Limits
Exchanges require registered market makers to identify accounts for trading in underlying commodities and may limit their trading in underlying commodities or derivatives in certain circumstances. If an index is maintained by a broker-dealer, or a trust is affiliated with an entity that can influence commodity price or supply, firewalls and written policies must be implemented to prevent misuse of material non-public information and manipulative acts.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
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!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-18257, Self-Regulatory Organizations; NYSE Arca, Inc.; Order Setting Aside Action by Delegated Authority and Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Amend NYSE Arca Rule 8.500-E (Trust Units) and To List and Trade Shares of the Grayscale Digital Large Cap Fund LLC Under Amended NYSE Arca Rule 8.500-E (Trust Units)
The SEC gave the green light for NYSE Arca to update its rules and start trading shares of the Grayscale Digital Large Cap Fund LLC. This means investors can now buy and sell these new digital asset trust units on the exchange. The changes took effect quickly in mid-2025, opening fresh opportunities in the digital investment world.
Next: 2025-18259, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To Add P.M.-Settled Options on the Cboe Bitcoin U.S. ETF Index and the Mini-Cboe Bitcoin U.S. ETF Index With Third Friday Expirations, Nonstandard Expirations, and Quarterly Index Expirations
Cboe Exchange is adding new options that settle in the afternoon for its Bitcoin U.S. ETF Index and Mini Bitcoin U.S. ETF Index. These options will have special expiration dates, including every third Friday, some unusual dates, and quarterly expirations. This change helps traders get more flexible ways to trade Bitcoin ETFs, starting soon with faster approval from the SEC.