SEC Approves Cboe's New Rule for Generic ETF Listing and Trading
Published Date: 11/28/2025
Notice
Summary
The Cboe BZX Exchange got the green light to start listing and trading a new type of Exchange-Traded Fund (ETF) shares under a fresh rule. This change helps investors and traders by making it easier and faster to buy and sell these ETFs on the market. The new rule was approved quickly, so expect these ETFs to hit the trading floor soon, potentially shaking up how money moves in the market.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Generic Listing of Class ETF Shares
Starting with the SEC order dated November 24, 2025, Cboe BZX Rule 14.11(n) permits the generic listing and trading of Class Exchange-Traded Fund (Class ETF) Shares on the Exchange without a separate Section 19(b) filing, provided the ETF Class operates under the Multi-Class Fund Exemptive Relief and meets Rule 6c-11 conditions.
Delisting Triggers and Holder Threshold
Class ETF Shares listed under Rule 14.11(n) may be suspended or delisted if they no longer meet the Multi-Class Fund Exemptive Relief or Rule 6c-11 requirements, any listing requirement is not continuously maintained, or if, after the first 12 months of trading, there are fewer than 50 beneficial holders for 30 or more consecutive trading days.
Transparency, NAV Disclosure, and Trading Halts
Issuers of Class ETF Shares must represent that net asset value (NAV) will be calculated daily and made available to all market participants at the same time; the Exchange will implement ongoing surveillance and may halt trading (including under Rule 11.18) if NAV or daily portfolio disclosures are not disseminated or other market disruptions occur.
Limited Exchange Liability for Data Errors
Proposed Rule 14.11(n)(5) states that neither the Exchange, the Reporting Authority, nor agents will have liability for damages, losses, or expenses caused by errors, omissions, or delays in calculating or disseminating index or portfolio values, NAV, dividend equivalent payments, or related information, including events beyond their reasonable control.
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