NYSE Streamlines Rules for Commodity-Based Shares
Published Date: 12/30/2025
Notice
Summary
The New York Stock Exchange (NYSE) wants to make it easier to list and trade Commodity-Based Trust Shares by creating a new rule that lets these shares be approved all at once, instead of one by one. This change affects investors and companies dealing with these shares and could speed up trading without extra costs. The rule is up for public comments now and could start soon after approval.
Analyzed Economic Effects
6 provisions identified: 4 benefits, 2 costs, 0 mixed.
Faster, cheaper listing for commodity trusts
The NYSE would allow Commodity-Based Trust Shares that meet the new Rule 8.201 (Generic) standards to be listed and traded without a separate Commission approval order under Section 19(b). The Exchange says this would reduce the time and costs to bring new series to market and promote competition among issuers.
New public disclosure and prospectus rules
Trusts listing under Rule 8.201 (Generic) must publicly post on their websites, before the opening of trading each day, detailed information including ticker, identifier, holdings and quantities, percentage weightings, current net asset value, market price, premium/discount, prior-day trading volume, and the effective prospectus available for download. Member organizations must provide purchasers of newly issued Commodity-Based Trust Shares a prospectus.
Liquidity policies when assets aren’t readily available
If a Trust has less than 85% of its assets readily available to meet redemptions on a daily basis, the Trust must adopt written liquidity risk policies and procedures, review them at least annually, and disclose items such as investment strategy under stressed conditions, cash holdings and borrowings, and the percentage of assets that are segregated or encumbered.
Clear delisting and data-dissemination thresholds
The Exchange may suspend trading or delist a Trust if, following the initial 12-month period, certain thresholds are met: fewer than 50 record/beneficial holders with more than 60 days remaining until termination; fewer than 50,000 shares issued and outstanding; or market value of outstanding shares under $1,000,000. The rule also requires continuous availability of underlying reference asset values and Indicative Trust Value on at least a 15-second basis and daily NAV calculation.
Market-maker, firewall, and liability rules for firms
The proposal requires Market Makers to file and keep current lists of accounts trading underlying commodities and related FX, make books and records available to the Exchange, and prohibits trading in undisclosed accounts; it also requires firewalls where indexes are maintained by broker-dealers or where affiliates can influence commodity prices. The rule limits Exchange liability for errors or delays in calculating or disseminating underlying commodity values.
Ban on leveraged or inverse commodity trusts
A Trust listed under Rule 8.201 (Generic) may not seek to provide returns that correspond to a specified multiple of, or an inverse or multiple inverse relationship to, the performance of an index, benchmark, or reference value over a predetermined period.
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: 2025-23936, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing of Proposed Rule Change To Adopt New Rule 8.201 (Generic)
NYSE Texas wants to make it easier to trade Commodity-Based Trust Shares by creating a new rule that lets these shares be listed and traded without separate approvals each time. This change affects investors and traders who deal with these shares and could speed up trading processes starting soon after approval. No new fees or costs are mentioned, just a smoother way to get these shares on the market.
Next: 2025-23938, Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change To Modify the GSD Rulebook Relating to a New Service Offering Called the ACS Triparty Service
The Fixed Income Clearing Corporation (FICC) just got the green light to launch a cool new service called the ACS Triparty Service. This change affects folks who trade U.S. government securities by making clearing and settlement smoother and more efficient. The new service kicks off soon, with no extra fees announced yet, promising a smarter way to handle trades.