Nasdaq Updates Commodity Trust Share Listing Rules
Published Date: 4/28/2026
Notice
Summary
Nasdaq wants to update the rules for listing Commodity-Based Trust Shares by making sure at least 85% of their value comes from approved assets and by clarifying what counts as a commodity. This change affects investors and companies dealing with these trust shares and aims to keep things clear and fair. The proposal was filed in April 2026 and is now open for public comments before any final decision.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
85% Rule for Commodity ETP Holdings
If you invest in Commodity-Based Trust Shares, at least 85% of the fund's net asset value (NAV) must be in commodities, commodity-based assets, securities that meet the rule's eligibility tests, or cash and cash equivalents. This rule is intended to keep most of the fund tied to assets that meet Nasdaq's generic listing standards and help the Exchange monitor trading.
Limits on Novel Assets (NFTs, Collectibles)
Nasdaq proposes to change the rule so that the definition of "commodity" excludes non-fungible assets and collectibles, meaning those assets would not qualify under the generic listing standards for Commodity-Based Trust Shares. An issuer could still seek to list a Trust that includes such assets, but would need to submit a separate individual rule filing (a 19b-4) to the SEC.
Derivatives Counting for the 85% Test
For the 85% NAV calculation, Nasdaq will count listed and over-the-counter derivatives by their aggregate gross notional value when determining whether a Commodity-Based Trust Share meets the threshold. This clarifies how derivative exposures are measured for eligibility.
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