Texas Exchange Moves to Broaden Its Commodity-Based Fund Listings
Published Date: 11/3/2026
Notice
Summary
The Texas Stock Exchange is updating its rules to make it easier and faster to list and trade Commodity-Based Trust Shares. This means they can now include certain digital commodities and actively managed funds, with new protections to keep trading safe and fair. These changes kick in right away, helping investors and the market move smarter and quicker.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Faster, Cheaper Listing for Commodity Shares
The Exchange may list Commodity-Based Trust Shares under a set of generic standards using Rule 19b-4(e) so it will not need to file a separate Section 19(b) proposed rule change for each qualifying product. The change is intended to reduce the time and costs for issuers to bring qualifying Commodity-Based Trust Shares to market and to increase competition among listing venues.
Allowed 15% Digital Commodity Buffer
A Trust listed under the rule may have up to 15% of its net asset value (NAV) in the aggregate consist of (i) digital commodities that do not meet the commodity eligibility criteria and/or (ii) securities that do not meet the securities eligibility criteria. At least 85% of the Trust's NAV must continue to be assets that meet the eligibility criteria and/or cash and cash equivalents.
Active Management Permitted With Safeguards
The rule permits both passively and actively managed Commodity-Based Trust Shares to qualify for generic listing, subject to additional safeguards. Those safeguards include requirements that portfolio information and NAV be disseminated to all market participants at the same time and that trading be halted if that information is not equally available, plus firewall and material non-public information protections for persons with access to portfolio information.
Required Website Disclosures and Liquidity Rules
A Trust must post specified information prominently and free on a public website before market open, including identifying information, quantities and percentage weightings of holdings, prior-business-day NAV, market price and premium/discount, historical premiums/discounts, spread information, liquidity risk policies, NAV methodology, prior-day trading volume, and the effective prospectus. If less than 85% of a Trust's assets are readily available on a daily basis to meet redemptions, the Trust must maintain written liquidity risk policies and procedures reviewed at least annually.
No Generic Listing for Leveraged/Inverse Trusts
A generically listed Trust would be prohibited from seeking, directly or indirectly, investment returns corresponding to a specified multiple of, or an inverse or multiple-inverse relationship to, an index, benchmark, or reference value over a predetermined period. Such leveraged or inverse return structures would therefore not qualify for generic listing under the rule.
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