Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Units of the Sprott Physical Copper Trust
Published Date: 2/2/2026
Notice
Summary
NYSE Arca got the green light to list and trade units of the Sprott Physical Copper Trust, letting investors buy shares backed by real copper. This change means folks can now invest in physical copper through the stock market starting soon, making it easier and more flexible to add copper to their portfolios. The approval came quickly after some tweaks, signaling a smooth and speedy launch ahead.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
U.S. Listing of Physical Copper Shares
The SEC approved NYSE Arca to list and trade units of the Sprott Physical Copper Trust (order dated January 28, 2026). The Trust's units will trade on NYSE Arca once the Trust's Form 40-F registration statement is effective, allowing investors to buy shares backed by physical copper on a U.S. exchange.
Cash Redemption Pricing Formula
Cash redemptions will be paid at 95% of the lesser of (i) the volume-weighted average trading price (VWAP) of the Units on NYSE Arca (or TSX if NYSE Arca trading is suspended) for the last five Business Days ending on the Redemption Date, or (ii) the Net Asset Value (NAV) per Unit as of 4:00 p.m. on the Redemption Date, less fees, costs and expenses. Cash redemption proceeds are generally transferred approximately 15 Business Days following the applicable Redemption Date.
Monthly Redemption Options Available
Unitholders may redeem Units on a monthly basis either for physical copper or for cash. Physical redemptions require requests received by 4:00 p.m., Eastern Time, on the 15th day of the calendar month (or next Business Day) and are subject to the Trust's terms.
Large Minimum for Physical Redemption
Units redeemed for physical copper must be in amounts at least equivalent to one Minimum Physical Redemption Lot, which the Trust defines as 100 metric tons of copper. Any fractional excess above multiples of 100 metric tons will be paid in copper or cash at 100% of NAV for that excess.
No Regular Cash Distributions; Daily NAV and IIV
The Trust does not anticipate making regular cash distributions to Unitholders. The Trust will calculate and report a daily Net Asset Value (NAV) and will provide an intraday indicative value (IIV) every 15 seconds during NYSE Arca Core Trading Session to show an updated per-Unit value.
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