Notice2026-03239
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing of a Proposed Rule Change To Amend Rule 915
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 19, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 33 (Thursday, February 19, 2026)</title>
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[Federal Register Volume 91, Number 33 (Thursday, February 19, 2026)]
[Notices]
[Pages 8045-8049]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03239]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104844; File No. SR-NYSEAMER-2026-11]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing of a Proposed Rule Change To Amend Rule 915
February 13, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 6, 2026, NYSE American LLC (the ``Exchange'' or ``NYSE
American'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 915 (Criteria for Underlying
Securities) to adopt a [sic] listing criteria for options on a
Commodity-Based Trust that holds multiple crypto assets. The proposed
rule change is available on the Exchange's website at <a href="http://www.nyse.com">www.nyse.com</a>, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 915 (Criteria for Underlying
Securities). Specifically, the Exchange proposes to amend Rule 915,
Commentary .06, to list options on Exchange-Traded Fund Shares
(``ETFs'').
The Exchange notes that this proposal is competitive as Nasdaq ISE,
LLC (``ISE'') has filed to adopt a substantially identical rule
change.\3\
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\3\ See Securities Exchange Act Release No. 104107 (September
26, 2025), 90 FR 47456 (October 1, 2025) (SR-ISE-2025-30) (Notice of
Filing of Proposed Rule Change to Adopt Listing Criteria for Options
on a Commodity-Based Trust That Holds Multiple Crypto Assets).
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On November 9, 2025, the Exchange's proposal to amend its listing
rules at Rule 915, Commentary .06 was deemed approved.\4\ Currently,
Rule 915, Commentary .06 specifies that the Exchange may list and trade
options on shares of a Commodity-Based Trust that meets the generic
criteria of NYSE Arca Rule 8.201 (Generic) \5\ provided the trust holds
a single crypto asset.\6\ Further, a Commodity-Based Trust that meets
the requirements of Rule 915, Commentary .06 must also satisfy the
following requirements: (A) the total global supply of the underlying
crypto asset held by the Commodity-Based Trust must have an average
daily market value of at least $700 million over the last 12 months;
and (B) the crypto asset held by the Commodity-Based Trust must
underlie a derivatives contract that trades on a market with which the
Exchange has a comprehensive surveillance sharing agreement, whether
directly or through common membership in the Intermarket Surveillance
Group (``ISG'').
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\4\ See Securities Exchange Act Release No. 104210 (November 21,
2025), 90 FR 52727 (November 21, 2025) (SR-NYSEAMER-2025-07). See
also <a href="https://www.nyse.com/trader-update/history#110000952565">https://www.nyse.com/trader-update/history#110000952565</a>.
\5\ NYSE Arca Rule 8.201-E (generic) permits the listing and
trading of certain qualifying exchange-traded products that
physically hold commodities like precious metals and digital asset
commodities on the Exchange. Pursuant to NYSE Arca Rule 8.201-E
(Generic), the term ``Commodity-Based Trust Shares'' means a
security that: (i) is issued by a trust, limited liability company,
partnership, or other similar entity (``Trust'') that, if
applicable, is operated by a registered commodity pool operator
pursuant to the Commodity Exchange Act, and is not registered as an
investment company pursuant to the Investment Company Act of 1940,
or series or class thereof; (ii) is designed to reflect the
performance of one or more reference assets or an index of reference
assets; (iii) in order to reflect the performance as provided in
(c)(1)(ii) above, is issued by a Trust that holds (A) one or more
commodities or commodity-based assets as defined in (c)(3) below,
and (B) in addition to such commodities or commodity-based assets,
may hold securities, cash, and cash equivalents; (iv) is issued by
such Trust in a specified aggregate minimum number in return for a
deposit of (A) a specified quantity of the underlying commodities,
commodity-based assets, securities, cash, and/or cash equivalents,
or (B) a cash amount with a value based on the next determined net
asset value per Trust share; and (v) when aggregated in the same
specified minimum number, may be redeemed at a holder's request by
such Trust which will deliver to the redeeming holder (A) the
specified quantity of the underlying commodities, commodity-based
assets, securities, cash, and/or cash equivalents, or (B) a cash
amount with a value based on the next determined net asset value per
Trust share.
\6\ For purposes of this rule the term ``crypto asset'' means an
asset that is generated, issued and/or transferred using a
blockchain or similar distributive ledger technology network,
including but not limited to, assets known as ``tokens,'' ``digital
assets,'' ``virtual currencies,'' and ``coins'' and that relies on
cryptographic protocols. See Rule 915, Commentary .06(c).
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At this time, the Exchange proposes to amend Rule 915, Commentary
.06(v) to permit the listing and trading of options on a Commodity-
Based Trust that holds multiple crypto assets in addition to a
Commodity-Based Trust that holds a single crypto asset. As amended,
Rule 915, Commentary .06(v) would state:
Securities deemed appropriate for options trading shall include
shares or other securities (``Exchange-Traded Fund Shares'') that are
traded on a national securities exchange and are defined as an ``NMS''
stock under Rule 600 of Regulation NMS, and that . . . (v) represent
interests in a Commodity-Based Trust that meet the generic criteria of
NYSE Arca Rule 8.201-E (Generic), except that the Commodity-Based Trust
holds a single crypto asset or multiple crypto assets as defined in
subparagraph (3) below, provide that: \7\
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\7\ The Exchange proposes to amend ``meet'' to ``meets.''
Further, the Exchange proposes to amend Rule 915, Commentary .06(c)
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to state:
Additionally, with respect to a Commodity-Based Trust that meets
the requirements of Rule 915, Commentary .06(v), the following
requirements are satisfied: (A) the total global supply of each
underlying crypto asset(s) held by the Commodity-Based Trust has an
average daily market value of at least $700 million over the last 12
months; and (B) each crypto asset held by the Commodity-Based Trust
underlies a derivatives contract that trades on a market with which the
Exchange has a comprehensive surveillance sharing agreement, whether
directly or through common membership in the Intermarket Surveillance
Group. For purposes of this rule the term ``crypto asset'' means an
asset that is generated, issued and/or transferred using a blockchain
or similar distributive ledger technology network, including but not
limited to, assets known as ``tokens,'' ``digital assets,'' ``virtual
currencies,'' and ``coins'' and that relies on cryptographic protocols.
With the addition of multi crypto assets, the criteria would
require each underlying crypto asset to meet the
[[Page 8046]]
global supply figure and to underlie a derivative contract that trades
on a market with which the Exchange has a comprehensive surveillance
sharing agreement. The market value for each underlying crypto asset
held by a Commodity-based Trust will be calculated by taking the total
global supply of the particular crypto asset multiplied by the token
price of that asset.\8\ The total supply of a crypto asset includes all
crypto assets currently issued and does not include unissued crypto
assets.\9\
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\8\ The market supply information can be obtained from publicly
available sources such as <a href="http://coingecko.com">coingecko.com</a> or <a href="http://coinmarketcap.com">coinmarketcap.com</a>.
\9\ For example, if Bitcoin were the underlying crypto asset,
the Exchange would consider the total supply of all Bitcoin
currently issued instead of the maximum supply, which would be
currently issued as well as unminted Bitcoin. As of September 12,
2025, Bitcoin's total supply was 19,919,915 (the maximum supply was
21,000,000). See <a href="https://www.coingecko.com/en/coins/bitcoin">https://www.coingecko.com/en/coins/bitcoin</a>. The
Exchange would calculate market value by utilizing the total supply
number multiplied by the Bitcoin price on that day.
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Pursuant to this proposed rule change, the proposed listing
criteria would permit a Commodity-Based Trust that is generically
listed pursuant to NYSE Arca Rule 8.201-E (Generic) and holds multiple
crypto assets to qualify for the listing of options on that ETF,
provided Rule 915, Commentary .06(c) has also been met, as well as the
listing criteria in Rule 915(a) and (b), or Rule 915, Commentary
.06(a)(ii).
Similar to options on any ETF, an option on a Commodity-Based Trust
that meets the requirements of Rule 915, Commentary .06(v) would also
be subject to the Exchange's continued listing standards for options on
ETFs set forth in Rule 916, Commentary .07. Pursuant to Commentary .07
to Rule 916, ETFs approved for options trading pursuant to Rule 915,
Commentary .06 will not be deemed to meet the requirements for
continued approval, and the Exchange will not open for trading any
additional series of option contracts of the class covering such ETFs
if the ETFs are delisted from trading as provided in Rule 916,
Commentary .01(6) \10\ or the ETFs are halted or suspended from trading
on their primary market.\11\ With respect to options on Commodity-Based
Trusts that are approved subject to Rule 915, Commentary .06(v) the
Exchange proposes to amend Rule 916, Commentary .07 to adopt a new
subparagraph (3) which states, ``In the case of options covering
Exchange-Traded Fund Shares approved pursuant to Rule 915, Commentary
.06(v), if the criteria in Rule 915, Commentary .06(c)(A) are no longer
satisfied, as determined by the Exchange on a monthly basis, or if the
criteria in Rule 915, Commentary .06(c)(B) are no longer satisfied.''
\12\ This proposed new criteria would require ETFs that are listed
pursuant to Rule 915, Commentary .06(v) to continue to meet the
requirements of Rule 915, Commentary .06(c)(A) and (B). The Exchange is
proposing that the criteria in Rule 915, Commentary .06(c)(A) be met on
a monthly basis while the criteria in Rule 915, Commentary .06(c)(B) be
met on a daily basis. The Exchange believes that requiring the criteria
in Rule 915, Commentary .06(c)(A) to be met on a monthly basis is
reasonable given that the Exchange believes that it is unlikely that a
crypto asset with an average daily market value of at least $700
million over the previous twelve months would fail to meet that
standard as a result of trading over a relatively short period of time.
By way of example, if a crypto asset has a market capitalization of
$900 million and traded at that market capitalization for 15 days in a
20-day trading month, the crypto asset could lose a substantial amount
of its value (up to 88%) and still meet the criteria. Similarly, a
crypto asset with a market capitalization of $500 million for 15 days
in a 20-day trading month, would have to achieve a market
capitalization of $1.3 billion (a 160% increase) in the last 5 days to
meet the criteria. Given the unlikelihood that there would be a huge
movement over a month's period of time and considering the work that
would be required to calculate the criteria on a daily basis as
compared to each month, the Exchange believes that the proposed
continued listing obligation for the average daily market value is
sufficient. Further, options on Commodity-Based Trusts that are
approved subject to Rule 915, Commentary .06(v) would continue to be
subject to Rule 916, Commentary .07(5), as renumbered, which states
that the Exchange may consider suspending open [sic] transactions in
options of an ETF if, ``such other event shall occur or condition exist
that in the opinion of the Exchange makes further dealing in such
options on the Exchange inadvisable.'' The Exchange may determine at
any point to delist an option on a Commodity-Based Trust that may not
have sufficient liquidity or market demand.
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\10\ Rule 916, Commentary .01(6) provides, if underlying
security is approved for options listing and trading under the
provisions of Commentary .05 of Rule 915, the trading volume of the
Original Security (as therein defined) prior to but not after the
commencement of trading in the Restructured Security (as therein
defined), including ``when issued'' trading, may be taken into
account in determining whether the trading volume requirement of
paragraphs 3. of the Commentary .01 is satisfied, provided however,
that in the case of a Restructured Security approved for options
listing and trading under paragraph (d) of Commentary .05 under Rule
915, such trading volume requirements must be satisfied based on the
trading volume history of the Restructured Security.
\11\ See Rule 916, Commentary .07.
\12\ The Exchange proposes to renumber the remaining paragraphs
in Rule 916, Commentary .07.
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Consistent with Rule 903, which governs the opening of options
series on a specific underlying security (including ETFs), the Exchange
would open at least one expiration month \13\ for options on Commodity-
Based Trusts at the commencement of trading on the Exchange and may
also list series of options on such Commodity-Based Trusts for trading
on a weekly,\14\ monthly,\15\ or quarterly \16\ basis. The Exchange may
also list long-term equity option series (``LEAPS'') that expire from
twelve to thirty-nine months from the time they are listed.\17\
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\13\ See Rule 903(c), Commentary .03. The monthly expirations
are subject to certain listing criteria for underlying securities
described within Rule 915. Monthly listings expire the third Friday
of the month. The term ``expiration date'' (unless separately
defined elsewhere in the OCC By-Laws), when used in respect of an
option contract (subject to certain exceptions), means the third
Friday of the expiration month of such option contract, or if such
Friday is a day on which the exchange on which such option is listed
is not open for business, the preceding day on which such exchange
is open for business. See OCC By-Laws Article I, Section 1. Pursuant
to Rule 903(d), additional series of options of the same class may
be opened for trading on the Exchange when the Exchange deems it
necessary to maintain an orderly market, to meet customer demand or
when the market price of the underlying stock moves more than five
strike prices from the initial exercise price or prices. New series
of options on an individual stock may be added until the beginning
of the month in which the options contract will expire. Due to
unusual market conditions, the Exchange, in its discretion, may add
a new series of options on an individual stock until the close of
trading on the business day prior to expiration.
\14\ See Rule 903(h).
\15\ See Rule 903, Commentary .11.
\16\ See Rule 903, Commentary .09.
\17\ See Rule 903, Commentary .03.
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Pursuant to Rule 903, Commentary .05(a), which governs strike
prices of series of options on ETFs, the interval between strike prices
of series of options on an ETF, including ETFs listed pursuant to this
proposed rule change, would be $1 or greater when the strike price is
$200 or less and $5 or greater where the strike price is over $200.\18\
Additionally, the Exchange may list series of options pursuant to the
$1
[[Page 8047]]
Strike Price Interval Program,\19\ the $0.50 Strike Program,\20\ the
$2.50 Strike Price Program,\21\ and the $5 Strike Program.\22\ Pursuant
to Rule 6.72-O, where the price of a series of options on an ETF is
less than $3.00, the minimum increment will be $0.05, and where the
price is $3.00 or higher, the minimum increment will be $0.10.\23\ Any
and all new series of options on a Commodity-Based Trusts that are
approved pursuant to this proposed rule change would be subject to the
expirations, strike prices, and minimum increments set forth in Rules
6.4-O and 6.72-O, as applicable.
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\18\ The Exchange notes that for options listed pursuant to the
Short Term Option Series Program, the Monthly Options Series
Program, and the Quarterly Options Series Program, Rules 903(h) and
Commentaries .09 and .03 to Rule 903, specifically set forth
intervals between strike prices on Quarterly Options Series, Short
Term Option Series, and Monthly Options Series, respectively.
\19\ See Rule 903, Commentary .06.
\20\ See Rule 903, Commentary .13.
\21\ See Rule 903, Commentary .07(a).
\22\ See Rule 903, Commentary .12.
\23\ If options on a Commodity-Based Trust are eligible to
participate in the Penny Interval Program, the minimum increment of
$0.01 below $3.00 and $0.50 above $3.00 would apply. See Rule
960NY(a)(3). See also Rule 960.1NY (which describes the requirements
for the Penny Interval Program).
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Options on Commodity-Based Trusts that are approved pursuant to
this proposed rule change would trade in the same manner as options on
other ETFs on the Exchange. The Exchange rules that currently apply to
the listing and trading of all options on ETFs on the Exchange,
including, for example, rules that govern listing criteria,
expirations, exercise prices, minimum increments, position and exercise
limits, margin requirements, customer accounts and trading halt
procedures would apply to the listing and trading of options on
Commodity-Based Trusts on the Exchange in the same manner as they apply
to other options on all other ETFs that are listed and traded on the
Exchange.
Position and exercise limits for options on Commodity-Based Trusts
that are approved pursuant to this proposed rule change would be
determined pursuant to Rules 904 and 905, respectively, as is the case
for options on other ETFs. Position and exercise limits for options on
ETFs vary according to the number of outstanding shares and the trading
volumes of the underlying security over the past six months, where the
largest in capitalization and the most frequently traded ETFs have
position and exercise limit of 250,000 contracts (with adjustments for
splits, re-capitalizations, etc.) on the same side of the market; and
smaller capitalization ETFs have position and exercise limits of
200,000, 75,000, 50,000 or 25,000 contracts (with adjustments for
splits, re-capitalizations, etc.) on the same side of the market.
Further, the Exchange notes that Rule 462, which governs margin
requirements applicable to the trading of all options on the Exchange,
including options on ETFs, will also apply to the trading of options on
Commodity-Based Trusts listed pursuant to this proposed rule change.
The Exchange represents that the surveillance procedures applicable
to all other options on other ETFs currently listed and traded on the
Exchange will apply to the trading on the Exchange of options on
Commodity-Based Trusts that are listed pursuant to this proposed rule
change. The Exchange represents that it has the necessary systems
capacity to support the new options series. The Exchange believes that
its existing surveillance and reporting safeguards are designed to
deter and detect possible manipulative behavior which might potentially
arise from listing and trading options on ETFs, including the listing
of options on Commodity-Based Trusts that are listed pursuant to this
proposed rule change.
Also, the Exchange may obtain information from designated contract
markets that are members of the ISG related to a financial instrument
that is based, in whole or in part, upon an interest in or performance
of a crypto asset, as applicable. The Exchange has specified in
proposed Rule 915, Commentary .06(c) that each crypto asset held by the
Commodity-Based Trust must underlie a derivatives contract that trades
on a market with which the Exchange has a comprehensive surveillance
sharing agreement, whether directly or through common membership in
ISG.\24\ The Exchange will be required to ensure that this requirement
is met prior to listing options on a Commodity-Based Trust listed
pursuant to proposed Rule 915, Commentary .06(v).
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\24\ There are a number of futures contracts on digital asset
commodities that are listed and trading on the CME and Coinbase
Derivatives, both of which are ISG members. See <a href="https://www.cmegroup.com/markets/cryptocurrencies.html#products">https://www.cmegroup.com/markets/cryptocurrencies.html#products</a>. See also
<a href="https://www.coinbase.com/derivatives">https://www.coinbase.com/derivatives</a>.
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Additionally, the Exchange has also analyzed its capacity and
represents that it believes the Exchange and the Options Price
Reporting Authority (``OPRA'') have the necessary systems capacity to
handle the additional traffic associated with the listing of new series
of ETFs, including the trading of options on Commodity-Based Trusts
that are approved pursuant to this proposed rule change, up to the
number of expirations currently permissible under Exchange rules.
Finally, today, the Exchange lists and trades options on ETFs that
would qualify for listing as an option on a Commodity-Based Trust under
proposed Rule 915, Commentary .06(v).\25\
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\25\ The following ETFs currently have options listed on them on
the Exchange: iShares Bitcoin Trust, the Fidelity Wise Origin
Bitcoin Fund, the ARK21 Shares Bitcoin ETF, the Grayscale Bitcoin
Trust (BTC), the Grayscale Bitcoin Mini Trust BTC, and the Bitwise
Bitcoin ETF. See Rule 915, Commentary .10. The Exchange filed rule
proposals and received the appropriate regulatory notice or approval
to list the aforementioned options on the ETFs.
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2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act,\26\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \27\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section (6)(b)(5) \28\ requirement that the rules
of an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\26\ 15 U.S.C. 78f(b).
\27\ 15 U.S.C. 78f(b)(5).
\28\ 15 U.S.C. 78(f)(b)(5).
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In particular, the Exchange believes that its proposal to permit
Commodity-Based Trusts that hold multiple crypto assets to be listed
and traded without the need for additional approvals, will remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, protect investors because it
would allow the Exchange to immediately list and trade qualifying
options on Commodity-Based Trusts, provided the initial listing
criteria has been met, without any additional approvals from the
Commission.
Specifically, the Exchange's proposal to amend Rule 915, Commentary
.06(v) to allow the listing and trading of options on units that
represent interests in Commodity-Based Trusts that meet the generic
criteria of NYSE Arca Rule 8.201-E (Generic),\29\ and hold multiple
crypto assets in addition to single crypto assets, is consistent with
the Act because it will permit the Exchange to offer options on certain
Commodity-Based Trusts soon after the listing of the
[[Page 8048]]
ETF on NYSE Arca, provided all listing criteria have been met. Listing
these options will avail market participants of the opportunity to
hedge their positions in the Commodity-Based Trusts in a timely manner,
thereby providing investors with the ability to hedge their exposure to
the underlying Commodity-Based Trust. Options on Commodity-Based Trusts
benefits investors, similar to the listing of any other option on an
ETF, by providing investors with a relatively lower-cost risk
management tool to manage their positions and associated risk in their
portfolios more easily in connection with exposure to the price of a
crypto asset. Additionally, listing options on Commodity-Based Trusts
provides investors with the ability to transact in such options on a
listed market as opposed to the OTC options market, which increases
market transparency and enhances the process of price discovery to the
benefit of all investors.
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\29\ See supra note 5.
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Also, this proposal would permit options on certain Commodity-Based
Trusts to be listed on the Exchange in the same manner as options on
ETFs that are subject to the current listing criteria in Rule 915,
Commentary .06. The Exchange notes that the majority of ETFs are able
to list and trade options once the initial listing criteria have been
met without the need for additional approvals. The proposed rule change
would allow options on certain Commodity-Based Trusts to likewise list
and trade once the proposed listing criteria have been met without the
need for additional approvals.
As proposed, the Exchange would list options on a Commodity-Based
Trust that met the generic criteria of NYSE Arca Rule 8.201-E
(Generic), provided the Commodity-Based Trust held multiple crypto
assets. Further, each crypto asset held by the Commodity-Based Trusts
would also be required to satisfy the conditions in proposed Rule 915,
Commentary .06(c), which requires that (A) the total global supply of
each underlying crypto asset held by the Commodity-Based Trust has an
average daily market value of at least $700 million over the last 12
months; and (B) each crypto asset held by the Commodity-Based Trust
underlies a derivatives contract that trades on a market with which the
Exchange has a comprehensive surveillance sharing agreement, whether
directly or through common membership in the ISG.
These requirements are consistent with the Act and the protection
of investors as they are designed to ensure that the underlying ETF has
sufficient liquidity prior to listing options, which will help to
prevent disruption to the underlying market. The Exchange believes that
market supply serves as a good measure of liquidity to permit options
trading in options on Commodity-Based Trusts that hold multiple crypto
assets. Requiring each underlying crypto asset to have a requisite
amount of deliverable supply, in addition to all the other criteria the
ETF is required to have under NYSE Arca Rule 8.201-E (Generic), helps
to ensure adequate liquidity prior to listing. Further, ensuring each
crypto asset held by the Commodity-Based Trust underlies a derivatives
contract that trades on a market with which the Exchange has a
comprehensive surveillance sharing agreement, whether directly or
through common membership in the ISG, will provide the Exchange with
information to adequately surveil options on qualifying Commodity-Based
Trusts. Today, the Exchange has a comprehensive surveillance sharing
agreement in place with both the CME and Coinbase Derivatives through
its common membership in ISG. This facilitates the sharing of
information that is available to the CME and Coinbase Derivatives
through their surveillance of their respective markets, including their
surveillance of their respective digital asset futures markets.
The Exchange also believes the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, because it is consistent with current
Exchange rules, previously filed with the Commission. Options on
qualifying Commodity-Based Trusts must satisfy the initial listing
standards and continued listing standards currently in the Exchange
rules, applicable to options on all ETFs, including ETFs that hold
other crypto assets already deemed appropriate for options trading on
the Exchange in addition to the proposed criteria. Options on
qualifying Commodity-Based Trusts would trade in the same manner as any
other ETF options--the same Exchange rules that currently govern the
listing and trading of all ETF options, including permissible
expirations, strike prices and minimum increments, and applicable
position and exercise limits and margin requirements, will govern the
listing and trading of options on qualifying Commodity-Based Trusts.
Further, the proposal adopts new subparagraph (3) to Rule 916,
Commentary .07 which will require each crypto asset held by a
Commodity-Based Trust to continue to meet the requirement of Rule 916,
Commentary .06(c)(A) on a monthly basis and for the criteria in Rule
915, Commentary .06(c)(B) to me [sic] met on a continuous basis.
Accordingly, each crypto asset held by a Commodity-Based Trust must
continue to have a total global supply with an average daily market
value of at least $700 million over the last 12 months, and also must
continue to underlie a derivatives contract that trades on a market
with which the Exchange has a surveillance sharing agreement, whether
directly or through common membership in the ISG. The Exchange believes
that this continued listing standard, in addition to the requirements
in Rule 915, Commentary .06 would protect investors and the public
interest by ensuring that the crypto assets held by the Commodity-Based
Trust continue to remain liquid. The Exchange believes that requiring
the criteria in Rule 915, Commentary .06(c)(A) to be met on a monthly
basis is consistent with the Act and the protection of investors given
that the Exchange believes it is unlikely that a crypto asset with an
average daily market value of at least $700 million over the previous
twelve months would fail to meet that standard as a result of trading
over a relatively short period of time. Given the unlikelihood that
there would be a huge movement over a month's period of time and
considering the work that would be required to calculate the criteria
on a daily basis as compared to each month, the Exchange believes that
the proposed continued listing obligation for the average daily market
value criteria is sufficient. Further, options on Commodity-Based
Trusts that are approved subject to Rule 915, Commentary .06(v) would
continue to be subject to Rule 916, Commentary .07(5), as renumbered,
which states that the Exchange may consider suspending open [sic]
transactions in options of an ETF if, ``such other event shall occur or
condition exist that in the opinion of the Exchange makes further
dealing in such options on the Exchange inadvisable.'' The Exchange may
determine at any point to delist an option on a Commodity-Based Trust
that may not have sufficient liquidity or market demand.
Options on qualifying Commodity-Based Trusts would trade in the
same manner as any other ETF options--the same Exchange rules that
currently govern the listing and trading of all ETF options, including
permissible expirations, strike prices and minimum increments, and
applicable position and exercise limits and margin requirements, will
govern the listing and trading of options on qualifying Commodity-Based
Trusts.
[[Page 8049]]
The Exchange represents that it has the necessary systems capacity
to support the listing and trading of options on qualifying Commodity-
Based Trusts. The Exchange believes that its existing surveillance and
reporting safeguards are designed to deter and detect possible
manipulative behavior which might arise from listing and trading on the
Exchange of these options on Commodity-Based Trust [sic], particularly
in light of the additional requirement that each crypto asset held by
the Commodity-Based Trust underlies a derivatives contract that trades
on a market with which the Exchange has a comprehensive surveillance
sharing agreement, whether directly or through common membership in
ISG.
Finally, today, the Exchange lists and trades options on ETFs that
would qualify for listing as an option on a Commodity-Based Trust under
proposed Rule 915, Commentary .06(v).\30\
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\30\ The following ETFs currently have options listed on them on
the Exchange: iShares Bitcoin Trust, the Fidelity Wise Origin
Bitcoin Fund, the ARK21 Shares Bitcoin ETF, the Grayscale Bitcoin
Trust (BTC), the Grayscale Bitcoin Mini Trust BTC, and the Bitwise
Bitcoin ETF. See Rule 915, Commentary .10. The Exchange filed rule
proposals and received the appropriate regulatory notice or approval
to list the aforementioned options on the ETFs.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange does not believe that the proposal to amend the
listing criteria in Rule 915, Commentary .06, with respect to ETFs, to
adopt new criteria to permit the listing and trading of options on
certain Commodity-Based Trusts that hold multiple crypto assets and
that were listed pursuant to NYSE Arca Rule 8.201-E (Generic), without
the need for additional approvals, will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act. All Exchange members will be
able to trade options on qualifying Commodity-Based Trusts that hold
multiple crypto assets in the same manner. Further, the proposed rules
would apply in an equal manner to options on qualifying Commodity-Based
Trusts that contain multiple crypto assets. Additionally, the Exchange
notes that listing and trading options on qualifying Commodity-Based
Trusts on the Exchange will subject such options to transparent
exchange-based rules as well as price discovery and liquidity, as
opposed to alternatively trading such options in the OTC market. The
Exchange believes that the proposed rule change may relieve any burden
on, or otherwise promote, competition as it is designed to increase
competition for order flow on the Exchange in a manner that is
beneficial to investors by providing them with a lower-cost option to
hedge their investment portfolios in a timely manner.
The Exchange does not believe that the proposal to amend the
listing criteria in Rule 915, Commentary .06, with respect to ETFs, to
adopt new criteria to permit the listing and trading of options on
certain Commodity-Based Trusts that hold multiple crypto assets and
that were listed pursuant to NYSE Arca Rule 8.201-E (Generic), without
the need for additional approvals, will impose any burden on
intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Other options exchanges are
free to amend their listing rules, as applicable, to permit them to
list and trade options on Commodity-Based Trusts.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. by order approve or disapprove such proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#ea989f868fc7898587878f849e99aa998f89c48d859c"><span class="__cf_email__" data-cfemail="4d3f382128602e2220202823393e0d3e282e632a223b">[email protected]</span></a>. Please include
file number SR-NYSEAMER-2026-11 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NYSEAMER-2026-11. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-NYSEAMER-2026-11 and should be submitted
on or before March 12, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-03239 Filed 2-18-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on February 19, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.