SEC 公告 Cboe BZX 规则变更：建立多加密资产商品信托期权通用上市标准并允许 6c-11 ETF 期权，已即时生效

8011-01-P
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106648; File No. SR-CboeBZX-2026-082]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Amend Rule 19.3 and Rule 19.4 to Establish
Generic Listing Criteria and Continued Listing Standards for Options on CommodityBased Trusts Holding Multiple Crypto Assets and to Permit the Listing of Options on
Exchange-Traded Funds
October 13, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),1 and Rule
19b-4 thereunder,2 notice is hereby given that on September 29, 2026, Cboe BZX Exchange, Inc.
(“Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed
rule change as described in Items I and II below, which Items have been prepared by the Exchange.
The Exchange filed the proposal as a “non-controversial” proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act3 and Rule 19b-4(f)(6) thereunder.4 The Commission is publishing this
notice to solicit comments on the proposed rule change from interested persons.
I.

Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule
Change
Cboe BZX Exchange, Inc. (“BZX” or the “Exchange”) is filing with the Securities and

Exchange Commission (“Commission” or “SEC”) a proposed rule change to amend Rule 19.3
(Criteria for Underlying Securities) and Rule 19.4 (Withdrawal of Approval of Underlying
Securities) to (i) establish listing criteria and continued listing standards for options on shares of
commodity-based trusts holding multiple crypto assets, (ii) update Rule 19.3(i)(1) to permit the

15 U.S.C. 78s(b)(1).

17 CFR 240.19b-4.

15 U.S.C. 78s(b)(3)(A)(iii).

17 CFR 240.19b-4(f)(6).

listing of options on an exchange traded fund as defined in Rule 6c-11 under the Investment
Company Act of 1940 (“Rule 6c-11”), and (iii) make conforming amendments to remove
individual product-specific references and update cross-references within the rules. The text of
the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the Commission’s website
(https://www.sec.gov/rules/sro.shtml), the Exchange’s website
(https://www.cboe.com/us/equities/regulation/rule_filings/bzx/), and at the principal office of the
Exchange.
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 19.3 (Criteria for Underlying Securities) and Rule
19.4 (Withdrawal of Approval of Underlying Securities) to (i) establish listing criteria and
continued listing standards for options on shares of commodity-based trusts holding multiple
crypto assets, (ii) update Rule 19.3(i)(1) to permit the listing of options on an exchange traded
fund as defined in Rule 6c-11 under the Investment Company Act of 1940 (“Rule 6c-11”),5 and
(iii) make conforming amendments to remove individual product-specific references and update
cross-references within the rules.
Background

See 17 CFR § 270.6c-11.

The Exchange’s existing rules permit the listing and trading of options on various types
of exchange-traded products, including options on shares of exchange-traded funds (“ETFs”),
commodity pool ETFs, currency trust shares, and commodity-based trusts holding a single crypto
asset. Specifically, Rule 19.3(i) sets forth the criteria for securities deemed appropriate for
options trading, including Fund Shares that are principally traded on a national securities
exchange and defined as an “NMS stock” under Rule 600 of Regulation NMS.
Cboe Options Exchange, Inc. (“Cboe Options”), an affiliate of the Exchange, recently
received approval from the Commission to list and trade options on commodity-based trusts
holding multiple crypto assets.6 Specifically, Cboe Options adopted Rules 4.3.06(a)(6) and
4.4.06(c) to establish initial and continued generic listing criteria for options on commoditybased trusts holding multiple crypto assets.7 Additionally, Cboe Options amended Rule
4.3.06(a)(4) to remove individual product-specific references for crypto asset ETPs, and in a
separate filing8 amended Rule 4.3.06(a)(1) to permit the listing of options on ETFs as defined in
Rule 6c-11.
Proposed Rule Changes
The Exchange now proposes to adopt rules that are substantively identical to the Cboe
Options Rules described above. Specifically, the Exchange proposes the following amendments.
Amendments to Rule 19.3(i)
The Exchange proposes to amend Rule 19.3(i) to establish generic listing criteria for
options on commodity-based trusts holding multiple crypto assets. Currently, Rule 19.3(i)(5)

See Securities Exchange Act Release No. 105175 (April 8, 2026) 91 FR 18960 (April 13, 2026) (SRCBOE-2026-020) (Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To
Exchange Rules 4.3 (Criteria for Underlying Securities) and 4.4 (Withdrawal of Approval of Underlying
Securities) To Establish Listing Criteria and Withdrawal Standards for Options on Commodity-Based
Trusts Holding Multiple Crypto Assets) (the “Approval Order”).

Id.

See Securities Exchange Act Release No. 103686 (August 12, 2025) 90 FR 39435 (August 15, 2025) (SRCBOE-2025-053) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Interpretation and Policy .06 of Rule 4.3 To Permit the Listing of Options on an Exchange-Traded Fund as
Defined in Rule 6c-11 Under the Investment Company Act of 1940) (the “Proposal to List Options on 6c11 ETFs”).

permits the listing of options on commodity-based trusts that hold a single crypto asset meeting
certain requirements. The Exchange proposes to amend Rule 19.3(i)(5) to also permit the listing
of options on commodity-based trusts that hold multiple crypto assets, provided that each
underlying crypto asset held by such trust satisfies the following requirements:
i.

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

ii.

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
(“ISG”).

These requirements are designed to ensure that each crypto asset underlying options
approved for trading on the Exchange has sufficient market capitalization and is subject to
adequate market surveillance. These criteria are substantively identical to those approved by the
Commission for Cboe Options.9
In addition, the Exchange proposes to update Rule 19.3(i)(1) to permit the listing of
options on exchange traded funds as defined in Rule 6c-11, portfolio depositary receipts, or
index fund shares. Proposed Rule 19.3(i)(1) is substantively identical to Cboe Rule 4.3.06(a)(1).
The requirements of Rule 19.3(i)(1) are generally based on the generic listing standards for
exchange-traded funds that pre-dated the adoption of Rule 6c-11. The Exchange proposes to
eliminate the language from the rule text that specifies the securities and/or financial instruments
that the entity holds and instead provide that the securities deemed appropriate for options
trading shall include shares or other securities (“Fund Shares”), including but not limited to

See supra note 5 [sic]. See Cboe Rules 4.3.06(a)(6) and 4.4.06(c).

Partnership Units as defined in this Rule, that are principally traded on a national securities
exchange and are defined as an “NMS stock” under Rule 600 of Regulation NMS, and that are
listed pursuant to generic listing standards for an exchange-traded fund as defined in Rule 6c-11,
portfolio depositary receipts, or index fund shares.
In 2019, the Commission adopted Rule 6c-11 to permit exchange-traded funds that
satisfy certain conditions to operate without obtaining an exemptive order from the Commission
under the Investment Company Act of 1940.10 In 2020, the Commission approved generic listing
standards pursuant to Rule 19b-4(e) of the Exchange Act for exchange-traded funds that meet the
requirements of Rule 6c-11 (i.e., ETF Shares).11 The Commission found that the ETF Shares
generic listing standards are reasonably designed to help prevent fraudulent and manipulative
acts and practices particularly because a central qualification for listing generically is ongoing
compliance with Rule 6c-11, which requires, among other things, ETF Shares to prominently
disclose the portfolio holdings that will form the basis for each calculation of net asset value per
share. The Commission stated that it believes that such portfolio transparency should help
prevent manipulation of the price of ETF Shares.12 The Exchange believes this same
transparency rationale supports the generic listing of options on ETF Shares by aligning the
options generic listing standards with the ETF Shares generic listing standards. This proposal
simply creates a streamlined pathway for listing options on qualifying ETF Shares that meet the
enhanced transparency standards under Rule 6c-11.
The Exchange believes this proposed listing standard for options on ETF Shares is
reasonable and will result in options that are not readily susceptible to manipulation in light of

See Release Nos. 33-10695; IC-33646; File No. S7-15-18 (Exchange-Traded Funds) (September 25, 2019),
84 FR 57162 (October 24, 2019) (the “Rule 6c-11 Release”).

See e.g., Securities Exchange Act Release No. 88566 (April 6, 2020) 85 FR 20312 (April 10, 2020) (SRCboeBZX-2019-097) (Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 2, To Adopt BZX Rule 14.11(l) Governing the Listing and Trading of Exchange-Traded
Fund Shares) (“BZX ETF Shares Approval Order”).

See the BZX ETF Shares Approval Order at 20320

existing Rule 6c-11 transparency requirements and options listing requirements.13 The
Commission has determined that portfolio transparency is central to preventing manipulation of
ETF Share prices and serves as the primary qualification for generic listing of ETF Shares.14
Where ETF Shares have been deemed sufficiently transparent to warrant generic listing, the
Exchange believes the manipulation risks for both the underlying shares and overlying options
are adequately mitigated through this transparency framework as options manipulation is
typically achieved through manipulation of the underlying security.
The Exchange also proposes conforming amendments to renumber certain subparagraphs
and cross-references within Rule 19.3(i) and to remove references to specific crypto asset ETPs
from Rule 19.3(i)(4) for products that are now captured by the generic criteria in proposed Rule
19.3(i)(5). Currently, Rule 19.3(i)(4) lists by name certain crypto asset ETPs approved for
options trading. Because the proposed generic criteria in Rule 19.3(i)(5) would permit the listing
of options on any commodity-based trust holding crypto assets that meet the specified
requirements, the individual product-specific references to crypto asset ETPs in Rule 19.3(i)(4)
are no longer necessary and are proposed to be removed. The Exchange also proposes to
redesignate the existing Fund Share criteria and additional listing requirements currently set forth
in Rule 19.3(i) as Rule 19.3(i)(6)(A) and (B) and Rule 19.3(i)(7), respectively, with conforming
updates to the lettering and numbering of subparagraphs thereunder. Additionally, the Exchange
proposes to amend Rule 19.3(i)(7)(i) to add “ETF Shares” as an additional category of generic
listing standards, consistent with Cboe Options Rule 4.3, Interpretation and Policy .06(c)(1) and
the amendments to Rule 19.3(i)(1), and to remove the reference to “series of” portfolio
depositary receipts and index fund shares to align with the updated terminology throughout Rule
19.3(i). The Exchange also proposes to correct erroneous cross-references in Rule 19.4(g).
Currently, Rule 19.4(g)(1) references “Rule 19.3(i)(4)(A)” and Rule 19.4(g)(2) references “Rule

See Interpretation and Policy .06(b) to Exchange Rule 4.3.

See the BZX ETF Shares Approval Order at 20320.

19.3(i)(4)(B)”; however, no such subparagraphs currently exist in Rule 19.3(i). The Exchange
proposes to correct these cross-references to reference Rule 19.3(i)(6)(A) and Rule 19.3(i)(6)(B),
respectively, which correspond to the redesignated Fund Share listing criteria. Cboe Options
Rule 4.3.06(a)(4) similarly does not include individual product-specific references for crypto
asset ETPs, instead relying on the generic listing criteria in Rule 4.3.06(a)(6). The Exchange’s
proposed conforming amendments follow this same approach by reorganizing Rule 19.3(i) to
incorporate the new generic listing criteria for commodity-based trusts holding multiple crypto
assets while updating existing cross-references to maintain internal consistency within the rule.
Amendments to Rule 19.4(g)
Consistent with the Approval Order and Cboe Options Rule 4.4, Interpretation and Policy
.06(e), the Exchange proposes to amend Rule 19.4(g) to establish continued listing standards
applicable to options on commodity-based trusts holding multiple crypto assets. In the Approval
Order, the Commission approved Cboe Options’ adoption of continued listing standards for
options on commodity-based trusts holding multiple crypto assets, finding that such standards
are designed to ensure ongoing compliance with the listing criteria and appropriate market
surveillance. Similarly, the Exchange proposes to add a new subparagraph (3) to Rule 19.4(g)
providing that the Exchange shall consider the suspension of opening transactions in any series
of options of the class covering Fund Shares approved pursuant to Rule 19.3(i)(5) if the criteria
under Rule 19.3(i)(5)(B)(i) are no longer satisfied, as determined by the Exchange on a monthly
basis, or the criteria in Rule 19.3(i)(5)(B)(ii) are no longer satisfied.15
The Exchange also proposes conforming amendments to update cross-references within
Rule 19.4(g) to reflect the redesignation of Rule 19.3(i) subparagraphs. As discussed above, Rule
19.4(g)(1) and Rule 19.4(g)(2) currently contain erroneous cross-references to Rule 19.3(i)(4)(A)
and Rule 19.3(i)(4)(B), respectively, which would be corrected to reference Rule 19.3(i)(6)(A)

See supra note 5 [sic].

and Rule 19.3(i)(6)(B). The Exchange also proposes to renumber existing subparagraphs (3) and
(4) of Rule 19.4(g) as subparagraphs (4) and (5), respectively.
These continued listing standards are substantively identical to those set forth in Cboe
Options Rule 4.4.06(c) and are designed to ensure appropriate ongoing monitoring of crypto
asset-based products listed on the Exchange.
2.

Statutory Basis

The Exchange believes the proposed rule change is consistent with the Act and the rules
and regulations thereunder applicable to the Exchange and, in particular, the requirements of
Section 6(b) of the Act.16 Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5)17 requirements that the rules of an exchange be 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)18 requirement
that the rules of an exchange not be designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
Specifically, the Exchange believes the proposed rule change is consistent with Section
6(b)(5) of the Act for the following reasons. First, with respect to the proposed initial and
continued listing criteria for options on commodity-based trusts holding multiple crypto assets,
the proposed amendments would permit the Exchange to list and trade such options using
generic listing standards that are substantively identical to those set forth in Cboe Options Rules

15 U.S.C. 78f(b).

15 U.S.C. 78f(b)(5).

Id.

4.3.06(a)(6) and 4.4.06(c). The requirements that each underlying crypto asset has an average
daily market value of at least $700 million over the last 12 months and that each crypto asset
underly a derivatives contract trading on a market with which the Exchange has a comprehensive
surveillance sharing agreement are designed to prevent fraudulent and manipulative acts and
practices and to protect investors and the public interest.
Second, with respect to the proposed amendments to Rule 19.3(i)(1) to permit the listing
of options on an exchange traded fund as defined in Rule 6c-11, these amendments are consistent
with the approach taken by Cboe Options in the Proposal to List Options on 6c-11 ETFs.19 The
Exchange believes these amendments are consistent with the Act because existing Rule 6c-11
transparency requirements and options listing requirements are reasonably designed to help
ensure that such options are not readily susceptible to manipulation. Where ETF Shares have
been deemed sufficiently transparent to warrant generic listing, the Exchange believes the
manipulation risks for both the underlying shares and overlying options are adequately mitigated
through this transparency framework. This proposal creates a streamlined pathway for listing
options on qualifying ETF Shares that meet the enhanced transparency standards under Rule 6c11.
Third, with respect to the proposed amendment to Rule 19.3(i)(7)(i) to add ETF Shares,
this amendment is consistent with Section 6(b)(5) of the Act because it ensures that Fund Shares
listed pursuant to the ETF Shares generic listing standards are subject to the same additional
listing requirements applicable to other categories of generically listed Fund Shares, thereby
providing consistent investor protections across all categories of generically listed fund products.
Fourth, with respect to the proposed conforming amendments to remove individual
product-specific references in Exchange Rule 19.3(i)(4), remove the reference to “series of”
portfolio depositary receipts and index fund shares, and update cross-references, these

See supra note 7 [sic].

amendments are consistent with Section 6(b)(5) of the Act because they are designed to remove
impediments to and perfect the mechanism of a free and open market by aligning the Exchange’s
rules with the approach in Cboe Options Rule 4.3.06(a)(4), thereby promoting consistency across
Cboe-affiliated exchanges without altering the substantive protections afforded to investors.
Fifth, with respect to the proposed amendments to Rule 19.4(g) to establish continued
listing standards for options on commodity-based trusts holding multiple crypto assets and to
update cross-references, these amendments are consistent with the Approval Order and are
designed to ensure ongoing compliance with the listing criteria and appropriate market
surveillance. The Exchange further believes that the proposed rule change removes impediments
to and perfects the mechanism of a free and open market by enabling market participants to trade
options on multi-crypto-asset trusts on the Exchange under the same terms and conditions
approved for Cboe Options. The proposed rule change promotes fair and orderly markets and is
not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, as
the same generic listing criteria would apply equally to all eligible products.
The Commission has already determined that substantially identical rules satisfy the
requirements of the Act in approving the Approval Order. The proposed amendments are also
consistent with the Commission’s prior approval of the Proposal to List Options on 6c-11 ETFs
and with Cboe Options Rules 4.3.06(a)(4) and 4.3.06(a)(6), which established the framework for
generic listing criteria that the Exchange now proposes to adopt. The Exchange therefore
believes the proposed rule change is consistent with the Act.
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
proposed rule change is designed to permit the Exchange to list and trade options on the same
types of products that have been approved for trading on Cboe Options and to adopt the same
modernized descriptions and conforming amendments approved by the Commission for Cboe

Options. Rather than imposing a burden on competition, the proposed rule change is designed to
enhance competition by enabling the Exchange to compete on a level playing field with Cboe
Options in offering options on commodity-based trusts holding multiple crypto assets, listing
options on 6c-11 ETFs, and applying generic listing criteria instead of product-specific
references.
The Exchange notes that the proposed rule change does not impose any burden on
intramarket competition, as the generic listing criteria would apply equally to all eligible
products and market participants. The proposed rule change also does not impose any burden on
intermarket competition, as it merely permits the Exchange to list the same types of products
already approved for trading on another exchange.
C.

Self-Regulatory Organization’s Statement on Comments on the Proposed Rule
Change Received from Members, Participants, or Others

The Exchange neither solicited nor received comments on the proposed rule change.
III.

Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the

Act20 and Rule 19b-4(f)(6)21 thereunder. Because the foregoing proposed rule change does not:
(i) significantly affect the protection of investors or the public interest; (ii) impose any significant
burden on competition; or (iii) become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act22 and Rule 19b-4(f)(6)23 thereunder.

15 U.S.C. 78s(b)(3)(A).

17 CFR 240.19b-4(f)(6).

15 U.S.C. 78s(b)(3)(A).

17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission
written notice of its intent to file the proposed rule change, along with a brief description and text of the
proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or
such shorter time as designated by the Commission. The Exchange has satisfied this requirement.

A proposed rule change filed under Rule 19b-4(f)(6)24 normally does not become
operative prior to 30 days after the date of the filing. However, pursuant to Rule
19b4(f)(6)(iii),25 the Commission may designate a shorter time if such action is consistent with
the protection of investors and the public interest. The Exchange has asked the Commission to
waive the 30-day operative delay so that the proposed rule change may become operative
immediately upon filing. The Exchange proposes to amend its rules to establish listing criteria
and withdrawal standards for options on Commodity-Based Trusts that hold multiple crypto
assets. This aspect of the proposal would amend the Exchange’s rules to be substantively
identical in relevant part to rules governing listing standards and withdrawal criteria for options
on Commodity-Based Trusts that hold multiple crypto assets on another options exchange, as
discussed herein.26 The Exchange also proposes to amend its rules to permit the listing of
options on Exchange-Traded Funds as defined in Rule 6c-11 in a manner substantively identical
in relevant part to rules on another exchange, as discussed herein.27 The non-substantive
technical edits conform the Exchange rulebook given the proposed substantive changes and will
add clarity to the Exchange rulebook. This proposal does not raise any novel legal or regulatory
issues. For these reasons, the Commission finds that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest. Therefore, the Commission
hereby waives the 30-day operative delay and designates the proposed rule change to be
operative upon filing.28
At any time within 60 days of the filing of the proposed rule change, the Commission
summarily may temporarily suspend such rule change if it appears to the Commission that such

17 CFR 240.19b-4(f)(6).

17 CFR 240.19b-4(f)(6)(iii).

See supra Section II.A.1. See also note 6 and accompanying text.

See supra Section II.A.1. See also note 8 and accompanying text.

For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed
rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).

action is necessary or appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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:
•

Use the Commission’s internet comment form
(https://www.sec.gov/rules/sro.shtml); or

•

Send an email to rule-comments@sec.gov. Please include file number SRCboeBZX-2026-082 on the subject line.

Paper Comments:
•

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-CboeBZX-2026-082. 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 (https://www.sec.gov/rules/sro.shtml).
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-CboeBZX-2026-082 and should be submitted on
or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL
REGISTER].
For the Commission, by the Division of Trading and Markets, pursuant to delegated

authority.29

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-21128 Filed: 10/15/2026 8:45 am; Publication Date: 10/16/2026]

17 CFR 200.30-3(a)(12), (59).