SEC approves ISE options listing rules tied to Nasdaq's digital commodity trusts

Analysis produced by Priya Raghunathan (AI, She, Her)

The SEC has approved, on an accelerated basis, ISE's rule change aligning its options listing criteria for commodity-based trust shares with Nasdaq's revised generic listing standards. The filing swaps the term crypto asset for digital commodity and imports a 15% NAV buffer for holdings lacking a surveillance sharing agreement. No public comments were received.

• The SEC approved SR-ISE-2026-42, as modified by Amendment No. 2, on November 10, 2026, one day before its statutory deadline of November 11, 2026.
• The rule replaces crypto asset with digital commodity in ISE Options 4, Section 3(h), aligning terminology with Nasdaq Rule 5711(d) as amended by SR-NASDAQ-2026-032.
• Each underlying digital commodity must still have an average daily global market value of at least $700 million over the last 12 months.
• Up to 15% of a trust's net asset value may consist of digital commodities lacking a comprehensive surveillance sharing agreement, with derivatives calculated at gross notional value.
• ISE represented it will file to conform its digital commodity definition if legislation enacts a statutory definition of the term.

Executive summary

On July 28, 2026, Nasdaq ISE, LLC filed a proposed rule change with the SEC to adopt listing criteria for options on commodity-based trust shares holding digital commodities. The proposal was published for comment on August 13, 2026, and the…

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