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CBOE to list options on two metals ETF products

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Chicago Board Options Exchange has announced that it will list options on two new precious metals exchange traded funds – iShares Comex Gold Trust and iShares Silver Trust.

Chicago Board Options Exchange has announced that it will list options on two new precious metals exchange traded funds – iShares Comex Gold Trust and iShares Silver Trust.

The US Securities and Exchange Commission approved CBOE’s filing late on 4 December.

The iShares Comex Gold Trust and iShares Silver Trust are ETFs that seek to reflect the performance of the price of gold bullion and silver bullion respectively, less the trusts’ expenses.

Both trusts hold physical metals.

The designated primary market maker for the ETF options is Barclays Capital.

Both contracts, specifying American-style expiration, will trade on the January expiration cycle, with introductory expirations in December, January, April and July.

Initial strike prices for iShares Comex Gold Trust are in five point increments and range from 65 to 85. Position limits are 20 million options contracts.

Strike prices for iShares Silver Trust range from five to15 in one-point increments. Position limits are 25 million option contracts.

Last June, CBOE introduced its first-ever options product on a precious metals ETF – the SPDR Gold Trust ETF – after receiving regulatory approval from the Securities and Exchange Commission.

Average daily volume in the ETF has ranged from 12,000 contracts in its first month of trading to more than a 40,000 contract per day average in August.

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