Staff is considering recommending the Commission exempt the trading and clearing of options and futures on the shares of commodity-based exchange traded funds that hold or maintain direct exposure to gold, silver, palladium, platinum, or any combination thereof. The exemption would be from all requirements of the Commodity Exchange Act and Commission regulations to the extent necessary to permit: (1) The options to be traded on national securities exchanges; (2) the futures to be traded on designated contract markets registered with the SEC as limited purposes national securities exchanges; and (3) both the options and futures to be cleared by a registered derivatives clearing organization acting in its capacity as a registered securities clearing agency. As a condition of the relief, the Commission would receive daily large options position reports (LOPR) and would be able to initiate a special call on traders identified in the LOPR, if necessary. The order would be pursuant to section 717 of the Dodd-Frank Act to deal with determining the status of novel derivative products. Staff is working with the SEC staff to issue orders from each agency simultaneously or close together in time. Staff is in the process of revising the notice of proposed order based, in part, on comments received from SEC staff. Similarly, the SEC has provided staff with a draft proposed exemptive order concerning the same subject matter, and staff will provide comments on it to the SEC.