August 14, 2025Advisory Notice A25-013

Listing of Options on Closed-End Funds

Further to Circular 100-25, Bourse de Montréal Inc. (the "Bourse") hereby informs its participants that options on Closed-End Funds (CEFs) will be listed at the opening of trading at 9:30 am (ET) on Tuesday, September 2, 2025. The new contract specifications can be found below.

The list of the underlying CEFs and the respective options on CEFs symbols that will be listed is as follows:

Underlying CEF Name	Option Class Symbol	Underlying Symbol on the Toronto Stock Exchange (TSX)
Sprott Physical Uranium Trust	U	U.UN
Sprott Physical Gold Trust	PHYS	PHYS
Sprott Physical Silver Trust	PSLV	PSLV

The aforementioned options contracts will be added to the High Speed Vendor Feed (HSVF) and Order Book Feed (OBF) using the current messaging protocol.

Information on the new contracts will be made available at www.m-x.ca on the first trading day.

General Test Environment (GTE)

The options on CEFs are available for testing in the GTE environment since August 1, 2025 under the following symbols:

Underlying CEF Name	GTE Option Symbol
Sprott Physical Uranium Trust	U
Sprott Physical Gold Trust	PHYS
Sprott Physical Silver Trust	PSLV

Timeline for Options on CEFs

General Testing Environment (GTE1 & GTE3)	August 1, 2025
Production environment	September 2, 2025

Contract Specifications

Underlying	Eligible closed-end funds units, subject to criteria set by the Clearing Corporation
Trading unit	The trading unit is one contract, representing 100 units of the underlying equity security
Minimum fluctuation of the option premium (tick / increment)	(a) For closed-end fund options excluded from the penny trading program: Option Series priced below $0.50 are quoted in increments of $0.01. Option Series priced at $0.50 or more are quoted in increments of $0.05. (b) For closed-end fund options included in the penny trading program: Option Series priced below $3.00 are quoted in increments of $0.01. Option Series priced at $3.00 or more are quoted in increments of $0.05.
Expiry cycle	Monthly expiries: at a minimum, the nearest four consecutive months. Plus the next four months in the designated quarterly Cycle: March, June, September and December.The Bourse may list expiries over a period of two years and an annual expiry in January under such expiry Cycle. Weekly expiries: the expiration date shall be any of the five Fridays following the listing week which is a business day, but which is not an expiration day for any other Options already listed on the same underlying. If any such Friday is not a business day, then the expiration date will be the first preceding business day that is not an expiration day for any other Options already listed on the same Underlying Interest. Long term expiries: annual expiry of January for long term Options.
Strike prices	At a minimum, five strike prices bracketing the current underlying issue's market price.
Contract type	American style (physically settled)
Last trading day	For monthly expiries: trading ceases on the third Friday of the Delivery Month, provided it is a business day. If it is not a business day, trading will cease on the first preceding business day. For weekly expiries: trading ceases on the Friday following the contract listing week, provided it is a business day. If it is not a business day, trading will cease on the first preceding business day.
Expiration day	Expiration day is equal to the last trading day.
Position reporting threshold	250 contracts
Position limit	As specified in Article 6.309 A) of the Rules: information can be obtained from the Regulatory Division as they are subject to periodic changes. See the position limits page on the Regulatory Division website.
Delivery	Via the CDS Clearing and Depository Services Inc., on the first business day following the exercise date.
Trading hours	Regular session: 9:30 a.m to 4:00 p.m ET
Clearing corporation	Canadian Derivatives Clearing Corporation (CDCC)

If you require technical assistance, please contact the Market Operations Department.

Regards,