According to a New York Times article from last year
Apple’s insider trading policy said any individual with material, nonpublic information about the company was not allowed to trade the stock until 60 hours after that information had been announced.
From researching Blackout Period Procedures it appears that only specific reference is made to the company's stock, not any security that contains the stock of the company.
directors, officers, employees and/or affiliated persons ... may not engage in any transaction in the Company’s securities (including a gift, contribution to a trust or similar transfer)
It also appears that it is up to the company to set the blackout periods, and restrictions on general insider trading.
So to answer your question, it does not appear that the SEC specifically has a rule against this, however it would be best for someone in this situation to consult the appropriate person at their company before engaging in any trades.