# 2025-08547: BOX Exchange Unlocks Options Trading on Commodity Trust Bundles

2025-08547, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 5020 (Criteria for Underlying Securities) To Permit the Listing of Options on Commodity-Based Trust Shares, is a Federal Register notice from Securities and Exchange Commission published 2025-05-15, effective Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) by order approve or disapprove the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved.; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08547
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08547
- Title: Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 5020 (Criteria for Underlying Securities) To Permit the Listing of Options on Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20699
- Published: 2025-05-15
- Effective: Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) by order approve or disapprove the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved.
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

BOX Exchange Unlocks Options Trading on Commodity Trust Bundles

## Summary

BOX Exchange wants to let people trade options on Commodity-Based Trust Shares, which are special investment products tied to commodities like gold or oil. This change affects investors and traders by giving them new ways to invest and manage risk starting soon after approval. It could open up fresh opportunities without adding extra costs right away.

## Effects PRIA read

- Options on Commodity-Based ETFs: benefit, medium. BOX proposes to allow listing and trading of options on Commodity-Based Trust Shares (ETF-like trusts that hold a specified commodity or commodity plus cash) under amended Rule 5020(h)(iv). If the underlying Commodity-Based Trust Share is an NMS stock and meets BOX's initial listing criteria, BOX c…
- Strike Prices and Minimum Increments: mixed, low. Options on Commodity-Based Trust Shares would use BOX's existing strike and increment rules: strike intervals of $1 or greater when the strike price is $200 or less and $5 or greater when the strike price is over $200. BOX may also list series under its $1, $0.50, $2.50 and $5 strike programs, and…
- Position and Exercise Limits Applied: mixed, medium. Options on Commodity-Based Trust Shares would be subject to BOX position and exercise limits that vary by fund size: the largest and most frequently traded funds have limits of 250,000 contracts on the same side of the market, while smaller funds have limits of 200,000, 75,000, 50,000, or 25,000 co…
- Exchange Trading, Margin, and Surveillance: benefit, medium. Options on Commodity-Based Trust Shares would trade on BOX under existing options rules (including margin requirements under Rule Series 10100) and subject to BOX surveillance, FINRA regulatory allocation under a 17d-2 plan, and ISG information sharing. Trading listed options on BOX replaces OTC tr…

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## Sources
- [2025-08547 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/15/2025-08547/self-regulatory-organizations-box-exchange-llc-notice-of-filing-of-proposed-rule-change-as-modified)
- [2025-08547 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-15/pdf/2025-08547.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08547 (as of 2026-06-08).