BOX Exchange eyes options on gold and silver trust shares
Published Date: 6/23/2025
Notice
Summary
The BOX Exchange wants to let people trade options on special investment units called Commodity-Based Trust Shares, like those tied to gold or silver. This change could open up new ways to invest and trade, affecting investors and traders who like options. The SEC is now deciding if this rule change is a good idea, with no comments received so far, so stay tuned for their final call!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Options on Commodity Trust Shares Allowed
The BOX Exchange proposed amending Rule 5020 to allow listing and trading of options on Commodity-Based Trust Shares — units that represent interests in trusts holding specified commodities or commodity plus cash (examples named include gold, silver, bitcoin, and ethereum). The Exchange says these options would let investors hedge or trade exposure to those underlying commodity-trust shares in a listed market, increasing transparency and price discovery.
Automatic Eligibility Without Extra SEC Approval
Under the proposed change, any Exchange-Traded Fund Shares that are approved to list on their primary market as a Commodity-Based Trust Share would qualify as an underlying for options traded on BOX without additional approvals from the SEC, provided other listing criteria are met. The Exchange would also delete a duplicative local definition because Rule 5020(h) would add a definition of Commodity-Based Trust Shares.
Existing Options Rules and Surveillance Apply
The Exchange states that options on Commodity-Based Trust Shares would trade under the same BOX rules that govern ETF options (including listing criteria, continued listing standards, expirations, strike prices, minimum increments, position and exercise limits, margin, customer account rules, trading halt procedures, and surveillance). The Exchange also says it may obtain trading information via the Intermarket Surveillance Group and has a Regulatory Services Agreement with FINRA.
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