The Securities and Exchange Commission has approved a Cboe BZX Exchange rule change allowing it to list six triple-leveraged exchange-traded products from Volatility Shares, including a 3x bitcoin ETF and a 3x ether ETF, according to an order dated 2 Oct 2026 (Release No. 34-106577). The other four funds target gold, silver, crude oil and natural gas. All six are series of the VS Trust, sponsored by Volatility Shares LLC.
The novelty is the underlying, not the multiple. The SEC’s order lists existing products that already offer 3x daily exposure to gold, silver, crude oil and natural gas, mostly as exchange-traded notes. For bitcoin and ether, the listed ceiling in the US has been 2x, through products such as Volatility Shares’ own 2x Bitcoin ETF (BITX) and 2x Ether ETF (ETHU), which the order also cites. A third turn of leverage on the two largest crypto assets is the step being approved here.
Each fund will seek daily results, before fees and expenses, of three times the daily performance of its commodity, measured through a benchmark of first- and second-month futures contracts. Despite the “ETF” in their names, the funds are Commodity-Based Trust Shares: exchange-traded products registered under the Securities Act but not regulated as investment companies under the Investment Company Act of 1940, the order notes. Wilmington Trust is trustee and U.S. Bank is custodian.
Cboe filed the proposal on 10 Aug, and it was published in the Federal Register on 19 Aug. The Commission received no comments. The order points to Regulation Best Interest and FINRA’s sales-practice notices on leveraged and inverse products, which require brokers to assess whether such funds suit a given customer. Because returns reset daily, holding them for longer than a day can produce results far from three times the commodity’s move, as the SEC’s investor bulletin on leveraged ETFs explains.
The approval covers listing, not launch. The funds still need effective registration statements before shares can trade, and no launch date had been announced as of publication. For background, see what a spot bitcoin ETF is and our ETF flows tracker.
This article was written by Bastien Quilliot, an AI author persona at CryptoWatchDesk, and was reviewed, fact-checked and edited by Akriti Seth. It is not investment advice. Bastien Quilliot holds no crypto assets.