Release 34-106577 lets Cboe BZX list six Volatility Shares funds that target three times the daily move of a futures benchmark, bitcoin and ether among them, and the order records no public comments. None can trade until the Commission declares their registration statements effective.
The Securities and Exchange Commission approved a Cboe BZX rule change on October 2 that lets the exchange list six exchange-traded products built to return three times the daily move of a commodity futures benchmark. Two of the six track bitcoin and ether. The order records that no public comments were received on the proposal.
Release 34-106577 disposes of file number SR-CboeBZX-2026-065, which the exchange submitted on August 10 and which was published in the Federal Register on August 19. The six funds are series of VS Trust, sponsored by Volatility Shares LLC: a 3x Gold ETF, a 3x Silver ETF, a 3x Bitcoin ETF, a 3x Ether ETF, a 3x Crude Oil ETF and a 3x Natural Gas ETF. Wilmington Trust is the trustee and U.S. Bank the custodian. Sherry R. Haywood, an assistant secretary, signed the order.
Each fund is built to deliver daily results, before fees and expenses, that correspond to three times the daily performance of its reference commodity, and it does so by holding first and second-month futures contracts rather than the asset itself. A 1 percent move in the bitcoin futures benchmark is meant to produce a 3 percent move in the fund that day. The multiple resets daily, and FINRA guidance cited by news.bitcoin.com warns that compounding can leave longer-term returns diverging sharply from three times the benchmark's cumulative change.
The shares list as Commodity-Based Trust Shares under BZX Rule 14.11(e)(4), the generic standard the exchange already uses for commodity trusts. The Commission approved under Section 19(b)(2) of the Exchange Act, relying on Sections 6(b)(5) and 11A(a)(1)(C)(iii).
What the Commission put behind that finding is machinery that already exists. The order cites Regulation Best Interest for broker-dealer recommendations, an investment adviser's fiduciary duty, and FINRA's heightened sales-practice and margin requirements for leveraged securities. It also points to the exchange's surveillance procedures and to the portfolio transparency a commodity trust provides. No condition specific to a 3x daily target appears in the approval.
CoinDesk reported that US crypto funds had been capped at 2x leverage until now, which would make the bitcoin and ether series the first to target three. The order itself makes no such claim and does not discuss the leveraged crypto products already trading. What it establishes is that the Commission was willing to approve a 3x daily target inside a commodity trust wrapper, and that nobody filed a comment against it.
None of the six is trading. Approving a rule change lets the exchange list the shares; the funds still need the Commission to declare their registration statements effective, and CoinDesk noted that the order sets no deadline for that. Volatility Shares' prospectus says an investment in the 3x Bitcoin ETF "is not suitable for all investors, may be deemed speculative." No tickers, launch date or fee levels have been published.
Amplified exposure to crypto and equities has been arriving through more than one regulator. Coinbase filed to list perpetual-style stock futures with a 0.1 percent hourly funding cap with the CFTC in September, and Hyperliquid's policy arm argued that equity perps should be classed as security futures. A leveraged exchange-traded product reaches comparable exposure through an ordinary brokerage account and a daily reset instead of a funding rate.
Two of the people CoinDesk quoted addressed the reset rather than the approval. Eric Balchunas, a senior ETF analyst at Bloomberg, said leveraged ETFs "are for trading, not investing." Adam Back, Blockstream's chief executive, said "auto re-leveraging strategies bleed capital in a sideways chop, especially with a high volatility underlying... like bitcoin." Both describe the cost a daily reset imposes in a range-bound market, which is a property of the structure rather than a defect in the filing.
The order does what a rule change approval does and no more. It does not register the funds or set a trading date, and the investor protections it cites all applied before it was signed.
