The U.S. Securities and Exchange Commission issued order 34-106577 on 2 October, approving a Cboe BZX rule change to list and trade six series of the VS Trust: the 3x Gold ETF, 3x Silver ETF, 3x Bitcoin ETF, 3x Ether ETF, 3x Crude Oil ETF and 3x Natural Gas ETF. The file number is SR-CboeBZX-2026-065.
The approval creates an exchange-listing path for products targeting three times the daily performance of crypto and major commodity benchmarks. It approves the exchange rule change; it does not endorse the products as safe, promise returns or announce a trading date.
ETFs in name, commodity ETPs in structure
The SEC says that although “ETF” appears in each name, the shares are Commodity-Based Trust Shares and therefore ETPs, not traditional open-end ETFs regulated under the Investment Company Act of 1940. Volatility Shares LLC is the sponsor, Wilmington Trust the trustee and U.S. Bank National Association the custodian.
Because Cboe’s generic standards exclude leveraged Commodity-Based Trust Shares, the exchange required a specific Section 19(b) filing and SEC approval.
Daily 3x exposure through futures
Each product seeks, before fees and expenses, three times the daily change of a benchmark built from first- and second-month futures. Futures and cash equivalents supply the exposure and collateral. The bitcoin and ether products primarily use CME futures rather than holding physical bitcoin or ether.
If benchmark futures become unavailable because of limits, margin requirements or risk controls, the products may use later-dated futures, linked ETFs or ETPs, and listed options. Those alternatives introduce basis, roll, liquidity and tracking risks.
Daily does not mean long term
Investor.gov warns that most leveraged products reset daily. Compounding and volatility can make results over more than one day diverge sharply from a simple multiple of the benchmark’s cumulative return. Fees, financing, futures rolls and tracking error add further differences.
The 3x objective is therefore a daily target, not a promise of three times the weekly or monthly return. Volatile bitcoin, ether and energy futures can amplify losses as well as gains.
What the order does—and does not—approve
The Commission found the rule change consistent with exchange-law provisions addressing manipulation, investor protection and orderly markets. The underlying futures have traded on registered designated contract markets for at least six months, and surveillance-sharing, disclosure, continued-listing and trading-halt requirements apply.
The order does not certify product quality or suitability. Reg BI applies to broker-dealer retail recommendations; advisers retain fiduciary duties; and FINRA imposes additional sales-practice and margin requirements for leveraged securities.
Rule approval also does not necessarily mean immediate trading. Applicable registration and exchange operational steps remain, and the order states no launch date.
Impact on traders and firms
Traders should verify the exact futures benchmark, daily reset, costs, roll process, premium or discount to net asset value, halt rules and broker access. The name “3x” cannot be used to calculate a multi-day return mechanically.
Brokers, platforms and advisers gain a broader product set but face higher obligations around customer classification, risk disclosure, suitability, margin and marketing. Describing listing approval as a regulatory safety endorsement would misstate the decision.
TraderVote view
The order places bitcoin and ether beside gold, silver, oil and natural gas in a common futures-based commodity-ETP framework. It expands regulated-market access without removing risk; the risk is packaged into a more standardised, disclosed and surveilled instrument.
Next evidence points are effective registration materials, final fees and tickers, launch dates, market-making arrangements and real-world tracking during volatile sessions.
Sources
SEC approval order 34-106577, issued 2 October and accessed 4 October 2026: https://www.sec.gov/files/rules/sro/cboebzx/2026/34-106577.pdf
SEC order index: https://www.sec.gov/taxonomy/term/193081
Federal Register filing notice: https://www.govinfo.gov/content/pkg/FR-2026-08-19/pdf/2026-16854.pdf
Investor.gov leveraged-product bulletin: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec
The Block report on the original filing: https://www.theblock.co/news/regulation/2026-08-14-cboe-seeks-sec-nod-for-first-us-3x-bitcoin-and-ether-etfs-411879
GNcrypto corroborating report on approval: https://www.gncrypto.news/news/sec-approves-rule-3x-bitcoin-ether-futures-etfs/
Written independently by Hengyuan from public information verifiable as of 4 October 2026. This article is not investment or legal advice.
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