SEC Clears Volatility Shares 3x Leveraged Bitcoin, Ethereum ETFs for Cboe Listing

The SEC approved a Cboe rule change allowing the exchange to list six leveraged funds delivering three times the daily price moves of Bitcoin, Ethereum, gold, silver, crude oil and natural gas, per an order dated October 2, 2026. The products come from Volatility Shares, issuer of existing 2x Bitcoin and Ethereum funds, and will trade on Cboe's BZX Exchange. No launch date was set; shares cannot trade until each fund's registration statement takes effect. The funds target 3x daily exposure, primarily via futures, and reset each day. The SEC and FINRA warn that returns over longer periods can diverge significantly from the daily target. Cboe needed individual approval because its fast-track commodity listing rules exclude multiple-return products. Regulation Best Interest and FINRA sales and margin rules apply. Volatility Shares launched the first U.S. leveraged crypto ETF in 2023; spot Bitcoin ETFs followed in January 2024. The SEC paused review of products above 2x exposure in December 2025.