The US Securities and Exchange Commission (SEC) approved a rule change on October 2, 2026, clearing six 3x leveraged exchange-traded products (ETPs) for listing and trading. The approved lineup includes funds tied to Bitcoin and Ether, alongside products targeting gold, silver, crude oil, and natural gas.
Issued under Release No. 34-106577, the approval covers products structured as a series of the Volatility Shares (VS) Trust, sponsored by Volatility Shares LLC. This marks the first US approval of triple-leveraged ETPs linked to Bitcoin and Ether, bundling digital assets with traditional commodities in a single regulatory action.
How the Products Work
Each of the six products aims to deliver three times the daily performance of its underlying asset. Rather than holding actual Bitcoin, Ether, or physical commodities like oil, the funds gain exposure through futures contracts.
The regulatory process moved forward after the Cboe BZX Exchange filed the proposed rule change on August 10, 2026, followed by SEC publication on August 14 and final approval on October 2. The change addresses limitations on leveraged commodity-based trust shares.
Launch Timeline and Trading Risks
Approval of the listing rule does not mean trading can begin immediately. A separate Form S-1 registration statement under the Securities Act of 1933 must become effective before the funds can launch, and the initial approval did not disclose a timeline for that step.
The funds reset their leverage daily. Because the 3x target applies one day at a time, performance over longer periods depends heavily on price paths. Compounding across fluctuating days can erode value in choppy markets, even if the underlying asset finishes a period near its starting price. Additionally, the use of futures contracts requires funds to periodically roll into new contracts, introducing roll costs that can affect performance over time.
