On October 2, 2026, the US Securities and Exchange Commission approved a rule change that clears six 3x leveraged exchange-traded products for listing and trading including funds tied to Bitcoin and Ether. The lineup also covers gold, silver, crude oil, and natural gas.

What the SEC signed off on

The approval, issued under Release No. 34-106577, covers six products structured as series of the Volatility Shares (VS) Trust, with Volatility Shares LLC serving as sponsor. The crypto pair consists of the 3x Bitcoin ETF and the 3x Ether ETF, while the remaining four products target gold, silver, crude oil, and natural gas.

Each product is designed to deliver three times the daily performance of its underlying asset. The word "daily" does a great deal of heavy lifting here. The funds do not hold actual Bitcoin, Ether, or barrels of oil; instead, they obtain their exposure through futures contracts, which are agreements to buy or sell an asset at a set price on a later date. Futures-based exposure is a standard structure for exchange-traded commodity products, allowing shares to trade on a national securities exchange while the funds track their underlying markets through derivative positions.

The regulatory paperwork moved at a reasonable clip. Cboe BZX Exchange filed the proposed rule change on August 10, 2026, and the SEC published notice of it on August 14. Approval followed on October 2. The change addresses limitations on leveraged commodity-based trust shares, the regulatory category under which these products fall. Approvals of this kind establish the exchange-level listing framework; they are a separate step from the registration process each individual fund must still clear.

Daily resets and a missing launch date

Approval of a listing rule, however, is not the same thing as a launch. Trading cannot begin until a separate Form S-1 registration statement under the Securities Act of 1933 becomes effective, and the SEC's approval did not disclose any timeline for that step. The S-1 is the standard registration vehicle through which an issuer discloses a fund's structure, operations, and risks before its shares can be offered to the public.

All six products reset their leverage every day, which is the single most important detail for anyone considering a purchase. Because the 3x target applies one day at a time, results over longer periods depend on the path prices take along the way. Choppy markets are where this effect bites hardest: compounding across alternating up and down days can erode value even when the underlying asset finishes a stretch roughly where it began. That path-dependence is why these funds define their objective in daily terms, a framing that sets daily products apart from vehicles designed to track longer-horizon performance.

Futures add a second wrinkle. Because contracts expire, the funds must continually roll their positions into new ones, and those roll costs can weigh on returns over extended holding periods.

A first for US markets

The decision marks the first US approval of triple-leveraged ETPs linked to Bitcoin and Ether, bundled alongside traditional commodities in the same action. Leveraged exposure of this sort already exists in international markets, and the ruling brings comparable products within reach of US investors through domestic listings.

The packaging also carries weight for how digital commodities are treated. Bitcoin and Ether landed in the same approval as gold and crude oil, a quietly meaningful bit of categorization: all six were cleared under a single rule change addressing leveraged commodity-based trust shares, placing the two crypto assets in the same regulatory grouping as the traditional commodities.

For traders and issuers alike, the next milestone to watch is the S-1 registration statement becoming effective, since that is the actual starting gun for trading to begin. With the exchange-level framework now approved, the effective registration statement is the remaining gate between these funds and their first day of trading.