SEC Reviews Cboe Bid to List 3x Bitcoin and Ether ETFs

Key Takeaways

• Cboe asked the SEC to approve the listing of six funds that triple daily price moves.
• The funds would primarily hold futures contracts, not bitcoin or ether directly.
• Trading requires SEC approval of the exchange rule change and effectiveness of the trust’s Form S-1.

Six Funds Tied to One Day of Price Action

Traders in the U.S. would gain two crypto ETFs—one tied to bitcoin and another to ether—each designed to deliver three times the asset’s daily performance— under a proposal Cboe BZX Exchange sent the U.S. Securities and Exchange Commission (SEC). The agency published the notice Aug. 14, with comments due 21 days after the document appears in the Federal Register.

Volatility Shares LLC sponsors the VS Trust behind the lineup: the 3x Gold ETF, 3x Silver ETF, 3x Bitcoin ETF, 3x Ether ETF, 3x Crude Oil ETF and 3x Natural Gas ETF. Each fund targets three times its benchmark’s daily performance before fees and expenses, and each would operates as a commodity pool under the U.S. Commodity Futures Trading Commission (CFTC) rather than as an investment company.

The One Rule These Funds Miss

A single provision of the exchange rulebook blocks the whole lineup: BZX Rule 14.11(e)(4)(F) bars a trust from returns that correspond to a specified multiple of a benchmark. Cboe BZX therefore submitted the products under Section 19(b) of the Securities Exchange Act, the individual-approval route every commodity-based trust share needed before the SEC signed off on generic listing standards in September 2025.