The US Securities and Exchange Commission approved a Cboe BZX rule change on October 2 allowing the listing and trading of Volatility Shares’ 3x Bitcoin ETF and 3x Ether ETF. The decision clears an exchange listing requirement rather than announcing a trading launch.
Both products seek three times the daily performance of their respective futures benchmarks, before fees and expenses. Those benchmarks use portfolios of first- and second-month contracts. The funds will pursue their targets through futures, backed by cash and cash equivalents for collateral or margin.
The approval covers six series of VS Trust, including funds linked to gold, silver, crude oil and natural gas. Volatility Shares already offers 2x funds for Bitcoin and Ether, listed under the tickers BITX and ETHU.
The leverage objective applies to a single day. Daily resets and compounding mean returns over longer periods can differ substantially from three times the benchmark’s cumulative move. An SEC staff investor bulletin explains that volatility can magnify that divergence and expose holders to significant losses.
The SEC also distinguishes the products’ legal structure from their names: although they include ETF in their titles, they are commodity-based trust shares classified as exchange-traded products. The order does not specify a first trading day, so the approval should not be read as confirmation that trading has begun.
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