The U.S. Securities and Exchange Commission has approved a rule change that clears the way for six 3x leveraged exchange-traded products to list and trade, including funds tied to Bitcoin and Ether. The products still cannot begin trading yet. Each one must wait for a separate Form S-1 registration statement to become effective under the Securities Act of 1933.
The approval came on Oct. 2, 2026. The products are part of the Volatility Shares trust series, sponsored by Volatility Shares LLC.
What the SEC approved
According to Release No. 34-106577, the SEC approved six leveraged products tied to crypto assets and commodities.
- 3x Bitcoin ETF
- 3x Ether ETF
- A product linked to gold
- A product linked to silver
- A product linked to crude oil
- A product linked to natural gas
Each fund is designed to deliver three times the daily performance of its underlying asset. The daily reset feature is central to how these products work.
The funds do not hold spot Bitcoin, spot Ether, or physical barrels of oil. Instead, they obtain exposure through futures contracts, agreements to buy or sell an asset at a set price on a future date.
Timeline of the filing
Cboe BZX filed the proposed rule change on Aug. 10, 2026. The SEC published notice on Aug. 14, and the approval arrived on Oct. 2.
The rule change addressed restrictions tied to leveraged commodity-based trust shares, the regulatory category these products fall under.
Approval does not mean trading has started
The SEC's action covers listing rules, not the final launch of the products. Trading can begin only after the separate S-1 registration statements become effective.
The approval order did not disclose any timetable for that step.
Two issues investors need to watch
All six products reset leverage every day. Because the 3x target applies on a day-by-day basis, returns over weeks or months will depend on the path prices take, not just the net move in the underlying asset over that period.
That can be especially punishing in choppy markets. A sequence of up days and down days can erode net asset value through compounding, even if the underlying asset ends roughly where it started.
Futures add another layer of cost. Contracts expire, so the funds must keep rolling into new contracts, and those roll costs can weigh on performance over time.
First U.S. approval for 3x Bitcoin and Ether ETPs
This is the first time the United States has approved 3x leveraged ETPs linked to Bitcoin and Ether. The two crypto products were approved in the same batch as products tied to gold, crude oil, and other traditional commodities.
As the source article noted, this type of leveraged exposure has already existed in international markets. The latest decision brings it in front of U.S. investors.
The packaging of Bitcoin and Ether alongside gold and oil in the same approval also offers a regulatory signal in classification terms: digital commodities and traditional commodities were handled together in one SEC action.
What comes next
For traders and issuers, the next milestone is the effectiveness of the S-1 filings. That is the point when the starting gun for trading actually goes off.