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BTC 
ETH Key insights:
Cboe has applied to list Volatility Shares '3x Bitcoin and Ethereum ETFs.
The proposed fund will pursue triple daily asset performance.
Before Cboe can list a leveraged ETF, it requires SEC approval.
Cboe BZX Exchange submitted an application to list the 3x Bitcoin and Ethereum exchange-traded funds launched by Volatility Shares. These products are designed to achieve three times the daily performance of their reference assets (before fees and expenses). This daily goal is crucial because leveraged returns can make significant differences over longer holding periods. Volatility Shares LLC will serve as fund promoter through VS Trust. The proposed product line also includes gold, silver, crude oil and natural gas.
Six funds pursue triple daily performance
Under the proposal, each fund will pursue a triple daily target linked to its designated benchmark. Bitcoin and Ethereum funds will mainly use first-and second-month futures contracts traded on the Chicago Mercantile Exchange (CME).
At the same time, gold and silver products will mainly use futures contracts traded on the New York Mercantile Exchange (COMEX). Crude oil and gas funds will also seek to triple the daily performance of their underlying assets.
It is worth noting that these products will not hold physical Bitcoin, Ethereum, gold, silver, crude oil or natural gas. Instead, they will hold mainly benchmark futures, as well as cash and cash equivalents used for margin or collateral. The promoter will adjust futures positions based on unit purchases, redemptions and changes in benchmark values. These adjustments will help each fund maintain its established daily investment goals.
In addition, the document allows the use of alternative instruments when benchmark futures are not available in specific markets or position limits. These instruments can include forward futures, related ETFs, related exchange-traded products, and listed options. Therefore, the document sets out a process for maintaining daily exposure when major benchmark contracts are not available.
Commodity pool structures require separate approval
These six funds do not meet Cboe BZX's general listing criteria for commodity trust shares. BZX Rule 14.11(e)(4)(F) prohibits products that seek returns through specific leverage multiples. Because each fund pursues a 3x daily return, Cboe must obtain specific approval from the SEC through proposed rule changes.
At the same time, these funds will operate as commodity pools, regulated by the U.S. Commodity Futures Trading Commission (CFTC). They will not be registered as investment companies under the Investment Company Act of 1940. Volatility Shares LLC will serve as the initiator and commodity pool operator of VS Trust.
In addition, the trust will file an S-1 registration statement under the Securities Act of 1933. Registration must take effect before shares begin trading on the exchange. Cboe also believes that CFTC regulation adds federal regulation beyond physical commodity exchange-traded products.
Cboe applies to expand the layout of leveraged cryptocurrency ETFs
The proposal will expand leveraged cryptocurrency exchange-traded products beyond the existing lower-multiple structure.
Therefore, its regulatory handling will provide another test of the extent to which U.S. exchanges can expand their exposure to leveraged cryptocurrencies.
Cboe Global Markets reported strong second-quarter results before filing. The company reported adjusted earnings per share of $3.56 and net income of approximately $732 million.
These companies 'performance provides context for Cboe's broader business, but they do not directly support the investment case or regulatory outlook of these ETFs. I would rather keep them as a short paragraph or delete the section entirely.
The core story remains regulatory applications. Before the U.S. Securities and Exchange Commission action, the 3x Bitcoin and Ethereum ETF were still proposed products, not approved U.S. listings.
