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BTC 
ETH The SEC approves listing of three leveraged ETFs on the Cboe Exchange
On October 2, the U.S. Securities and Exchange Commission (SEC) approved a rule change that allows the Cboe Exchange to list six funds designed to provide returns triple the daily price fluctuations of Bitcoin, Ethereum, gold, silver, crude oil and natural gas. The funds come from Volatility Shares, which has previously launched Bitcoin and Ethereum products with double leverage. These shares will be traded like ordinary stocks on Cboe's BZX exchange.
What is a leveraged ETF?
An ETF (Exchange Traded Fund) is a basket of assets that is bought and sold through a broker application. Leveraged ETFs, on the other hand, use debt and other financial instruments to amplify gains and losses. The funds aim to provide triple returns. If bitcoin futures rise by 2% in one day, the fund targets a 6% gain; if they fall by 2%, the target loss is 6%.
These funds obtain this exposure mainly through futures contracts, which are agreements to buy or sell assets at a fixed price at a future date.
Risk of a "daily" reset
However, there is a trap with the word "daily": these funds reset once a day, so the promise of triple return only applies to a single day. Over a longer time span, the results could deviate well from three times the actual asset movements.
For example, suppose Bitcoin futures fell 10% on Monday and rose 10% on Tuesday. Assets eventually fell 1%, but the Triple Foundation first fell 30%, then rose 30%, and ultimately fell 9%. If you have $100 worth of Bitcoin, a 30% decline will reduce your assets by $30, leaving $70. A subsequent 30% increase would increase $70 by 30%, or $21, and the final total assets would be $91, an overall decline of 9%.
The SEC and the Financial Industry Regulatory Authority (FINRA) have issued warnings about such risks. Its announcement states that returns beyond one day may differ significantly from daily goals.
Cboe's special requirements and the SEC's regulatory stance
Cboe's fast-track listing rules for commodity funds exclude products that chase asset return multiples, so exchanges require the SEC to approve these funds separately. In addition to the triple goal, these funds must also meet all other Cboe listing requirements.
The SEC relies on the existing regulatory framework for oversight. Under the Regulation Best Interest, brokers must act in the best interests of their retail customers. At the same time, FINRA, a self-regulatory organization in the brokerage industry, requires stricter sales and margin (lending) rules for leveraged products.
Market Background and Development History
Volatility Shares launched the first leveraged cryptocurrency ETF in the United States to track Bitcoin futures in 2023. The spot Bitcoin ETF (directly held coins) was approved for launch in January 2024 after ten years of rejection.
Since then, competition for more leveraged products has intensified. In October 2025, Defiance submitted 49 applications for products with triple long and short exposure, while Volatility Shares submitted applications for five-times leveraged products.
The SEC intervened. In December 2025, it suspended review of products with more than twice the exposure and sent warning letters to nine publishers, including ProShares. In March 2026, the SEC required issuers to avoid launching five-times leverage products.
Despite this, Volatility Shares continues to launch double leverage products. In April 2026, it launched double leverage funds on Cardano, Stellar and Chainlink, adding to existing double leverage products in Bitcoin, Ethereum, Solana and XRP.
Historical lessons and current status
These are not the first triple leverage products. In accordance with the SEC's order, triple leverage products related to silver, crude oil and natural gas previously launched by other issuers have been withdrawn from the market. Currently, another issuer's triple gold product is still being traded.
The order does not set a specific launch date. According to Cboe's documents, the relevant shares cannot be traded until each fund's registration statement takes effect.
