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ETH The U.S. SEC approves Cboe BZX exchange to list six new leveraged ETFs on Volatility Shares
The U.S. Securities and Exchange Commission (SEC) has authorized Cboe BZX exchange to list six new leveraged exchange-traded funds (ETFs) issued by Volatility Shares, including the first 3x leverage Ethereum ETF and a similar Bitcoin product. The decision marks a critical step in the regulated U.S. crypto investment sector, approving leveraged cryptocurrency ETFs in parallel with equivalents that track products such as gold, silver, crude oil and natural gas.
Scope of SEC approval
The SEC granted a listing structure after the final order that allows Cboe BZX to add a full series of 3x daily leverage funds issued by VS Trust and managed by Volatility Shares. These leveraged funds include ETFs of 3 times Bitcoin, 3 times Ethereum, 3 times gold, 3 times silver, 3 times crude oil and 3 times natural gas. Cboe submitted the application on August 10, 2026, announced the proposal nine days later, and was approved on October 2, 2026. These funds do not invest in physical assets, but aim to deliver returns for their respective commodities equal to three times the daily performance of the Chicago Mercantile Exchange futures benchmark.
These funds do not hold underlying assets, but use futures contracts traded on the Chicago Mercantile Exchange. Such products are registered as commodity trusts under the Securities Act of 1933, rather than under the Investment Company Act of 1940. Performance is reset daily and leverage is recalibrated daily.
For example, if the price of Ethereum rises by 1% on a certain day, the 3x Ethereum ETF aims to gain a 3% gain before deducting fees; conversely, if Ethereum falls by 1% that day, the fund will lose 3%. Bloomberg ETF analyst Eric Balchunas described the approval as a milestone for Volatility Shares, which is previously known for its 2x leveraged BITX and ETHU products. Each fund must receive notification of the validity of its Form S-1 registration statement before starting trading.
Industry Impact and Background
Including 3x leveraged cryptocurrency ETFs in the scope of approval puts Volatility Shares at the forefront of U.S. crypto innovation and becomes one of the few ETF issuers capable of offering highly leveraged products on regulated exchanges such as Cboe.
In 2023, the SEC is still challenging Grayscale's request to convert its GBTC trust into a spot Bitcoin ETF. Since the approval of the spot Bitcoin ETF in January 2024, according to SoSoValue data, as of the end of September 2026, the cumulative net inflow of these products has exceeded US$100 billion, paving the way for wider acceptance of the spot Ethereum ETF.
The SEC's green light for products based on 3x futures indicates that when implemented using CME-listed derivatives, regulators have accepted higher leverage ratios, while Cboe BZX conducts strict daily monitoring. For Ethereum, the product helps increase the liquidity of CME Ethereum futures, with CME Group reporting that its average nominal daily trading volume reached US$2.1 billion in the third quarter of 2026. Some analysts expect closer price discovery between Ethereum futures and the spot market on platforms such as Coinbase and Binance.
产品结构与竞争格局
迷你词典：Volatility Shares是一家美国资产管理公司，以推出创新的杠杆型和反向型交易所交易产品而闻名，例如BITX，这是美国首只基于比特币期货的2倍杠杆ETF。
新的杠杆型加密货币ETF被设计为短期战术交易工具。它们主要由对冲基金和积极交易者使用，以管理风险或利用市场波动，而不是由进行长期投资的机构使用。ProShares和Direxion等提供商多年来一直提供类似的杠杆型商品ETF。
每日杠杆基金的一个主要风险是复利效应：在超过一天的时间段内，业绩可能会显著偏离预期的资产回报三倍倍数。在震荡或横盘市场中，这可能导致价值大幅缩水，即使整体趋势看似有利。例如，先上涨10%随后下跌9.09%的情况会使现货价格保持不变，但杠杆ETF的价值却会下降。
如果Volatility Shares推进上市，预计将面临来自ProShares和Direxion等其他ETF发行商的竞争，后者已经提供杠杆型商品ETF。行业观察人士指出，从最初的拒绝到现货ETF，再到从2倍到3倍杠杆产品的进展，正在迅速扩大以太坊在受监管投资市场中的地位，但也给投资者教育带来了挑战。
The SEC's approval of these daily leveraged ETFs may push up trading volume and volatility in $ETH, but users should be aware of the short-term nature of these products and compound interest risk.
