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BTC 
ETH Three major leveraged ETFs approved: Bitcoin, Ethereum and commodities usher in new opportunities
On October 2, 2026, the U.S. Securities and Exchange Commission (SEC) officially approved six triple leveraged exchange-traded funds (ETFs), which track Bitcoin, Ethereum, gold, silver, crude oil and natural gas respectively. The lighting of this regulatory green light marks an important step in the field of structured financial products for the U.S. market.
Detailed explanation of fund operation mechanism
Unlike direct holding of cryptocurrencies, the approved crypto-asset-related funds will gain risk exposure through regulated futures contracts rather than directly holding underlying digital assets. Specifically, the funds will utilize regulated derivative instruments, including Chicago Mercantile Exchange (CME) contracts, designed to provide earnings that are approximately three times the daily percentage change in the underlying asset.
For example, if the benchmark futures index rises by 1% in a single day, the fund's net worth is expected to increase by approximately 3% without taking into account fees and expenses; conversely, if it falls by 1%, the fund may face a loss of approximately 3%. This high leverage effect makes funds extremely sensitive to short-term market fluctuations.
Daily rebalancing and long-term risk
A core feature of such leveraged ETFs is "daily rebalancing." After the close of each trading day, the fund resets its leverage ratio to ensure that the next day's return multiple meets the design goal. However, this mechanism also brings significant risks:
- Nonlinear returns: Products are only designed to provide triple return per day, not triple cumulative performance per week, month or year.
- Volatility losses: Due to compound interest effects, leveraged funds may experience large losses even if the underlying asset price ultimately remains flat. For example, if Bitcoin rises by 10% and then falls by 10%, Bitcoin itself will only fall by about 1%, but a triple leveraged fund may fall by about 9% due to the daily reset mechanism.
- Extreme risks: In theory, if the underlying futures contract plummets by about 33% in a single day, it may cause the fund's net assets to return to zero. As a result, these products are mainly aimed at short-term traders who actively monitor positions, rather than long-term investors.
Listing schedule and regulatory status
Although the SEC has approved rule changes, these funds are not yet tradeable. Issuer Volatility Shares still needs to obtain the validity of the Form S-1 registration statement. As of now, the issuer has not announced the specific launch time. According to market rumors, the product code linked to Bitcoin may be BITH, while the product code linked to Ethereum may be ETHK.
Volatility Shares previously operated BITX (two Bitcoin leveraged funds), and this approval allows it to further expand its product line based on its existing experience in leveraged crypto strategy management.
Industry background and regulatory trends
This approval is one of the manifestations of U.S. regulators 'increased participation in digital asset products this year. At the same time, other asset management companies are also exploring similar products. For example, Granite Shares applied for three XRP triple leveraged funds in early 2026, but encountered regulatory obstacles.
In addition, the regulatory environment is changing in many ways:
- The SEC has issued guidelines on the framework for pledged receipt tokens and related digital assets.
- Regulators are reviewing rules governing consult-held cryptocurrencies and tokenized securities issuance.
- Proposals submitted by OKX and ICE to tokenize New York Stock Exchange stocks have been advanced under the SEC's Innovation Pilot Program.
- The Treasury Department has overturned previous proposals to regulate cryptocurrency hybrid services.
Currently, neither retail nor institutional investors are able to trade these two triple leveraged funds. The transaction will only start after the registration statement is formally effective and the validity is declared.
