The SEC has approved a Cboe rule change that lets six 3x leveraged funds from Volatility Shares list on Cboe’s BZX Exchange, including funds tracking Bitcoin and Ether.
The approval came on 2 October. The funds aim to deliver three times the daily performance of futures contracts, and their shares will trade on the exchange like ordinary stocks. No launch date has been set.
Past the 2x line
The approval moves past a limit the SEC had held for most of the past year. In December 2025, the regulator stopped reviewing crypto products offering more than 2x exposure and sent warning letters to nine issuers. In March 2026, it asked issuers not to pursue 5x products.
Bitcoin and Ether are two of the six. The same approval covers 3x funds on gold, silver, crude oil and natural gas.
How the daily reset works
These funds target three times the return of a single day, and reset their leverage every day. Over longer periods, that can produce results very different from three times the underlying move.
A simple example shows how. If Bitcoin falls 10% one day and rises 10% the next, it ends about 1% down. A fund delivering three times each day’s move falls 30% and then rises 30%, ending about 9% down. The asset barely moved. The fund lost nine times as much.
The losses build fastest when prices swing sharply in both directions, which is a common pattern for crypto.
Who can buy
Brokers selling the funds must follow Regulation Best Interest, and FINRA applies stricter sales and margin rules to leveraged products. They are designed as short-term trading tools, not long-term holdings.
