Volatility Shares gets a Cboe path for six 3x products
SEC approval gives Volatility Shares a Cboe BZX path for six 3x products on bitcoin, ether, gold, silver, crude and natural gas. The order sets no trading date.
The Securities and Exchange Commission has opened a Cboe BZX listing path for Volatility Shares that the generic commodity-trust rule withholds. On October 2, 2026, Release No. 34-106577 approved File No. SR-CboeBZX-2026-065, letting six series of the VS Trust seek three times the daily move in a futures benchmark. Bitcoin (BTC) and Ethereum (ETH) sit beside gold, silver, crude oil and natural gas in that order. Trading does not start with this order.
The series are the 3x Gold ETF, the 3x Silver ETF, the 3x Bitcoin ETF, the 3x Ether ETF, the 3x Crude Oil ETF and the 3x Natural Gas ETF, under BZX Rule 14.11(e)(4). Cboe BZX filed on August 10, 2026. Notice came on August 14 as Release No. 34-106137, and the Federal Register carried it on August 19 at 91 FR 53686. The October 2 order records no comments. Division of Trading and Markets staff approved it under delegated authority. Assistant Secretary Sherry R. Haywood signed the order.
The order says the funds are commodity-based trust shares, and therefore exchange-traded products, not investment companies under the Investment Company Act of 1940, even though each name includes “ETF”. The exchange notice says the Trust and the funds will be commodity pools registered with the Commodity Futures Trading Commission (CFTC). Volatility Shares LLC is the sponsor and a registered commodity pool operator, with its principal office in Palm Beach Gardens, Florida. Wilmington Trust, National Association, is sole trustee, and U.S. Bank National Association is custodian.
Each fund seeks daily results, before fees and expenses, equal to three times its reference commodity, using first- and second-month futures and cash margin rather than the coin or the physical commodity. Bitcoin and ether futures trade primarily on the Chicago Mercantile Exchange. The notice says those funds do not invest in physical bitcoin or physical ether. Their benchmarks roll over five business days from the sixth business day before expiry, approximately 20% a day. Gold and silver futures trade primarily on COMEX. Crude oil and natural gas futures trade primarily on the New York Mercantile Exchange.
BZX Rule 14.11(e)(4)(F) keeps a specified multiple, and an inverse multiple, off generic listing under Rule 19b-4(e), so Cboe used a Section 19(b) filing and said the shares will otherwise meet the commodity-trust rule. The order finds each reference commodity eligible: futures on a designated contract market for at least six months, and a surveillance-sharing agreement directly or through the Intermarket Surveillance Group. How the contracts clear is a separate CFTC matter, including the registration of Coinbase Clearing for collateralized futures.
consistently applying listing standards across products with economic exposures to the same underlying commodities levels the playing field between issuers, which should promote competition and would more readily afford investors greater investment options.
That is the Commission in the October 2 order, restating its generics approval, not an officer of Volatility Shares. A footnote sets the Volatility Shares 2x Bitcoin ETF (BITX) and the Volatility Shares 2x Ether ETF (ETHU) beside two-times gold, silver, crude oil and natural gas products and a three-times gold note. The exchange says approximately 67 products already seek three times, or the inverse of three times, a benchmark.
Creations and redemptions are in cash, in blocks of 10,000 shares unless the sponsor picks another size, and the shares are not redeemable singly. Net asset value per share is calculated daily for all participants at once. An intraday indicative value is disseminated every 15 seconds in regular trading hours. At least 100,000 shares must be outstanding when trading begins. The sponsor is not a broker-dealer. Regulation Best Interest and BZX Rule 3.7 govern recommendations of the shares. The pools would be CFTC-registered while the listing runs through the SEC, the dual-registration split in the SEC–CFTC memorandum on dual registrants. What a crypto index will hold is a separate choice, as in the CME CF crypto market index.
Footnote 8 of the August notice says the description rests on a draft Form S-1 under the Securities Act of 1933, that registration is not yet effective, and that the shares will not trade until it is. The October 2 order does not say the registration statement has become effective, and it gives no trading date, asset figure or flow. The notice points readers to Cboe’s BZX rule-filings page for the text.
Until registration is effective, SR-CboeBZX-2026-065 only lets Cboe list a structure the generic rule still excludes. If the shares do list, the objective the Commission approved remains a single trading day.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Reporting by Karthik Subramanian. Filed 4 October 2026, 10:11 GMT.
Digital Assets Correspondent
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
