Overview
- Cboe BZX submitted a rule change on August 10 to list a suite of 3x leveraged funds sponsored by Volatility Shares that includes Bitcoin and Ether.
- The proposed crypto funds would use CME Bitcoin and Ether futures for exposure and operate as commodity pools subject to CFTC oversight rather than as Investment Company Act ETFs.
- Each fund would target three times the daily futures return with a daily reset, which causes compounding that can make multi-day returns diverge sharply from three times the cumulative move.
- The filing specifies operational details such as first- and second-month CME contracts, a five-business-day roll that moves about 20% of an expiring position per day, and fallback instruments if primary contracts are unavailable.
- The SEC published notice on August 14 starting a 45-day review window that can extend to 90 days, and the proposal includes daily NAV, a 15‑second intraday indicative value, and exchange halt powers but offers no tickers, fees, or launch date.