Overview
- Cboe BZX filed a proposed rule change on August 10, 2026 to list Volatility Shares’ suite that includes 3x Bitcoin and 3x Ether funds and the SEC published a notice starting its review on August 14.
- The proposed crypto funds would gain exposure primarily through first- and second-month CME Bitcoin and Ether futures and would roll the near-month into the next contract over five business days, moving about 20% per day.
- Cboe is asking the SEC for an exception to its generic commodity-trust listing rules via a Section 19(b) filing and each fund still needs an effective Securities Act registration before any shares can trade.
- The funds target three times the daily performance and reset every session, a design that causes multi-day returns to diverge from simple multiples because of compounding, roll costs, margin limits, and tracking error.
- Regulatory and market context will shape the SEC’s review since Volatility Shares already runs 2x crypto funds that have posted steep realized losses and Europe began trading 3x crypto ETPs in November 2025 while spot Bitcoin ETF flows have recently shown net outflows.