SEC Approves Listing of 3x Leveraged ETPs on Bitcoin and Ether Futures
The U.S. SEC approved a Cboe BZX rule change to list six 3x leveraged ETPs from VS Trust. The Bitcoin and ether products are expected to use futures rather than directly hold cryptocurrencies.
SEC 3x leveraged ETPs from VS Trust have been approved for listing on Cboe BZX, including products tied to Bitcoin and ether futures. However, the October 2, 2026 decision does not confirm that trading will begin immediately or that share sales have launched.
The Commission approved Cboe BZX’s proposed rule change for six products from VS Trust: 3x Gold, 3x Silver, 3x Bitcoin, 3x Ether, 3x Crude Oil and 3x Natural Gas. These are exchange-traded products designed to achieve approximately three times the daily performance of their respective benchmarks before fees and expenses.
SEC 3x leveraged ETPs: not the start of trading
The approval concerns the rule change needed to list the products on Cboe BZX. However, the available materials do not state that the BITH Bitcoin product or ETHK ether product has begun trading.
In its preliminary prospectus, VS Trust lists the ticker BITH for the 3x Bitcoin ETF and ETHK for the 3x Ether ETF. When the document was filed, the funds had not yet begun operations and had issued no shares. The prospectus dated August 17 was marked as preliminary, so the effectiveness of the registration statement for the securities offering has not yet been confirmed either.
Bitcoin and ether through futures, not spot holdings
The product names may suggest direct exposure to Bitcoin or ether, but their structure is different. The crypto ETPs are intended to track a benchmark created from a portfolio of Bitcoin or ether futures contracts, respectively. The funds therefore are not intended to track the spot price of BTC or ETH directly by holding those cryptocurrencies.
Despite the “ETF” designation in their names, the SEC classifies them as Commodity-Based Trust Shares. They are therefore ETPs that are not regulated under the Investment Company Act of 1940.
The futures structure means that a product’s result may differ from the movement in the cryptocurrency’s spot price. The benchmarks’ precise parameters, composition and exposure limits should be verified in updated documents.
What daily triple leverage means
The products target approximately three times the daily performance of the benchmark, not three times its change over any arbitrarily long period. When held for multiple days, the return therefore may not equal three times Bitcoin’s or ether’s total price change.
Such leverage also significantly increases the risk of losses. Daily exposure resets and fluctuations in the underlying market may have a significant effect on the product’s resulting performance when held for multiple days.
What to watch before a possible launch
- the VS Trust registration statement becoming effective and publication of the final prospectus,
- an announcement from Cboe BZX or the issuer regarding the first trading day for the BITH and ETHK tickers,
- final fees, benchmark composition, exposure limits and risk disclosures.
The SEC approval therefore clears the way for the listing of six leveraged commodity ETPs, including products tied to Bitcoin and ether futures. However, their trading debut date does not yet follow from the approved or preliminary documents.
Sources
- U.S. Securities and Exchange Commission – Release No. 34-106577 – Confirms approval of Cboe BZX’s proposal on October 2, 2026, the list of six products and their 3x daily futures methodology.
- VS Trust – Form S-1 – Lists the BITH and ETHK tickers, the preliminary nature of the prospectus and the fact that the funds had not begun operations or issued shares when filed.
Verified and updated: 10/04/2026 06:21
