The Securities and Exchange Commission approved a Cboe BZX exchange-rule change on Oct. 2, 2026, covering six VS Trust commodity-based products, including the proposed 3x Bitcoin ETF and 3x Ether ETF. The decision clears the exchange-rule proposal for listing and trading; it does not establish that the crypto products have launched.
Under the SEC’s approval order, the two products seek three times the daily performance of specified near-term futures benchmarks. That objective differs from three times the spot price of bitcoin or ether over an open-ended holding period.
What the SEC approved
The order, Release 34-106577, approves Cboe BZX filing SR-CboeBZX-2026-065. It addresses the exchange’s proposed listing rule for the six products. Initial and continued listing requirements still apply.
Although the crypto products carry “ETF” in their names, the SEC describes them as exchange-traded products, or ETPs, rather than ETFs under the Investment Company Act of 1940. That distinction is part of the product structure described in the order.
The SEC also notes that 2x Bitcoin and Ether ETPs already trade, alongside leveraged products tied to other reference commodities. The Oct. 2 decision therefore should not be read as the first approval of leveraged crypto exposure.
The objective is daily futures performance
The benchmarks described in the order use specified first- and second-month futures. The proposed funds would invest in benchmark futures and collateral, rather than hold physical bitcoin or ether for spot exposure.
Both the reference asset and the measurement period matter: the stated multiple applies to a futures benchmark’s daily performance. The VS Trust preliminary prospectus filed Aug. 17, 2026 discusses daily compounding and significant investor risk. The daily objective should not be treated as a promise of three times a cryptocurrency’s return across a longer holding period.
Launch status remains unverified
The Aug. 17 preliminary prospectus lists BITH as the proposed Bitcoin ticker and ETHK as the proposed Ether ticker. It also says securities may not be sold before the registration statement becomes effective. That statement describes an offering condition in a preliminary filing.
The documents reviewed for this article did not establish current registration effectiveness or a Cboe first-trading date as of Oct. 4.
An effective registration filing and an official exchange launch or first-trading notice would provide the next evidence needed to assess availability.
Investment disclaimer: This article is provided for general information only and does not constitute investment, financial, legal or tax advice. Digital assets are volatile, and all investment decisions and their consequences are your own responsibility.