Cboe BZX proposes listing six 3x leveraged commodity ETFs
The proposal, filed Aug. 10, 2026 (File No. SR-CboeBZX-2026-065), would allow the exchange to list shares of 3x Gold, Silver, Bitcoin, Ether, Crude Oil and Natural Gas ETFs pending SEC approval.
On August 10, 2026, Cboe BZX Exchange, Inc. filed a proposed rule change (Release No. 34-106137; File No. SR-CboeBZX-2026-065) to list and trade shares of six 3x leveraged commodity-based ETFs - Gold, Silver, Bitcoin, Ether, Crude Oil, and Natural Gas - each as a series of the VS Trust under BZX Rule 14.11(e)(4).
Each Fund seeks daily investment results, before fees and expenses, equal to three times the daily performance of its reference commodity, measured by a portfolio of first- and second-month futures contracts. The Funds will hold benchmark futures contracts, cash, and cash equivalents as collateral, and may use listed ETFs, ETPs, or options on those instruments if benchmark futures become unavailable.
The filing relies on Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, invoking BZX Rule 14.11(e)(4) which was amended by the August 3, 2026 Order (SR-CboeBZX-2026-061) to permit actively-managed Commodity-Based Trust Shares, define "digital commodity," and allow up to 15% of a trust's holdings to consist of assets outside the generic eligibility criteria. Because the Funds target a 3x multiple, they do not meet the standard in BZX Rule 14.11(e)(4)(F) that bars leveraged products, but the Exchange is seeking an exception under the rule's provision for such cases.
The VS Trust will file a registration statement on Form S-1 under the Securities Act of 1933. Organized as a Delaware statutory trust, the Trust and each Fund will operate as commodity pools registered with the CFTC. Volatility Shares LLC serves as sponsor, Wilmington Trust, National Association as trustee, U.S. Bancorp Fund Services, LLC as administrator, and U.S. Bank National Association as custodian.
The SEC is publishing this notice to solicit comments from interested persons. Comments may be submitted through the Commission's website at https://www.sec.gov/rules/sro.shtml. The proposed rule change will not become effective until the Trust's registration statement is declared effective and the SEC approves the filing.