U.S. exchange-traded products need both an exchange listing rule that fits the product and an effective registration statement before shares can trade. On 2 October 2026, the Securities and Exchange Commission issued Release No. 34-106577, approving Cboe BZX Exchange’s proposed rule change SR-CboeBZX-2026-065 to list and trade shares of six VS Trust series under BZX Rule 14.11(e)(4) (Commodity-Based Trust Shares)—including a 3x Bitcoin ETF and a 3x Ether ETF, alongside 3x gold, silver, crude oil and natural gas funds. [1]
A Federal Register notice of that approval order was published on 7 October 2026. [2]
Listing approval is not the same as trading. Emphasise: the order clears the exchange rule path; it does not mean shares are already trading.
What did the SEC actually approve?
The order approves listing and trading of shares of the six named Funds as series of the VS Trust, sponsored by Volatility Shares LLC, with Wilmington Trust, National Association as sole trustee and U.S. Bank National Association as custodian for the Trust—per the exchange’s representations summarised in the order. [1]
Each Fund seeks daily investment results, before fees and expenses, corresponding to three times (3x) the daily performance of its reference commodity, measured by daily changes in a specified portfolio of first- and second-month futures (the Benchmark). Primary holdings are those benchmark futures plus cash/cash equivalents as collateral or margin; if those futures are unavailable, the Funds may use longer-dated futures, linked ETFs/ETPs or listed options—again per the order’s description of the proposal. [1]
Although each product has “ETF” in its name, the SEC order states they are Commodity-Based Trust Shares and therefore ETPs, not open-end funds regulated under the Investment Company Act of 1940. [1]
The Commission received no comments on the proposal (filed 10 August 2026; notice published 19 August 2026). [1]
Why a separate order for 3x products?
BZX’s generic listing standards for Commodity-Based Trust Shares generally exclude products that seek a specified multiple (or inverse) of a benchmark. The 3x objective therefore required this individual rule filing rather than generic listing. The SEC found the proposal consistent with the Exchange Act, including investor-protection and surveillance considerations discussed in the order. [1]
Tickers and trading status
The SEC approval order names the products (including “3x Bitcoin ETF”) but does not assign ticker symbols. Secondary coverage and VS Trust’s preliminary Form S-1 materials have pointed to proposed ticker BITH for the bitcoin fund (and ETHK for ether)—proposed symbols in registration materials / trade press, not symbols fixed by the approval order itself. [1][3]
Trading still requires an effective registration statement and compliance with initial listing conditions (trade press notes include the usual share-outstanding thresholds). As of the sources used here, no launch date is set in the approval order, and the products should be described as approved for listing, not yet trading. [1][3]
What this does not prove
- That the 3x Bitcoin ETF (or companion funds) are trading on Cboe BZX today. [1]
- That leveraged daily futures products deliver 3x returns over multi-day holding periods; the objective is daily.
- That proposed tickers such as BITH are final or already listed; they are not in the SEC order text. [1]
- Any recommendation to buy, sell or hold leveraged crypto-linked products.
No investment advice is offered here. Leveraged commodity ETPs can lose value quickly; this is a regulatory-status explainer only.
The Bottom Line
The SEC’s 2 October 2026 order (34-106577) approves Cboe BZX’s rule change to list Volatility Shares’ 3x Bitcoin ETF and five other 3x VS Trust commodity products as Commodity-Based Trust Shares. The accurate headline is approved for listing—not yet trading—until registration is effective and the exchange actually starts trading.
Sources
- SEC, Release No. 34-106577, Order approving SR-CboeBZX-2026-065 — 2 October 2026 — https://www.sec.gov/files/rules/sro/cboebzx/2026/34-106577.pdf
- Federal Register notice of the approval order — 7 October 2026 — https://www.federalregister.gov/documents/2026/10/07/2026-20507/self-regulatory-organizations-cboe-bzx-exchange-inc-order-granting-approval-of-a-proposed-rule
- Bitcoin.com News, SEC approves listing of 3x bitcoin futures ETF (trade press on registration/trading caveats) — https://news.bitcoin.com/regulation-and-legal/sec-approves-listing-of-bitcoin-etf-targeting-3x-daily-futures-moves/
 approves Cboe BZX listing of VS Trust’s 3x Bitcoin ETF and five companion 3x commodity products. Approved for listing, not yet trading—registration must still go effective.){kind=link}