SEC Order Dated Oct. 2 2026 Clears Cboe BZX Rule Change for VS Trust 3x ETFs

An SEC order dated Oct. 2 2026 approves Cboe BZX’s rule change for six VS Trust 3x ETFs, including 3x Bitcoin and 3x Ether. NFA.

Order Background and Filing Timeline

The order carries Release No. 34-106577. Cboe BZX submitted the filing on Aug. 10 2026 under BZX Rule 14.11(e)(4). The filing appeared for public comment on Aug. 19 2026. No comments arrived during the review period. The Federal Register published the approved order on Oct. 7 2026 as document 2026-20507 in volume 91 at page 64207.

Scope of the Approved Rule Change

The order covers six separate series inside the VS Trust. These include the 3x Bitcoin ETF, 3x Ether ETF, 3x Gold ETF, 3x Silver ETF, 3x Crude Oil ETF and 3x Natural Gas ETF. Each fund targets three times the daily performance of its reference commodity. Performance measurement uses a futures-based benchmark index.

Fund Structure and Operations

Each fund plans to hold the relevant commodity futures contracts. Cash serves as collateral for those positions. The structure falls under the Commodity-Based Trust Shares category. This classification applies even though the products carry an ETF label in common usage. The 3x daily objective required the specific rule filing because the leverage feature sits outside generic listing standards.

Volatility Shares LLC acts as sponsor for the VS Trust. U.S. Bank serves as custodian. These roles appear directly in the text of the SEC order.

Regulatory Findings

The Commission determined that the proposed rule change meets the requirements of Exchange Act Section 6(b)(5). The order also aligns with Section 11A(a)(1)(C)(iii). Broker-dealers remain subject to Regulation Best Interest and FINRA rules on leveraged-product recommendations when advising clients.

Futures-Based Design

The order states that each fund operates on a futures basis rather than holding spot assets. Daily resets of the three-times exposure occur through the futures positions. No trading start date receives mention in the order itself.

Next Steps for Market Participants

Market participants can review the full order text on the SEC website. The Cboe BZX rule filings page also contains the original submission. Implementation timing depends on additional steps by the exchange and the sponsor after the approval date.