SEC Clears 3x Leveraged Bitcoin and Ethereum Funds for Trading

Decrypt10-05 18:12

In brief The SEC approved Cboe's request on October 2 to list six 3x funds from Volatility Shares tracking Bitcoin, Ethereum, gold, silver, crude oil and natural gas. Each fund targets three times the...

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Shares will trade on Cboe's BZX Exchange like a regular stock.\nMyriad: How high will Bitcoin go? Click to make your prediction.\nAn ETF, or exchange-traded fund, is a basket of...","collect":0,"end_time":0,"defaultTopTitle":"decrypt.co","property":[],"viewcount":null,"language":"en","relate_stocks":{"BTF":"比特币&以太币期货ETF-CoinShares","YETH":"Roundhill Ether Covered Call Strategy ETF","BITU":"2倍做多比特币期货ETF-Proshares","BFAP":"FT Vest Bitcoin Strategy Floor15 ETF - April","ETHW":"以太坊ETF-Bitwise","DFII":"FT Cboe Vest Bitcoin Strategy & Target Income ETF","ETQ":"T-Rex 2X Inverse Ether Daily Target ETF","ETH":"低成本以太坊ETF-Grayscale","SBIT":"2倍做空比特币期货ETF-Proshares","CBOJ":"Calamos Bitcoin Structured Alt Protection ETF - January","FETH":"以太币ETF-Fidelity","ETHA":"以太坊ETF-iShares","BITX":"2倍比特币期货ETF-Volatility Shares","ESK":"REX-Osprey ETH + Staking ETF","BTCO":"比特币ETF-Invesco Galaxy","BETH":"比特币&以太币期货ETF-ProShares","CBTJ":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - January","QBF":"Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly","YBTC":"比特币看涨期权ETF-Roundhill","ETHD":"ProShares UltraShort Ether ETF","EZET":"以太坊ETF-Franklin","BTRN":"比特币期货ETF-Global X","SETH":"1倍做空以太币期货ETF-Proshares","CBOO":"Calamos Bitcoin Structured Alt Protection ETF - October","MAXI":"比特币期货ETF-Simplify","ETHE":"最大以太坊ETF-Grayscale","BTCI":"NEOS Bitcoin High Income ETF","ETHI":"Defiance Leveraged Long Income Ethereum ETF","IBIT":"比特币ETF-iShares","EETH":"以太币期货ETF-ProShares","TETH":"21Shares Ethereum ETF","QETH":"以太坊ETF-Invesco Galaxy","CBXA":"Calamos Bitcoin 90 Series Structured Alt Protection ETF – April","CBOY":"Calamos Bitcoin Structured Alt Protection ETF - July","ETCO":"Grayscale Ethereum HIGH Income ETF","BTC":"Grayscale Bitcoin Mini Trust","BITO":"比特币期货ETF-ProShares","ETHT":"ProShares Ultra Ether ETF","ETU":"T-Rex 2X Long Ether Daily Target ETF","BTCC":"Grayscale Bitcoin HIGH Income ETF","ETHU":"2倍以太币期货ETF-Volatility Shares","BRRR":"比特币ETF-CoinShares","HODL":"比特币ETF-VanEck","CBXO":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - October","XBTY":"GraniteShares YieldBOOST Bitcoin ETF","ETHV":"以太坊ETF-VanEck"},"translate_title":"SEC 批准 3 倍杠杆比特币和以太币基金进行交易","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CBOJ":0.6,"QBF":0.6,"BTCO":0.6,"SETH":0.6,"QETH":0.6,"BTF":0.6,"ETU":0.6,"YETH":0.6,"ETHI":0.6,"BTC":0.6,"ETHD":0.6,"ETHE":0.6,"ETHV":0.6,"HODL":0.6,"IBIT":0.6,"EZET":0.6,"MAXI":0.6,"BFAP":0.6,"CBXO":0.6,"BETH":0.6,"BTCC":0.6,"ETHU":0.6,"ETHA":0.6,"BRRR":0.6,"ETQ":0.6,"BITX":0.6,"XBTY":0.6,"YBTC":0.6,"BITO":0.6,"ETCO":0.6,"ETHW":0.6,"ETH":0.6,"BTCI":0.6,"TETH":0.6,"BTRN":0.6,"CBXA":0.6,"CBTJ":0.6,"DFII":0.6,"SBIT":0.6,"FETH":0.6,"CBOO":0.6,"BITU":0.6,"CBOY":0.6,"EETH":0.6,"ESK":0.6,"ETHT":0.6},"content_text":"In brief\nThe SEC approved Cboe's request on October 2 to list six 3x funds from Volatility Shares tracking Bitcoin, Ethereum, gold, silver, crude oil and natural gas.\nEach fund targets three times the daily performance of futures contracts on its asset, and the order sets no launch date.\nThe approval follows SEC warning letters on leverage above 2x in December 2025 and a March 2026 request to avoid 5x products.\nThe SEC approved a rule change on October 2 that lets the Cboe exchange list six funds built to deliver three times the daily price moves of Bitcoin, Ethereum, gold, silver, crude oil, and natural gas, per the agency's order.The funds come from Volatility Shares, the firm behind existing 2x Bitcoin and Ethereum products. Shares will trade on Cboe's BZX Exchange like a regular stock.Myriad: How high will Bitcoin go? Click to make your prediction.An ETF, or exchange-traded fund, is a basket of assets you buy and sell through a brokerage app like a share. A leveraged one uses debt and other financial tools to amplify returns, and losses.These funds aim for triple. If Bitcoin futures rise 2% in a day, the fund aims to gain 6%. If they fall 2%, it aims to lose 6%.The funds mainly get that exposure through futures, which are contracts to buy or sell an asset at a set price on a later date.But there’s a catch in the word \"daily.\" These funds reset every day, so the 3x promise applies to one day at a time. Over longer stretches, results can drift far from three times the asset's move.So, for example Bitcoin futures drop 10% on Monday, then rise 10% on Tuesday. The asset ends down 1%, while a 3x fund falls 30%, gains 30% and ends down 9%. If you have $100 worth of Bitcoin, a 30% drop takes off 30% of $100, which is $30, leaving you with $70 net. A 30% gain adds 30% of $70, which is $21. You're at $91, overall 9% down after the movement.BitcoinBTC · USD$85,617+1.88%24H7D1M1YYTDSep 28Sep 30Oct 2Oct 4Oct 5$86.8k$85.5k$84.2k$83.0k24h HighHigh$86,94924h LowLow$85,010VolVol$1.5BMarket projectionsOdds by MyriadThis weekBelow $86,000Below $86k56% chance→Buy Bitcoin with USDTPowered by Jupiter$50$100$500BuyPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →The SEC and FINRA have warned investors about exactly this. Their alert says returns over more than a day can differ significantly from the daily target.Why the SEC had to voteCboe's fast-track listing rules for commodity funds exclude products that chase a multiple of an asset's return, so the exchange needed the SEC to approve these funds individually. Apart from the 3x target, the funds must meet all of Cboe's other listing requirements.The SEC leaned on existing guardrails. Brokers must act in a retail customer's best interest under Regulation Best Interest, and FINRA, the brokerage industry's self-regulator, requires tougher sales and margin (borrowing) rules for leveraged products.Volatility Shares launched the first leveraged crypto ETF in the U.S. in 2023, tracking Bitcoin futures. Spot Bitcoin ETFs, which hold the coins directly, arrived in January 2024 after a decade of rejections.Then the race for more leverage began. In October 2025, Defiance filed for 49 funds with 3x long and short exposure, and Volatility Shares filed for 5x products.The SEC pushed back. In December 2025 it halted review of products above 2x exposure and sent warning letters to nine issuers, including ProShares. In March 2026, it asked issuers to avoid 5x products.Volatility Shares kept shipping 2x funds anyway. In April 2026 it launched 2x funds on Cardano, Stellar, and Chainlink, adding to existing 2x products on Bitcoin, Ethereum, Solana, and XRP.These aren't the first 3x products. Earlier ones tied to silver, crude oil and natural gas, from other issuers, have since left the market, per the order. A 3x gold product from another issuer still trades.The order sets no launch date. According to Cboe's filing, the shares can't trade until each fund's registration statement takes effect.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.Your EmailGet it!Get it!","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2673894890","isCrawlerRequest":true}