The U.S. Securities and Exchange Commission has approved three-times exchange-traded products tracking Bitcoin, Ether, gold, silver, crude oil and natural gas, according to SEC Release 34-106577. Volatility Shares will issue the products, which Cboe BZX has been authorized to list and trade under the Securities Act of 1933.
The approval expands the multiplied-exposure product category beyond the spot Bitcoin and Ether ETFs the SEC greenlit in early 2024. Those spot vehicles have since drawn billions in inflows. Three-times products amplify both gains and losses by a fixed multiple, typically appealing to active traders and hedge funds managing tail-risk exposures. Volatility Shares, a Connecticut-based issuer, already operates multiplied and inverse products on other underlying assets through Cboe and Nasdaq venues.
The six products cover both crypto and commodity markets. Bitcoin and Ether multiplied ETPs have faced regulatory resistance in prior years; the 2024 spot approvals shifted SEC posture toward acceptance of direct cryptocurrency exposure, though multiplied vehicles remained in review. The Cboe BZX filing, designated SR-CboeBZX-2026-065, proposed the rule change to accommodate the new products and completed SEC review without objection.
Multiplied ETPs carry structural risks distinct from spot products. A 3x Bitcoin product would gain 30 percent on a 10 percent daily Bitcoin move but lose 30 percent on a 10 percent drop, compounding daily through rebalancing.
The approval encompasses commodity multiplication as well. Crude oil and natural gas multiplied ETPs already trade on multiple venues under different issuers. Gold and silver multiplied ETPs have traded for years without major incident, though custody and pricing mechanisms for physical metals differ materially from crypto settlement.
Volatility Shares now moves into execution and marketing phases. The issuer will determine launch timing and promotional strategy. Competitor issuers, including Direxion and Proshares, already operate multiplied products in traditional markets and may pursue similar crypto approvals under the same regulatory framework.
