The U.S. Securities and Exchange Commission approved a Cboe BZX listing rule change on October 2 covering three-times-daily Bitcoin and Ether products. The decision concerns permission to list and trade the named products, not a promise of three times a cryptocurrency's return over any holding period.
The SEC order, numbered 34-106577, covers six series of VS Trust. Alongside the 3x Bitcoin ETF and 3x Ether ETF, it names products linked to gold, silver, crude oil and natural gas. The order describes a target of three times each benchmark's daily performance, before fees and expenses. CoinNess also reported the approval.
The word daily determines how that target should be read. A daily leveraged product applies its exposure to a changing asset base. Gains and losses on one day affect the amount available for the next day's return, so multiplying a benchmark's total monthly gain by three is not the same calculation.
Consider a simplified example, assuming perfect tracking and no costs. A benchmark starting at 100 rises 10% to 110, then falls about 9.09% to return to 100. A product achieving exactly three times each day's move would rise from 100 to 130, then fall about 27.27% to roughly 94.55. The benchmark finishes approximately flat while the leveraged product loses about 5.45%.
Those numbers illustrate compounding, not a forecast or measured performance of the approved products. Actual results also depend on tracking, expenses and the instruments used to obtain exposure.
The SEC's investor bulletin on leveraged products explains that returns over more than one day can differ substantially from their stated daily objectives. It also warns that losses can occur even when a benchmark gains over a longer period.
This review has not verified a first trading date or final launch terms for the Bitcoin and Ether products. The concrete development is the exchange rule approval. Availability, fees and portfolio construction still require the relevant product disclosures, while the three-times target remains a daily objective.