The SEC is reviewing the applications for six 3x leveraged products submitted to Cboe BZX by Volatility Shares. The products cover six underlying assets: BTC, ETH, gold, silver, crude oil, and natural gas, and involve codes such as BTC, ETH, and WTI. The products will seek “daily” 3x returns by layering cash collateral on top of CME/COMEX futures contracts.
The long-term outlook for the core underlying assets is 📈, but the short-term is 📉. Bitcoin and Ethereum benefit in the long run from institutional adoption 📈; gold and silver, as safe-haven assets, are expected to rise over the long term 📈; crude oil and natural gas face long-term supply-and-demand battles 📈. However, in the short term, under the leverage reset mechanism, net asset value may be eroded repeatedly in a sideways market 📉—especially for crypto assets, where volatility is high. Even a single day’s adverse move can lead to large drawdowns 📉.
There are three main reasons for the review: first, the 3x leverage exceeds the 200% limit set by SEC Rule 18f-4 under the Investment Company Act of 1940; the issuer has switched to a “commodity pool” structure to get around this, requiring the regulator to assess compliance. Second, the daily rebalancing mechanism can significantly diverge from holding-period returns in volatile markets, exposing retail investors to “termination event” risk. Third, the crypto assets themselves are highly volatile, and the addition of 3x leverage sharply increases systemic risk. The SEC previously halted several 3x/5x products in December 2025, and this review is a continuation of the same regulatory logic. During the initial 45-day review period, approval is still uncertain. #SEC审查6只3倍杠杆商品ETF
$BTC
$ETH
$BZ
The long-term outlook for the core underlying assets is 📈, but the short-term is 📉. Bitcoin and Ethereum benefit in the long run from institutional adoption 📈; gold and silver, as safe-haven assets, are expected to rise over the long term 📈; crude oil and natural gas face long-term supply-and-demand battles 📈. However, in the short term, under the leverage reset mechanism, net asset value may be eroded repeatedly in a sideways market 📉—especially for crypto assets, where volatility is high. Even a single day’s adverse move can lead to large drawdowns 📉.
There are three main reasons for the review: first, the 3x leverage exceeds the 200% limit set by SEC Rule 18f-4 under the Investment Company Act of 1940; the issuer has switched to a “commodity pool” structure to get around this, requiring the regulator to assess compliance. Second, the daily rebalancing mechanism can significantly diverge from holding-period returns in volatile markets, exposing retail investors to “termination event” risk. Third, the crypto assets themselves are highly volatile, and the addition of 3x leverage sharply increases systemic risk. The SEC previously halted several 3x/5x products in December 2025, and this review is a continuation of the same regulatory logic. During the initial 45-day review period, approval is still uncertain. #SEC审查6只3倍杠杆商品ETF
$BTC
$ETH
$BZ