The SEC approved exchange-listing rules on Oct. 2 for proposed 3x Bitcoin and Ethereum funds from VS Trust. According to NS3.AI, the products are designed to target three times their benchmark's daily return before fees and expenses, rather than three times the return over longer holding periods.

VS Trust's Oct. 7 amended filing says both funds carry a 1.85% annual management fee and have not begun trading. The issuer also warned that shareholders could lose their entire investment in one day or overnight, and that daily exposure adjustments can leave investors with losses even if Bitcoin returns to the entry price.