Federal Register #SR-CboeBZX-2026-065

SEC Review of Proposed Rule Change to List Six Leveraged Commodity-Based ETFs on Cboe BZX Exchange

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from Cboe BZX Exchange, Inc. to list and trade six new leveraged commodity-based ETFs. - Government Buyer: - Securities and Exchange Commission (SEC) - Division of Trading and Markets - OEMs and Vendors: - Cboe BZX Exchange, Inc. (exchange platform) - VS Trust (issuer of ETFs) - CME Group Inc. (COMEX, CME, NYMEX futures contracts) - Products/Services Requested: - Six 3x leveraged ETFs, each targeting daily investment results equal to three times the daily performance of their respective commodity futures benchmarks - 3x Gold ETF (gold futures on COMEX) - 3x Silver ETF (silver futures on COMEX) - 3x Bitcoin ETF (bitcoin futures on CME) - 3x Ether ETF (ether futures on CME) - 3x Crude Oil ETF (light sweet crude oil futures on NYMEX) - 3x Natural Gas ETF (natural gas futures on NYMEX) - Shares issued in creation units of 10,000 shares for cash - Unique/Notable Requirements: - Funds are registered commodity pools with CFTC oversight - ETFs do not invest in physical commodities; they use futures contracts, cash, and cash equivalents - Investment strategies may include ETFs, ETPs, and options to achieve objectives - Funds must adapt to limitations in futures contract availability - Purchases and redemptions handled in cash, not in-kind

Description

Cboe BZX Exchange, Inc. has filed a proposed rule change with the Securities and Exchange Commission to list and trade shares of leveraged ETFs including 3x Gold, Silver, Bitcoin, Ether, Crude Oil, and Natural Gas ETFs, each a series of the VS Trust. These funds seek daily investment results corresponding to three times the daily performance of their respective commodities using futures contracts and other eligible instruments. The proposal is made under BZX Rule 14.11(e)(4) which governs Commodity-Based Trust Shares. The rule change aims to accommodate purchases and redemptions of shares and to meet daily investment objectives despite potential futures contract availability issues.

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