The U.S. Securities and Exchange Commission is reviewing Cboe BZX's proposed rule change to list six Volatility Shares 3x leveraged ETFs tied to bitcoin, ether, gold, silver, crude oil and natural gas. The exchange is seeking a case-specific exception because its generic commodity-trust listing standards exclude products that aim for a multiple of a benchmark's return. The bitcoin and ether funds would seek three times the daily performance of futures benchmarks using mainly first- and second-month CME contracts rather than holding spot crypto directly, with exposure reset each trading day. That daily reset means longer-term returns can diverge sharply from simply three times bitcoin or ether's cumulative move because of compounding, roll costs, futures basis, financing, expenses and tracking error. The products would operate as commodity pools rather than investment companies, and SEC approval of the exchange rule change would not by itself permit trading because the trusts' registration statement was not yet effective as of an Aug. 14 SEC notice.