Cboe Seeks SEC Approval for First 3x Leveraged Bitcoin and Ether ETFs
The exchange's proposal would introduce highly aggressive crypto-derivative tools to U.S. traders via CME futures.
Cboe BZX Exchange has filed a proposal with the U.S. Securities and Exchange Commission to launch the first 3x-leveraged Bitcoin and Ether ETFs in the United States. The move signals a push toward more complex institutional crypto products beyond standard spot offerings.
According to the filing submitted on August 10, 2026, the proposed funds—sponsored by Volatility Shares—aim to deliver three times the daily performance of Bitcoin and Ether. The SEC published a formal notice of the filing on August 14, 2026, which officially initiated the public comment and review period. In addition to the cryptocurrency products, Cboe's proposal includes 3x leveraged funds for several traditional commodities, including gold, silver, crude oil, and natural gas.
The Mechanics of Leverage
Unlike spot ETFs that hold the underlying digital assets, these proposed funds will gain exposure primarily through CME futures contracts. A critical technical component of the funds is the use of a daily reset mechanism. This means the 3x leverage target applies strictly to a single trading day's performance; consequently, the funds are designed for short-term trading rather than cumulative long-term returns, as the daily reset can lead to significant variance over longer holding periods.
Strategic Expansion
This filing is part of a broader strategy by Cboe to aggressively expand its derivatives and crypto ecosystem. The proposal follows the June 2026 launch of "Cboe Predicts," a suite of prediction-market products designed to diversify the exchange's offerings. While the U.S. market has already integrated spot Bitcoin and Ether ETFs, the introduction of 3x leverage represents a shift toward more aggressive financial instruments that allow traders to amplify their exposure to crypto volatility.
Market Implications
If approved, these products would provide both institutional and retail traders with a regulated framework to speculate on daily crypto price swings with high intensity. By moving beyond simple 1x futures or spot exposure, the U.S. market would be introducing a tool that significantly increases potential rewards—and risks—for participants. This evolution suggests a growing appetite among regulators and exchanges for sophisticated crypto-derivatives that mirror the structure of leveraged commodity ETFs.
Next Steps
The proposal now sits with the SEC for a formal review. Market participants will be watching to see if the commission views the 3x leverage as too risky for the general public or if it fits within the current trajectory of crypto-asset integration. It remains to be seen how the SEC will weigh the benefits of regulated leverage against the inherent volatility of the underlying assets.