Cboe Files With SEC to List First US 3x Bitcoin and Ether ETFs
Cboe BZX has asked the U.S. Securities and Exchange Commission to approve the first American 3x leveraged Bitcoin and Ether exchange-traded funds. The products, sponsored by Volatility Shares, would target three times the daily price move of each asset.
Cboe asks the SEC to clear leveraged crypto ETFs
On August 14, 2026, the U.S. Securities and Exchange Commission (SEC) published a proposed rule change from Cboe BZX Exchange, listed as SR-CboeBZX-2026-065. The filing seeks approval to list and trade the first US 3x leveraged Bitcoin and Ether exchange-traded funds (ETFs). Volatility Shares submitted the products as sponsor, and the funds would enter the firm's VS Trust. The same request also covers 3x funds tied to gold, silver, crude oil, and natural gas. Volatility Shares already offers 2x Bitcoin and Ether ETFs in the United States.
The funds would triple daily Bitcoin and Ether moves
Each fund would aim to deliver three times the daily performance of its underlying asset. The Bitcoin fund would hold first- and second-month CME (Chicago Mercantile Exchange) Bitcoin futures contracts, backed by cash collateral. The Ether fund would follow the same structure using Ether futures. According to the filing, the funds operate as commodity pools under Commodity Futures Trading Commission (CFTC) oversight, rather than as 1940 Act investment companies. That structure lets them use futures to reach the leveraged target.
Daily resets make multi-day holdings risky
Because the 3x target resets each trading day, returns held over several days can diverge sharply from three times the benchmark. This gap comes from compounding. If approved, the funds would become the first 3x crypto ETFs on US markets. In Europe, LeverageShares earlier launched the first 3x and -3x Bitcoin and Ether products, according to the filing. The new US funds would sit above the 2x leverage already available to American traders.
Approval still needs a separate SEC review
The products do not meet BZX's generic listing standards, which prohibit leveraged funds. Each therefore needs individual approval through the SEC's 19b-4 process. The SEC must act within 45 days of Federal Register publication, a window it can extend to 90 days. Shares cannot begin trading until a related S-1 registration statement, filed under the Securities Act of 1933, becomes effective. The SEC has not set a listing date.
Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment.
All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions.
Coinpaprika is not liable for any losses resulting from the use of this information.