Cboe seeks SEC approval for 3x Bitcoin, Ether ETFs

Cboe BZX Exchange seeks SEC approval for the first U.S. 3x leveraged Bitcoin and Ether ETFs, using CME futures for exposure. The SEC is reviewing the proposal; approval is pending.

Cboe BZX Exchange has filed proposals with the U.S. Securities and Exchange Commission (SEC) to list the first U.S. 3x leveraged exchange-traded funds (ETFs) tied to Bitcoin and Ether. The exchange also seeks approval for similar leveraged ETFs tracking gold, silver, crude oil, and natural gas. These ETFs aim to deliver three times the daily performance of their respective underlying assets by primarily holding CME futures contracts, rather than the physical commodities. The leveraged structure is intended for short-term, tactical trading, with daily exposure resets. As a result, long-term returns may diverge from the 3x target due to compounding effects. The proposed funds would operate as commodity pools regulated by the Commodity Futures Trading Commission, not as traditional investment companies. Because 3x leverage falls outside existing listing standards, Cboe is requesting specific SEC approval through a formal rule change. The SEC has begun its review and is seeking public comments. No launch date has been set as approval is still pending.