Cboe BZX Exchange seeks SEC approval for 3x bitcoin and ether ETFs, the first triple-leveraged crypto funds for US investors, alongside gold, silver, crude and natural gas products.
Cboe BZX Exchange has asked the SEC for permission to list and trade a new series of leveraged ETFs, including products that would deliver three times the daily return of bitcoin and ether. The filing from early August also covers triple-leveraged funds tied to gold, silver, crude oil and natural gas.
The bitcoin and ether versions would be the first triple-leveraged crypto ETFs available to US investors if approved. Volatility Shares LLC is sponsoring the funds, organized as series under the VS Trust.
The proposed funds target leveraged returns through futures contracts on the Chicago Mercantile Exchange or COMEX, with cash and equivalents as collateral. Because the structure falls outside Cboe's generic listing standards for commodity-based trust shares -- which bar leveraged products -- the exchange must pursue a specific rule change under Section 19(b) of the Securities Exchange Act. Cboe said it will also file related registration statements under the Securities Act of 1933.
The funds are structured as commodity pools regulated primarily by the CFTC, not as traditional investment companies under the Investment Company Act of 1940. That adds federal oversight beyond what physical commodity-based ETPs face.
Leveraged ETFs of this type carry a daily reset that can produce returns diverging sharply from a simple multiple of the underlying asset across multi-day periods, especially in volatile conditions. They are designed for short-term tactical use by sophisticated traders, not long-term holdings.
Volatility Shares already offers double-leveraged bitcoin and ether products in the US, making the new filing an extension of that lineup to higher leverage. The proposal comes as crypto-linked investment vehicles expand in the US after the earlier approval of spot bitcoin and ether ETFs and subsequent options-trading approvals on those products.
The SEC review typically includes a public comment period and a decision window that can stretch 45 days or longer after Federal Register publication. Regulators will weigh investor protection, market integrity, manipulation risk and operational readiness. Even if the rule change passes, trading cannot start until the registration statements become effective.
The Cboe filing signals continued product development in the regulated derivatives and ETF space as exchanges and sponsors push for more tools to gain exposure to digital assets and traditional commodities. The filings remain under review with no confirmed timeline for a decision or launch.
Cboe Global Markets carries an Alpha Score of 64 out of 100, a Moderate rating, in the Financial Services sector.
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