Cboe BZX Exchange has filed with the SEC to list what would be the first 3x leveraged Bitcoin and Ether exchange-traded funds available to US investors. The rule filing, designated SR-CboeBZX-2026-065, was submitted on August 10 and published by the SEC on August 14, setting the regulatory clock running on a product that would let traders take triple the daily exposure to either asset through a single ticker.
The funds are sponsored by Volatility Shares LLC, which is proposing a broader suite of 3x leveraged products spanning not just Bitcoin and Ether but also gold, silver, crude oil and natural gas. Rather than holding the underlying assets directly, the crypto funds would target three times the daily performance of Bitcoin and Ether primarily through CME futures contracts, with cash and cash equivalents held as collateral against those positions.
Why This Needs Individual SEC Sign-Off
Because BZX's generic listing standards specifically prohibit leveraged products, these ETFs can't clear the exchange through the streamlined pathway that ordinary spot or futures-based crypto funds use. Instead, they require individual approval through the SEC's 19b-4 rule-change process, a slower and more discretionary route. The SEC has up to 45 days from the filing's Federal Register publication to act, with the option to extend that window to 90 days, and the funds' registration statements will also need to become effective before trading can begin. No listing date has been set.
Related: Abu Dhabi's Sovereign Funds Hold Bitcoin ETF Stakes Steady at $763.7M
Part of a Broader Leverage Push
The filing lands as leveraged crypto exposure has become an increasingly contested corner of the ETF market, with issuers racing to offer more aggressive products even as spot Bitcoin ETFs like BlackRock's IBIT continue attracting the bulk of institutional demand, and as traditional banks like Israel's largest bank moves to offer its own client access to Bitcoin, Ether and Solana trading. A 3x fund amplifies both gains and losses relative to Bitcoin or Ether's daily moves, making it a fundamentally different — and considerably riskier — instrument than the spot products that have anchored institutional crypto allocation so far.
