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BTC 
ETH Cboe applies to the SEC to list the 3x leverage Bitcoin and Ethereum ETF
Cboe has filed an application with the U.S. Securities and Exchange Commission (SEC) for approval to list exchange-traded funds (ETFs) that aim to achieve triple daily yields on Bitcoin and Ethereum futures. If approved, this will be the first 3x leveraged Bitcoin and Ethereum ETF products in the United States.
Details of Cboe's submission to the SEC
The Cboe BZX Exchange submitted a rule change proposal SR-CboBZX-2026-065 with the SEC on August 10, 2026, seeking to list a 3-fold leverage Bitcoin ETF and a 3-fold leverage Ethereum ETF as part of the VS Trust proposal, which includes six funds.
Submission date
August 10, 2026--The SEC announcement shows that Cboe BZX submitted SR-CboBZX-2026-065 on the same day, initiating the exchange rules review process for VS Trust's six fund proposals.
The SEC issued an announcement on the proposal on August 14, 2026, formally soliciting public comment on the proposed rule changes. The announcement opens the regulatory process, but does not mean that it has been approved.
This application is part of Cboe's broader layout in the field of regulated encryption products. The exchange has previously embarked on the launch of regulated Bitcoin and Ethereum futures, and has once again promoted related products following the expansion of the listing of spot crypto products this year, including the debut of the 21Shares Spot XRP ETF at Cboe BZX.
Operating mechanism of 3x leverage Bitcoin and Ethereum ETFs
These Bitcoin and Ethereum funds aim to achieve triple the daily earnings of CME Bitcoin and Ethereum futures benchmark index for the first and second months, rather than directly holding spot Bitcoin or Ethereum.
Target daily leverage multiple: 3 times
The proposed Bitcoin and Ethereum funds aim to achieve three times the daily return of the CME Futures benchmark index, indicating that the application is for exposure based on leveraged futures.
The 3x daily return target means that the fund strives to triple the single-day volatility of its benchmark index and reset it daily. This daily reset mechanism makes the product a short-term trading instrument rather than a long-term holding target, and means that multi-day returns may deviate significantly from the three-fold fluctuation of the underlying asset.
Due to the amplification of daily fluctuations, the risk and volatility of these funds are much higher than the unsecured spot exposure. Its futures based structure is also different from the spot Bitcoin and Ethereum ETFs, which hold spot assets and track their prices directly.
The trust and its funds will operate as a commodity pool under the supervision of the CFTC and will not be registered as an investment company under the 1940 Act, a distinction that will affect the way products are regulated and information disclosure requirements.
Implications of the proposed listing for the crypto market
Because Rule 14.11(e)(4)(F) prohibits leveraged products, Cboe cannot use BZX's common listing standards and requires a specific 19b-4 order from the SEC to allow these funds to trade. This requirement is why the proposal is presented as a stand-alone rule change rather than an automatic listing.
The SEC has 45 days (which can be extended to 90 days) after the announcement is published in the Federal Register to approve, veto or initiate relevant proceedings. It is worth noting that this period will be calculated from the date of publication in the Federal Register, not from the date of the SEC's announcement on August 14.
If approved, this will be the first 3x leveraged Bitcoin and Ethereum ETFs in the United States. Including both Bitcoin and Ethereum expands the relevance of the proposal beyond a single-asset audience and shows that exchange-listed crypto products are still expanding after the approval of the spot Bitcoin ETF and the SEC's approval of the physical redemption of the Bitcoin and Ethereum ETF.
The proposal emerged amid market caution. Bitcoin traded at about $62,969, down about 0.8% in 24 hours, while the Fear and Greed Index was 34, in the "Fear" range.
The response from the ETF industry was generally positive. Market observers noted that the SEC has confirmed receipt of the application and has lumped it with a broader new batch of 3 times leveraged commodity ETF proposals.
Currently, the results depend on the SEC's review window after the announcement is published in the Federal Register, when the countdown to formal decision-making begins.
