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BTC 
ETH The Cboe BZX exchange has filed an application with the U.S. Securities and Exchange Commission seeking approval of six leveraged ETFs, including funds that triple long Bitcoin and Ethereum. The exchange submitted its proposal on August 10, and the SEC issued an announcement on August 14. The proposed cryptocurrency fund aims to triple the daily earnings of Bitcoin and Ethereum through futures contracts.
Cboe seeks approval of leveraged cryptocurrency funds
According to the documents, Volatility Shares LLC will serve as the initiator of the six funds through VS Trust. The product line includes ETFs that triple long Bitcoin, Ethereum, gold, silver, crude oil and natural gas. Bitcoin funds will mainly use CME Bitcoin futures, while Ethereum funds will mainly use CME Ethereum futures. Under the proposed structure, neither fund will directly hold Bitcoin or Ethereum. Each fund will use futures with cash and cash equivalents as collateral. However, since leveraged products are not covered by Cboe's general listing standards, they require separate SEC approval.
The proposed fund will reset leverage on a daily basis
These funds will operate as commodity pools rather than traditional investment companies under the 1940 Act. Its promoters will be regulated by the Commodity Futures Trading Commission and the American Futures Industry Association. The product will reset leverage daily, so the triple target applies only to a single trading day, not long-term cumulative returns. Investors will purchase and redeem shares through cash transactions that include creation units. Each unit usually contains 10,000 shares. The fund will calculate its net asset value daily and issue an indicative value every 15 seconds. Cboe cited regulated futures markets and existing monitoring arrangements in the filing.
SEC begins review after filing application in August
The SEC's announcement on August 14 initiated the review process, but did not approve the proposed ETF. The committee will seek public comment after publication in the Federal Register. The SEC typically has 45 days to make a preliminary decision, but the review period can be extended to 90 days. Cboe said it had not received any comments before submitting the proposal. At the same time, Volatility Shares has launched 2 times long Bitcoin and Ethereum Strategy ETF in the United States. Last year, LeverageShares launched ETFs in Europe that triple long and triple short Bitcoin and Ethereum.
