Cboe Seeks SEC Approval for 3x Bitcoin and Ether ETFs: What Investors Need to Know

The U.S. crypto ETF market could be moving toward a new level of leverage. Cboe BZX Exchange has filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to list a 3x Bitcoin ETF and a 3x Ether ETF sponsored by Volatility Shares. The proposed funds would seek to deliver three times the daily performance of their respective crypto benchmarks, primarily through regulated futures contracts rather than direct holdings of Bitcoin or Ether. The SEC published notice of the filing on August 14, 2026, but the products have not been approved.

That distinction matters. These products would not simply be faster versions of

or Ether ETFs. They would be highly leveraged, daily-resetting trading vehicles whose performance can diverge sharply from three times the return of BTC or ETH over longer periods. At the same time, the filing raises a broader question for the U.S. market: after opening traditional brokerage accounts to crypto exposure, how far will regulators allow ETF issuers to push leverage and product complexity?

What Did Cboe File With the SEC?

Cboe BZX submitted proposed rule change SR-CboeBZX-2026-065, seeking permission to list six leveraged commodity-linked products: 3x ETFs tied to gold, silver, Bitcoin, Ether, crude oil and natural gas. For crypto investors, the Bitcoin and Ether products are the main attraction. Each would be a series of the VS Trust, with Volatility Shares LLC serving as sponsor and managing the funds' assets. Volatility Shares is already active in leveraged crypto products through funds such as the 2x Bitcoin Strategy ETF (BITX) and 2x Ether ETF (ETHU).