Cboe BZX Exchange, a U.S. national securities exchange operated by Cboe Global Markets, has asked the U.S. Securities and Exchange Commission (SEC) to approve six 3x leveraged exchange-traded funds, including products tied to Bitcoin and Ether, opening a regulatory review of funds that fall outside the exchange’s existing generic listing standards.
The exchange submitted the proposal on August 10, covering the 3x Bitcoin ETF, 3x Ether ETF, 3x Gold ETF, 3x Silver ETF, 3x Crude Oil ETF and 3x Natural Gas ETF. The SEC published the notice on August 14 and is seeking public comments.
The proposed crypto funds would seek to deliver three times the daily performance of their respective assets. They would primarily gain exposure through futures contracts rather than directly holding Bitcoin or Ether.
Cboe expands into prediction markets
The ETF filing comes after Cboe expands its derivatives business into prediction markets. In June 2026, the exchange launched Cboe Predicts, its first prediction-market products, with binary contracts tied to the Mini-S&P 500 Index, or XSP.
The contracts, listed under XSPBW and XSPBX, pay $100 when the S&P 500-linked index settles above or below a specified level, depending on the position. They trade on the Cboe Options Exchange and are centrally cleared through the Options Clearing Corporation.
The products are initially available through Interactive Brokers, with Charles Schwab expected to add access in coming months, according to Cboe. Unlike some crypto-native prediction-market platforms, Cboe’s contracts operate within the existing U.S. listed-options and clearing framework.
Why Cboe needs separate SEC approval
The proposal centers on an existing Cboe rule that generally prevents commodity-based trust products from seeking a specified multiple of a benchmark’s return under the exchange’s generic listing standard.
Because the proposed funds target 3x daily returns, Cboe is instead seeking approval through a separate Section 19(b) rule filing with the SEC. The filing does not constitute approval or authorization to launch the products.
Cboe argues that the funds can meet the regulatory concerns behind existing listing requirements because their underlying futures markets are regulated and subject to established surveillance arrangements.
Bitcoin and Ether exposure would come through CME futures
The proposed Bitcoin fund would primarily use Bitcoin futures traded on CME, while the Ether fund would primarily use Ether futures on CME. Neither fund would directly hold Bitcoin or Ether. If the primary futures contracts become unavailable or otherwise unsuitable, the funds could use longer-dated futures and, subject to the terms outlined in the filing, certain crypto-linked exchange-traded products and options.
Both funds would be structured around a daily reset. That means the stated 3x objective applies to one trading day, rather than representing three times the cumulative return of Bitcoin or Ether over a longer period.
Cboe points to regulated derivatives markets
Cboe said the proposed products would rely on derivatives markets subject to regulatory oversight, including futures markets operated by CME Group. The exchange also pointed to surveillance-sharing arrangements and industry surveillance mechanisms as part of its case for approval.
The funds would operate as registered commodity pools, with the sponsor subject to Commodity Futures Trading Commission and National Futures Association oversight, according to the filing. Cboe also cited existing leveraged and inverse exchange-traded products, saying about 67 such products were already listed on national securities exchanges, including funds offering 3x and -3x exposure.
Funds would reset exposure each day
The products would seek their targeted exposure on a daily basis and generally roll futures positions over a five-day period. Investors would be able to create and redeem shares through cash transactions in large blocks known as Creation Units. The proposed Creation Unit size is generally 10,000 shares.
The funds would calculate their net asset value daily and publish an intraday indicative value every 15 seconds during regular trading. The filing also provides for trading halts when key pricing or portfolio information is unavailable and requires surveillance of the ETF shares and their underlying derivatives.
SEC review now underway
The SEC’s Aug. 14 notice begins the formal review process rather than clearing the funds for trading. Following publication in the Federal Register, the commission generally has an initial 45-day period to act on the proposal, although the review can be extended under the applicable rules to as long as 90 days.
Cboe said it had not solicited or received comments on the proposal before submitting it. For the crypto market, the filing puts 3x Bitcoin and Ether ETFs before the SEC for review, but any launch will depend on the commission’s decision on Cboe’s proposed rule change.
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