Cboe Seeks SEC Approval for 3x Bitcoin and Ethereum Futures ETFs

Cboe has filed with the U.S. Securities and Exchange Commission to list and trade leveraged 3x Bitcoin and Ethereum futures ETFs, seeking regulatory clearance for products that would target three times the daily performance of crypto futures rather than spot prices.

What Cboe is asking the SEC to approve

The proposal was submitted through Cboe’s BZX Exchange as a rule filing to the SEC, which acts as the gatekeeper for new U.S.-listed exchange products. The filing itself is documented in the exchange’s SEC rule filing 34-106137. For related coverage, see Bitcoin Slips After U.S. Inflation Data as ETFs See First Two-Day August Drawdown.

The request covers 3x Bitcoin and Ethereum futures ETFs, meaning both major crypto assets would be addressed under leveraged futures structures. Cboe’s broader slate of pending equities rule filings is published on its BZX rule filings page. This is a filing request, not an approval, and neither a decision nor a launch date has been set. For related coverage, see SEC Extends Review for XRP and DOGE ETFs.

Importantly, these are leveraged futures ETFs rather than spot funds. That distinction mirrors earlier leveraged crypto product proposals such as Cboe’s earlier push for a 3x leveraged Bitcoin ETF. For related coverage, see Invesco Galaxy Proposes Solana ETF With CBOE.

How 3x Bitcoin and Ethereum futures ETFs would work

A 3x structure is designed to deliver three times the daily return of an underlying futures benchmark, not a simple one-to-one match to Bitcoin or Ethereum’s price. Because the target resets daily, returns compound over multiple sessions and can diverge sharply from three times an asset’s longer-term move.

Futures-based exposure also differs from holding the underlying asset. The funds track crypto futures contracts rather than owning Bitcoin or Ethereum directly, which introduces roll costs and tracking behavior distinct from spot exposure like that offered by the recently proposed spot-oriented ETF filings from other issuers.

The risk profile is elevated. Existing 2x crypto funds have already produced steep drawdowns, with reported losses of up to 96% in some products, underscoring how leveraged daily targeting can compound against holders during volatile stretches.

Why this filing matters for the crypto ETF market

A dual Bitcoin and Ethereum leveraged futures proposal signals continued product experimentation among U.S. issuers and exchanges, extending beyond spot funds into higher-leverage structures aimed at active traders.

The outcome now rests with the SEC’s review process, which has recently moved slowly on crypto products, including extended reviews for XRP and DOGE ETFs and broader postponements across crypto ETF filings. Whether the agency clears a 3x leveraged structure remains an open regulatory question.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.