Cboe Files With SEC to List First U.S. Daily 3x Leveraged Bitcoin and Ether ETFs

Cboe BZX Exchange has asked the U.S. Securities and Exchange Commission for approval to list a lineup of leveraged commodity exchange-traded funds, including daily 3x long products tied to Bitcoin and Ethereum. In a proposed rule change submitted Friday, Cboe outlined plans for a 3x Gold ETF, 3x Silver ETF, 3x Bitcoin ETF, 3x Ether ETF, 3x Crude Oil ETF, and 3x Natural Gas ETF. The funds are designed to deliver three times the daily performance of their respective benchmarks, primarily through futures contracts on CME or COMEX, supported by cash and cash equivalents. Because the products fall outside the exchange's standard listing criteria for leveraged instruments, Cboe is seeking permission through a separate rule filing. The exchange noted that such high-leverage funds are typically intended for sophisticated investors pursuing short-term tactical trades and are not built for long-term holding. The filing also states the funds would be structured as "commodity pools" regulated by the Commodity Futures Trading Commission, rather than as investment companies under the SEC's Investment Company Act of 1940, which governs many conventional ETFs. Commodity pools generally aggregate investor capital to trade derivatives and other commodity-related instruments.