Cboe BZX Exchange has submitted filings to the US Securities and Exchange Commission seeking approval to list and trade six new exchange-traded funds that would provide triple the daily returns of Bitcoin, Ether and several traditional commodities. The proposed products represent an expansion of leveraged crypto exposure available to American investors through regulated exchanges.

Proposed Funds and Investment Objectives

The six ETFs would track gold, silver, Bitcoin, Ether, crude oil and natural gas. Each is designed to deliver returns equal to three times the daily performance of its respective underlying benchmark. Because of the leverage, both gains and losses would be magnified by a factor of three on any given trading day.

These instruments are generally intended for active, short-term trading rather than long-term holding. Over extended periods, the compounding effects of daily resets and market volatility can cause performance to diverge significantly from simply holding the underlying asset or a lower-leverage product.

Structure and Regulatory Path

The funds would be organized as commodity pools rather than registered investment companies under the Investment Company Act of 1940. This structure places them under Commodity Futures Trading Commission oversight in addition to SEC review, consistent with their reliance on futures contracts.

For the Bitcoin and Ether versions, exposure would come exclusively through CME futures contracts. The funds would not hold the digital assets themselves. This futures-based approach differs from spot Bitcoin and Ether ETFs already trading in the United States and adds another layer of regulatory consideration.

Because the proposed products do not meet Cboe’s standard listing criteria for leveraged funds, the exchange has pursued a specialized approval process. Cboe also plans to file a Form S-1 registration statement under the Securities Act of 1933 to support the offerings if the SEC grants clearance.

Sponsor and Market Context

Volatility Shares LLC is named as the sponsor. The firm already offers 2x leveraged Bitcoin and Ether ETFs in the United States through its VS Trust platform and has experience managing leveraged crypto products.

Comparable 3x leveraged crypto ETFs already trade in European markets. Approval of the Cboe filings would mark the first time US investors could access exchange-listed triple daily leverage on Bitcoin and Ether. Existing US leveraged crypto products generally carry lower multipliers.

Portfolio holdings could be adjusted in response to market conditions and investor flows so that each fund continues to pursue its stated daily objective. The SEC review will determine whether these higher-leverage vehicles become available for trading on US exchanges.