The U.S. Securities and Exchange Commission has opened a public comment period on a Cboe BZX Exchange proposal to list leveraged exchange-traded funds tied to three times the daily returns of Bitcoin and Ethereum.
The filing, recorded under SR-CboeBZX-2026-065, seeks a rule change that would allow the first U.S.-listed 3x crypto ETFs. The proposal covers six leveraged funds, including Bitcoin and Ethereum products as well as gold, silver, crude oil, and natural gas.
The SEC’s request for comments is a procedural step under the Securities Exchange Act of 1934. It does not mean the products have been approved or denied, but it allows investors, market participants, and academics to submit views before the agency decides whether to approve, disapprove, or institute further proceedings.
A 3x leveraged ETF aims to deliver three times the daily percentage move of its underlying asset. If Bitcoin rises 1% in a day, the fund targets a 3% gain; losses are magnified by the same multiple. Because leverage compounds daily, returns over longer periods can diverge sharply from a simple multiple of the underlying asset’s performance, which is why such products are generally seen as short-duration tools.
For the digital asset market, the filing signals that issuers are testing demand for structures beyond spot funds. The SEC’s handling of higher-risk ETF products may shape expectations for similar applications, even as the agency continues broader work on crypto regulatory framework. The comment window now sets the near-term timeline, with the SEC required to act within statutory review periods before the proposal can advance.
