Cboe has asked the U.S. Securities and Exchange Commission for permission to list six exchange-traded products that would deliver three times the daily performance of bitcoin and ether. The filing, submitted this week, starts a 45-day review clock for the agency to approve, reject, or open a formal proceeding.
What the products would do
The proposed funds are designed to give U.S. traders direct access to leveraged crypto exposure without needing to borrow or use derivatives themselves. Each product targets 3x the daily move of its underlying asset — meaning if bitcoin rises 2% in a day, the fund aims to rise 6%, and vice versa. The same logic applies to ether.
Cboe didn't name the specific issuers or tickers in its filing, but the structure suggests a suite of long and short variants across the two cryptocurrencies. Leveraged products of this kind have been a staple in Europe and other markets for years, but they've been slow to reach U.S. exchanges. If approved, this would be one of the first times American retail investors get a straightforward way to bet on triple the daily swing of a digital asset.
The SEC's 45-day clock
Once the proposal is published in the Federal Register — which typically happens within days of submission — the SEC has 45 days to decide. The agency can approve the rule change, reject it, or extend the review by opening formal proceedings. That last option is common for novel or controversial products, and it buys the SEC more time to solicit public comment and weigh market risk.
The clock starts at publication, not at filing. So the actual decision date will land somewhere in late September or early October, depending on when the Federal Register prints the notice. If the SEC chooses to kick off proceedings, the timeline stretches further, with no hard deadline for a final verdict.
Why this filing matters
Cboe is already a major venue for crypto derivatives, including options on bitcoin and ether ETFs. Adding leveraged daily products to that lineup would round out its offerings and pull in traders who want aggressive, short-term bets without leaving the regulated exchange ecosystem.
The timing isn't accidental. The SEC has warmed to crypto exchange-traded products over the past two years, approving spot bitcoin and ether funds in 2024. But leveraged daily products are a different animal. They reset every day, which means compounding effects can cause returns to drift significantly from the underlying asset over longer holding periods. That's a risk the SEC has flagged in the past for other leveraged funds, and it's likely to be a central point of scrutiny here.
For now, the proposal sits in the agency's inbox. The next concrete step is the Federal Register publication, which sets the official review window. After that, it's a waiting game — and a chance for the SEC to signal whether it sees triple-leveraged crypto as a legitimate retail product or a step too far.
