Cboe has filed with the US Securities and Exchange Commission to list the first 3x leveraged Bitcoin and Ether exchange-traded funds in the United States, according to a report from The Block. The exchange submitted a proposed rule change, which the SEC has published for public comment, that would clear the way for funds targeting three times the daily price move of BTC and ETH.
Existing US crypto ETFs already include 2x leveraged products tied to Bitcoin. A 3x structure would be the most aggressive amplified crypto exposure yet approved on a US exchange, pushing past the leverage ceiling regulators have allowed to date.
The mechanics behind a 3x daily target
A 3x leveraged ETF aims to return three times the daily percentage change of its underlying asset, not three times the return over any longer period. That distinction is the whole story. If Bitcoin rises 2% in a day, the fund targets roughly 6%. If it falls 2%, the fund targets roughly a 6% loss.
The funds reset their exposure every trading day. Over multiple days, returns compound off that daily reset, which produces volatility decay in sideways or choppy markets. A stretch where the underlying ends flat but swings hard day to day can still leave a 3x fund down. These products are built for short holding periods, often a single session, not for buy-and-hold investors.
Bitcoin traded at $63,060 as of August 15, 2026, down 0.35% on the day and 2.96% over the prior week. Ether sat at $1,882, roughly flat on the day and down 1.82% on the week. The Fear & Greed Index read 37, in Fear territory. In a market already grinding sideways with a fearful tone, the decay risk in a 3x wrapper is not academic.
A regulatory line moving higher
The filing matters as a signal of how far the SEC's posture has shifted. Leveraged single-asset crypto funds were off the table for years. Approving 2x products was itself a step past earlier caution. A published rule change for 3x exposure shows the agency is at least willing to take comment on tripling the daily bet.
Publication for comment is not approval. The SEC can approve, reject, or extend its review, and leveraged crypto products draw scrutiny precisely because retail investors often misread how daily resets behave over time. The comment period is where objections about suitability and investor protection tend to surface.
If cleared, the products would give traders triple-leverage exposure inside a regulated, exchange-listed wrapper, with no need to open a derivatives account or manage margin and liquidation directly. That convenience is the selling point and the hazard at once. A brokerage account and a market order would be enough to hold something that can lose a third of its value on a bad day for the underlying.
Reading it against the broader ETF picture
The filing lands during a stretch of steady institutional appetite for crypto exposure through regulated vehicles. Spot crypto ETFs have been pulling in weekly inflows across BTC, ETH, SOL, and XRP, and issuers keep pushing new structures onto US exchanges. A 3x product sits at the speculative end of that same trend: not a new asset, but a more amplified way to trade one that already has deep ETF coverage.
For most people, the practical takeaway is caution. Leverage cuts both ways, and a daily-reset 3x fund is one of the sharpest retail instruments an exchange can list. It rewards a correct short-term directional call and punishes indecision, chop, and holding too long.
For readers who spend crypto rather than trade it, the connection is thin, and that is fine. This is a trading-product story, not a payments one. If your interest is using crypto for everyday purchases, an amplified ETF has no bearing on picking a crypto card or comparing cashback rewards; those decisions turn on fees, custody, and coverage in markets like the United States, not on daily leverage ratios.
Overview
Cboe has asked the SEC to approve the first US-listed 3x leveraged Bitcoin and Ether ETFs, and the agency has published the proposed rule change for comment, per The Block. The funds would target triple the daily move of BTC and ETH, resetting each day, which makes them short-horizon trading tools prone to decay in choppy markets rather than long-term holdings. Publication is a procedural step, not an approval, and leveraged crypto products face heavy suitability scrutiny. With Bitcoin near $63,060 and Ether near $1,882 as of August 15, 2026, in a Fear-leaning market, the risk in a 3x structure is real and immediate. Whether the SEC clears it, and on what timeline, is the open question.
