Cboe Proposes First-Ever 3x Leveraged Bitcoin ETF for US Market

The Cboe BZX Exchange has proposed listing and trading the first-ever 3x leveraged Bitcoin ETF in the US. Volatility Shares LLC is sponsoring a suite of 3x leveraged funds covering various assets, including Bitcoin, Ether, Gold, Silver, Crude Oil, and Natural Gas. The fund's goal is to deliver daily investment results equal to three times the performance of Bitcoin.

The 3x leverage means that if Bitcoin futures rise 2% in a day, the fund targets a 6% gain. However, this also means that if they fall 2%, you're looking at a 6% loss. The compounding effect of daily rebalancing can cause the fund's returns to diverge significantly from simply tripling Bitcoin's cumulative return.

The US market already has 2x leveraged Bitcoin ETFs, but this Cboe filing would bring the US in line with what European investors have had access to since November 2025. The fund's legal structure is a commodity pool, which places it under a different regulatory framework than traditional mutual funds and most ETFs.

The exchange approval was granted on August 10, 2026, but shares of the fund cannot begin trading until the associated S-1 registration statement becomes effective. The SEC still needs to greenlight the registration.