CBOE proposes first-ever 3x leverage Bitcoin ETF

The Cboe BZX Exchange has filed a proposed rule change to list and trade the first-ever 3x leveraged Bitcoin ETF in the US. The filing, designated SR-CboeBZX-2026-065, was submitted on August 10, 2026, and represents a meaningful escalation in the arms race of crypto-linked investment products available to American traders. Volatility Shares LLC, the firm behind the product, is sponsoring a suite of 3x leveraged funds covering Bitcoin, Ether, Gold, Silver, Crude Oil, and Natural Gas. For Bitcoin specifically, the fund would aim to deliver daily investment results equal to three times the performance of Bitcoin, achieved through first- and second-month CME Bitcoin futures contracts. What triple leverage actually means A 3x leveraged ETF does exactly what it sounds like: it multiplies the daily return of its underlying asset by three. If Bitcoin futures rise 2% in a day, the fund targets a 6% gain. If they fall 2%, you’re looking at a 6% loss. That daily reset is the part most people gloss over, and it matters enormously. Over longer holding periods, the compounding effect of daily rebalancing can cause the fund’s returns to diverge significantly from simply tripling Bitcoin’s cumula...