Overview
- The batch includes proposed 5x funds tied to bitcoin, ether, solana and XRP alongside 3x products and 5x single‑stock ETFs for volatile names such as Tesla, Nvidia, Coinbase, MicroStrategy and Alphabet.
- The ETFs would not hold spot assets and instead seek 3–5 times the daily move using futures, swaps and options inside a Cayman Islands subsidiary with daily rebalancing.
- Filings list an effective date of December 29, 2025, and analysts note the 75‑day process could affect outcomes during a government shutdown if the SEC does not act.
- Market observers warn that daily resets, compounding and funding costs can cause volatility decay and tracking error, with risks heightened in thin or whipsawing futures markets.
- Reporters highlight that no 3x crypto ETFs have been approved to date and say the proposed 5x products would rank among the most extreme crypto‑linked instruments available if cleared.