Cboe Futures Exchange to Launch Cboe Bitcoin Continuous Futures and Cboe Ether Continuous Futures

Effective trade date November 10, 2025, Cboe Futures Exchange, LLC (CFE) plans to launch trading in Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET), subject to regulatory review.

PBT futures are long-dated, cash-settled futures contracts based on the price of Bitcoin in U.S. dollars as reflected by the Cboe Kaiko Bitcoin Index. PET futures are long-dated, cash-settled futures contracts based on the price of Ether in U.S. dollars as reflected by the Cboe Kaiko Ether Index. PBT and PET futures will clear through Cboe Clear U.S., LLC (CCUS).

Open positions in PBT and PET futures contracts are subject to a daily cash adjustment.

The Cboe Kaiko Bitcoin Index and Cboe Kaiko Ether Index each have a real-time rate and an hourly rate. The Cboe Kaiko Bitcoin Real-Time Rate and Cboe Kaiko Ether Real-Time Rate are used in connection with the daily cash adjustment applied to PBT and PET futures contracts. The Cboe Kaiko Bitcoin Hourly Rate and Cboe Kaiko Ether Hourly Rate are used to determine the final settlement values of PBT and PET futures contracts.

Trading hours in an expiring PBT or PET futures contract will end at 10:00 a.m. CT on the final settlement date of the contract.

The final settlement date for a PBT or PET futures contract will be the last Friday of the 120^th month from the month that the contract is listed for trading.

If the final settlement date is a CFE holiday, the final settlement date will be the business day immediately preceding the holiday.

Below are the initial PBT and PET futures contract expirations to be listed for trading on CFE at launch.

The final settlement value of an expiring PBT or PET futures contract shall be the value of the Cboe Kaiko Bitcoin Hourly Rate or Cboe Kaiko Ether Hourly Rate as determined by Kaiko, at 10:00 a.m. CT, on the final settlement date of that PBT or PET futures contract.

At 10:00 a.m. CT on the final settlement date of an expiring PBT or PET futures contract, a Final Funding Amount for that PBT or PET futures contract will be calculated using a PCFA calculated by using the final settlement value of that PBT futures contract, multiplied by its contract size, multiplied by the Funding Rate, multiplied by -1.

The cash settlement amount on the final settlement date shall include (i) the final mark-to-market amount against the final settlement value of the PBT or PET futures contract multiplied by 0.01 and (ii) the Final Funding Amount.

The margin requirements for PBT and PET futures will be made available on the CCUS margin webpage prior to the launch date.

• The PBT and PET margin requirements listed are customer minimum maintenance margin requirements and should be scaled up by a minimum of 115% to render customer initial margin requirements. Brokerage firms may impose higher customer initial margin requirements and/or impose other conditions.

• Margin rates for PBT and PET futures are subject to change by CCUS at any time.

• CCUS will update the CME SPAN® file to accommodate SPAN margining of PBT and PET futures. "SPAN" is a registered trademark of Chicago Mercantile Exchange Inc. (CME), used herein under license. CME assumes no liability in connection with the use of SPAN by any person or entity.

CFE Trading Privilege Holders (TPHs) interested in trading PBT and PET futures must contact their clearing firm to ensure Clearing Firm Risk Controls are set prior to participating in PBT and PET futures trading. Optional TPH Risk Controls are also available through the Cboe Customer Web Portal.

Transaction fees and fee codes for PBT and PET futures will be provided in a subsequent notice.

PBT and PET futures are currently available for testing in the CFE certification environment.