Cboe Bitcoin (“PBT”) and Ether (“PET”) Continuous Futures are long-dated, cash-settled futures contracts designed to provide continuous, long-term exposure to the price of bitcoin and ether in U.S. dollars, as tracked by the Cboe Kaiko Bitcoin Real-Time Rate and Cboe Kaiko Ether Real-Time Rate. Continuous Futures provide access to a perpetual-style futures product in a U.S.-regulated, intermediated environment and eliminate the need for investors to roll positions regularly.

PBT and PET futures incorporate a daily cash adjustment, a funding mechanism that keeps futures prices closely aligned with their respective underlying reference rates. With expirations extending up to 120 months, a small contract size, and daily cash adjustment, these products offer flexible positioning for investors seeking strategic or tactical exposure to bitcoin or ether over long-term horizons.