Tuttle Capital Management, an exchange-traded fund (ETF) issuer, It has been submitted Worked with U.S. securities regulators on six proposed leveraged and inverse Bitcoin ETFs in hopes of providing “enhanced” returns from spot Bitcoin ETFs.
On January 3, Tuttle Capital filed with the Securities and Exchange Commission three N1-A forms that investment companies use to create new open-end mutual funds.
Henry Jim, ETF Analyst at Bloomberg Intelligence share On the same day, a filing with X (formerly Twitter) states that the effective date is March 18, 2024.
“We have already filed 6 leveraged #BitcoinETF applications. We don’t even have spot ETF approval yet, but @TuttleCapital isn’t waiting for anyone,” retweeted Bloomberg ETF analyst James Seifert. I added it.
There are 6 leverage applications #bitcoin Already an ETF. Although spot ETFs have not yet been approved, @TuttleCapital no one waits https://t.co/9HJpdWyHhr pic.twitter.com/JMgRH5roig
— James Seyffert (@JSeyff) January 3, 2024
Bitcoin ETF applications include the T-REX 1.5X, 1.75X, and 2X Long Spot Bitcoin Daily Target ETF and the T-REX 1.5X, 1.75X, and 2X Inverse Spot Bitcoin Daily Target ETF.
The Fund seeks investment results with inverse leverage or long leverage of up to 150% (for 1.5x products) and 200% (for 2x products) each day. Tuttle initially plans to use BlackRock's promising iShares Spot Bitcoin ETF as the reference asset underlying the swap contract, but said the reference asset could change in the future. .
“Because the Fund amplifies the performance of the underlying securities, it is riskier than non-leveraged alternative funds,” according to the filing.
Related: It happened: Someone filed a Cramer ETF with the SEC.
Mr. Tuttle had not yet announced a proposed ticker symbol or set a management fee. Cointelegraph has reached out to Tuttle Capital for further comment.
— Matthew Tuttle (@TuttleCapital) January 3, 2024
Tuttle Capital currently has seven listed ETFs with total assets of $96 million, according to data from Stock Analysis.
Among the listed products are the T-REX 2X Long Tesla Daily Target ETF (TSLT) and the T-REX 2X Long NVIDIA Daily Target ETF (NVDX).
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