Tuttle Capital Management, an exchange-traded fund (ETF) issuer, has filed for six leveraged and inverse Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC). The filings, submitted on January 3, include three for leveraged long exposure (T-REX 1.5X, 1.75X, and 2X Long Spot Bitcoin Daily Target ETFs) and three for inverse exposure (T-REX 1.5X, 1.75X, and 2X Inverse Spot Bitcoin Daily Target ETFs).
These proposed ETFs aim to provide daily leveraged or inverse returns tied to spot Bitcoin prices, with leverage factors of 1.5X, 1.75X, and 2X. Tuttle Capital Management plans to use BlackRock’s potential iShares spot Bitcoin ETF as the underlying reference for swap agreements initially but notes the possibility of changing the reference asset in the future.
The filings acknowledge the increased risk associated with leveraged funds, stating, “The Funds are riskier than alternatives that do not use leverage because the Funds magnify the performance of their underlying security.”
While Tuttle has not disclosed proposed ticker symbols or management fees at this time, the move reflects the growing interest and anticipation in the market for the approval of a spot Bitcoin ETF. As of now, the SEC has not approved a spot Bitcoin ETF, and Tuttle’s filings for leveraged and inverse products could provide investors with magnified exposure to Bitcoin’s price movements once regulatory approval is obtained.
Tuttle Capital Management currently manages seven listed ETFs with a total of $96 million in assets, according to Stock Analysis data. Some of its existing ETFs include products focused on leveraged exposure to daily targets for companies like Tesla and NVIDIA.
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