Tuttle Capital Submits Six Filings for Leveraged and Inverse Bitcoin ETFs
Summary:
Tuttle Capital Management, an exchange-traded fund issuer, has submitted six filings for planned leveraged and inverse Bitcoin ETFs with U.S. securities regulator. The filings are made with an intention of offering highly amplified returns based on a spot Bitcoin ETF and the funds aim to deliver daily leveraged investment results of up to 200%. Additionally, the firm currently oversees seven listed ETFs and assets worth $96 million.
Tuttle Capital Management, a provider of exchange-traded funds (ETFs), has submitted six filings for planned leveraged and inverse Bitcoin ETFs to the U.S. securities regulator. They aim to provide "amplified" returns based on a spot Bitcoin ETF. The firm proposed three N1-A forms to the Securities and Exchange Commission on the third day of January, a process undertaken by investment firms to establish new open-ended mutual funds.
ETF analyst at Bloomberg Intelligence, Henry Jim, unveiled the filings on platform X (previously Twitter) on the same day, highlighting a projected date of March 18, 2024. As Bloomberg ETF analyst James Seyffart retweeted: "Six filings for leveraged Bitcoin ETFs have already been made. We haven't even approved a spot ETF yet, but no waiting for Tuttle Capital."
The Bitcoin ETF proposals include T-REX 1.5X, 1.75X, and 2X Long Spot Bitcoin Daily Target ETFs as well as T-REX 1.5X, 1.75X, and 2X Inverse Spot Bitcoin Daily Target ETFs. The funds aim to deliver daily inverse leveraged or long leveraged investment results up to 150% (for the 1.5X product) and 200% (for the 2X product). Initially, Tuttle intends to leverage BlackRock's potential iShares spot Bitcoin ETF as the base for swap agreements, though the reference asset may be changed subsequently.
The filings indicate that "The Funds hold more risk than alternatives without leverage because they enhance the performance of their underlying security." No ticker symbol or management fee has yet been indicated by Tuttle. Tuttle Capital has been contacted by Cointelegraph seeking further remarks.
Tuttle Capital currently oversees seven listed ETFs and $96 million in total assets, as per Stock Analysis data. Included in 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).
Published At
1/4/2024 4:13:25 AM
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