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Jan 04, 2024
Tuttle Capital Management takes the initiative, filing for six leveraged and inverse Bitcoin ETFs, anticipating magnified returns from a spot Bitcoin ETF.
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Three N1-A forms submitted to the Securities and Exchange Commission, revealing plans for leveraged products with an effective date set for March 18, 2024.
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Bloomberg Intelligence ETF analysts Henry Jim and James Seyffart share the filings, highlighting Tuttle Capital's proactive approach despite the absence of an approved spot ETF.
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Tuttle's Bitcoin ETF applications include T-REX 1.5X, 1.75X, and 2X Long Spot Bitcoin Daily Target ETFs, as well as corresponding inverse options.
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Acknowledging the risk, the filings note that the funds are riskier due to leveraging, magnifying the performance of the underlying security.
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Tuttle plans to use BlackRock’s iShares spot Bitcoin ETF as the initial reference for swap agreements, but reserves the right to change the reference asset in the future.
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With six listed ETFs and $96 million in total assets, Tuttle Capital positions itself in the ETF market, building on its existing products, including leveraged offerings tied to Tesla and NVIDIA.
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