Tuttle Capital Management, an exchange-traded fund (ETF) issuer, has filed for six proposed leveraged and inverse Bitcoin ETFs with the United States securities regulator — in hopes to offer “magnified” returns from a spot Bitcoin ETF.
Tuttle Capital filed three N1-A forms with the Securities and Exchange Commission on Jan. 3, filings used by investment companies to create new open-ended mutual funds.
Bloomberg Intelligence ETF analyst Henry Jim shared the filings on X (formerly Twitter) on the same day, noting an effective date of March 18, 2024.
“We have filings for 6 leveraged #Bitcoin ETFs already. Don’t even have a spot ETF approved yet, but @TuttleCapital waits for no one,” added fellow Bloomberg ETF analyst James Seyffart in a retweet.
We have filings for 6 leveraged #Bitcoin ETFs already. Don't even have a spot ETF approved yet, but @TuttleCapital waits for no one https://t.co/9HJpdWyHhr pic.twitter.com/JMgRH5roig— James Seyffart (@JSeyff) January 3, 2024
The Bitcoin ETF applications include T-REX 1.5X, 1.75X and 2X Long Spot Bitcoin Daily Target ETFs and T-REX 1.5X, 1.75X, and 2X Inverse Spot Bitcoin Daily Target ETFs.
The funds seek daily inverse leveraged or long leveraged investment results of up to 150% (for the 1.5X product) and 200% (for the 2X product). Tuttle plans to initially use BlackRock’s prospective iShares spot Bitcoin ETF as the underlying reference for swap agreements but says it may change the reference asset in the future.
"The Funds are riskier than alternatives that do not use leverage because the Funds magnify the performance of their underlying security,” according to the filings.
Related: It’s happened: Someone’s filed for Cramer ETFs with the SEC
Tuttle didn’t yet disclose a proposed ticker symbol or set a management fee. Cointelegraph reached out to Tuttle Capital for further comment.
pic.twitter.com/OMAFz4q9MV— Matthew Tuttle (@TuttleCapital) January 3, 2024
Tuttle Capital currently has seven listed ETFs and $96 million in total assets, according to data from Stock Analysis.
Among its 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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