Tuttle Capital offers 6 ETFs that ‘boost’ the performance of Bitcoin ETFs
Tuttle Capital Management, an exchange-traded fund (ETF) issuer, has filed with the U.S. securities regulator for six proposed leveraged and inverse Bitcoin ETFs – hoping to deliver “magnile” returns to Bitcoin ETFs.
Tuttle Capital filed three N1-A forms with the Securities and Exchange Commission on Jan. 3, which investment firms use to create new open-ended mutual funds.
Bloomberg Intelligence ETF analyst Henry Jim shared the notes on X (formerly Twitter) the same day, citing an effective date of March 18, 2024.
“We already have filings for 6 leveraged #Bitcoin ETFs. You don't even have an approved position yet @TuttleCapital, but don't wait for anyone,” Bloomberg ETF analyst James Seifert retweeted.
We already have documentation for 6 used #Bitcoin ETFs. You don't have an approved ETF position yet, but @TuttleCapital isn't waiting for anyone pic.twitter.com/JMgRH5roig
— James Seyff (@JSeyff) January 3, 2024
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 investment returns of up to 150% (for 1.5X yield) and 200% (for 2X yield) daily inverse or long leveraged. Tuttle initially plans to use BlackRock's futures iShares Spot Bitcoin ETF as the primary reference for the swaps, but said he may change the reference asset in the future.
“The funds are riskier than leveraged alternatives because the funds leverage the performance of their underlying securities,” the filing said.
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Tuttle has not yet disclosed the intended ticket price or set an administrative fee. Cointelegraph has 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 the products listed are T-REX 2X Long Tesla Daily Target ETF (TSLT) and T-REX 2X Long NVIDIA Daily Target ETF (NVDX).
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