Tuttle Capital Management, an exchange-traded fund (ETF) issuer, has initiated a bold move by filing six proposed applications for leveraged and inverse Bitcoin ETFs, aiming to achieve amplified returns. The company submitted three N1-A forms to the U.S. Securities and Exchange Commission (SEC) on January 3. These forms are typically utilized by investment firms to establish new open-end mutual funds. Bloomberg Intelligence ETF analyst Henry Jim shared news of these filings on X (formerly Twitter) on the same day, specifying that the effective date for these applications is set for March 18, 2024.
In a retweet, Bloomberg's ETF analyst James Seyffart highlighted Tuttle Capital Management's assertive approach in the market. Seyffart mentioned that despite the absence of approval for a spot Bitcoin ETF, TuttleCapital is proceeding ahead with its applications. The Bitcoin ETF applications include the T-REX 1.5X, 1.75X, and 2X Long Spot Bitcoin Daily Target ETF, alongside the T-REX 1.5X, 1.75X, and 2X Inverse Spot Bitcoin Daily Target ETF. These ETFs aim to achieve daily inverse or long leverage investment results, ranging up to 150% for 1.5x products and 200% for 2x products.
Tuttle Capital Management plans to initially utilize BlackRock’s anticipated iShares Spot Bitcoin ETF as the reference for the swap agreement. However, the company noted the potential for altering the reference asset in the future. The filing acknowledged that these funds carry higher risk due to their use of leverage, amplifying the performance of their underlying securities. Presently, Tuttle manages seven listed ETFs and holds a total asset value of $96 million, as per Stock Analysis. Among its listed ETFs are the T-REX 2x Long Tesla Daily Target ETF (TSLT) and the T-REX 2x Long NVIDIA Daily Target ETF (NVDX).
