If the NYSE has its way, a risky leveraged ETF which doubles the return of bitcoin could soon hit the market
Elizabeth Gurdus - The New York Stock Exchange has asked the Securities and Exchange Commission to allow it to list five bitcoin-related exchange-traded funds (ETFs) on one of its markets, according to an SEC filing.
The ETFs were created by Direxion Asset Management to track bitcoin futures trading. While they are not tied to the price of bitcoin itself, the funds aim to multiply investor returns when compared to the underlying market, the filing said.
The instruments, named 1.25X Bull Fund, 1.5X Bull Fund, and 2X Bull Fund, will leverage "investment results (before fees and expenses) that correlate positively to either 125%, 150%, or 200% the daily return of the target benchmark," the filing said.