REX Shares and Tuttle Capital Management have launched a leveraged exchange-traded fund designed to deliver twice the daily performance of Strive, a publicly traded Bitcoin treasury company and asset manager.

The T-REX 2X Long ASST Daily Target ETF began trading Friday under the ticker ASSX on Cboe, seeking to deliver 200% of Strive's daily share-price performance before fees and expenses.

Because the fund resets its leverage at the end of each trading day, returns over periods longer than one trading day can deviate significantly from twice the performance of Strive shares, as daily results compound over time. The leverage also cuts both ways: a 1% decline in Strive shares on a given day translates into roughly a 2% loss for the fund before fees and expenses — one reason daily-target ETFs are generally built as short-term trading vehicles rather than long-term holdings.

Unlike spot Bitcoin ETFs, ASSX holds no Bitcoin and does not seek to track the asset's price. Instead, it provides leveraged exposure to Strive stock, which reflects both the Bitcoin held on the company's balance sheet and its asset-management operations.

According to the two firms, they also offer 2x leveraged ETFs linked to Strategy, BitMine, Cipher Mining, Circle and SharpLink, extending the same daily-leverage structure to other Bitcoin treasury companies, crypto miners and digital-asset businesses.

Strive currently holds 25,000 Bitcoin, ranking as the fifth-largest publicly traded corporate Bitcoin holder, according to BitcoinTreasuries.NET data. The company financed its most recent purchase of 469 BTC through sales of SATA, its perpetual preferred stock — a class of security that ranks between bonds and common shares in a company's capital structure.

Strive shares climbed 6.4% on Friday to close at $30.09, slightly above the $29.40 average 12-month price target among analysts tracked by S&P Global.

Source: Yahoo Finance