NY Stock Exchange Files SEC Plan For Five ETFsbr>
The New York Stock Exchange has asked the SEC to approve five exchange-trade funds, including 2x leveraged and inverse flavors, linked to bitcoin futures.
The five funds include:
Direxion Daily Bitcoin 1.25X Bull Shares
Direxion Daily Bitcoin 1.5X Bull Shares
Direxion Daily Bitcoin 2X Bull Shares
Direxion Daily Bitcoin 1X Bear Shares
Direxion Daily Bitcoin 2X Bear Shares
The bitcoin benchmark target will be calculated as the last sale price published by the CME or CBOE on or before 11:00 a.m. EST, and “should not be expected to track the performance of the target bencvhmark for any period longer than one business day.”
The spot price movements of bitcoin may not correspond directly to the price movements of the bitcoin futures contracts, so the proposed funds may not track exactly even though they will seek to target the daily benchmark.
If approved, the new ETFs will trade on the NYSE’s Arca, a secondary marketplace.