- which launched in December on the CME amd Cboe, according to a Thursday filing, which is in line with what we said mentioned in August, "we suspect a Bitcoin Futures ETF may actually occur before a Bitcoin ETF."
The five "derivative of derivative" funds are as follows:
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 target Bitcoin benchmark 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."
Additionally, while each Fund will seek daily correlation to the target benchmark, it should not be expected to track dollar for dollar the spot price of bitcoin because the Fund will invest in Bitcoin Futures Contracts rather than directly in bitcoin, and the spot price movements of bitcoin may not correspond directly to price movements of the Bitcoin Futures Contracts