The T-Rex 2X Long MSTR Daily Target ETF seeks to reach 200% of MicroStrategy’s daily performance, according to a file uploaded on the Securities and Exchange Commission’s EDGAR portal.

T-Rex also sought an ETF with a 2x inverted position in MSTR. Both of these mentioned instruments would be leveraged long or short on bitcoin effectively.

Tracking the biggest digital asset worldwide, MSTR, which is heavily exposed to bitcoin, is notorious for its volatility. Although bitcoin’s price is steady, the stock’s current implied volatility is high at 85.6 and is going lower than its average.

Michael Saylor, the CEO, has said the company will sell $500 million in convertible notes to increase bitcoin reserves.

With 20x the volatility of the SPX, Bloomberg ETF analyst Eric Balchunas said on X that these ETFs would be “near-lock to be the most volatile ETFs ever seen in the U.S.”

He remarked, “They will be the ghost peppers of ETF hot sauce.”.

Products taking a short position in MSTR have also been listed by ETF issuers Defiance and Granite Shares.

In March, T-Rex also registered for six leveraged inverse bitcoin ETFs with 1.5x-2x positions.

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