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SEC Approves 3x Bitcoin and Ether ETFs Tracking Daily Futures Performance
The SEC approved Cboe BZX's proposed rule change yesterday to list 3x leveraged Bitcoin and Ether exchange-traded products, with tickers BITH and ETHK respectively. The products seek to deliver three times the daily performance of Bitcoin and Ether futures through short-dated futures contracts and cash collateral, rather than holding the assets directly. Each product resets leverage daily, meaning compounding effects may cause multi-day returns to diverge significantly from a simple 3x multiple
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