Direxion looks to join alongside ProShares and offer the investment community an exchange traded fund that shorts Bitcoin (BTC-USD) through managed futures contracts. The Direxion Bitcoin Strategy Bear ETF which will trade under the ticker REKT intends to deliver investors a -1X inverse return of Bitcoin by providing short exposure to front-month bitcoin futures contracts traded on the Chicago Mercantile Exchange according to an SEC filing. Similar to Proshares’ Short Bitcoin Strategy RTF (NYSEARCA:BITI), Direxion’s fund will also have a 0.95% expense ratio. Bitcoin has been under heavy pressure as the crypto asset is down 35.7% in the month of June and down a larger 56.8% over the course of 2022. Furthermore, Bitcoin hovers near the $20K marker and looks to break below again on Wednesday as BTC-USD is lower by 4% on the session. Investors now have the option to go long Bitcoin through managed future ETFs as well as play the other side
