REX Launches 2x Leveraged ETF on Cboe Tied to Strive's Bitcoin-Heavy Treasury Stock
The fund at the center of this story, ASSX, provides 200% of the daily exposure to a company that has been accumulating Bitcoin. According to the issuer’s own disclosure, it is intended for traders who understand the risks involved, set clear limits, and monitor their positions closely throughout the trading session. Its structure makes risk management particularly important, as movements in the underlying company and Bitcoin can have a significant effect on the fund’s performance.
The idea of setting limits before taking on uncertainty also appears in other forms of entertainment. For example, online bingo sites often allow players to establish spending limits before starting a session. The circumstances are very different from trading a leveraged fund, but the basic principle of deciding on a boundary in advance is similar: knowing the limits before an unpredictable outcome unfolds can help people keep their decisions within a defined range.
“ASST moves, and it moves with bitcoin.”
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That observation from Matt Tuttle of Tuttle Capital Management highlights one of the key characteristics of ASSX: its performance is closely tied to movements in both the underlying company and Bitcoin.
ASSX Arrives on Cboe as REX Claims a U.S. First
Crypto News reported that REX Shares and Tuttle Capital Management launched ASSX on Cboe, with the fund beginning to trade on Sept. 18, 2026. REX describes the product as the first ETF in the United States offering 2x daily long exposure to Strive Inc., which trades on Nasdaq under the ticker ASST.
Tuttle Capital Management is listed as the fund’s adviser, with REX Shares serving as sponsor. Cboe filed the fund’s certification with the SEC on Sept. 15, three days before the listing date. The fund carries a total expense ratio of 1.5%.
Daily Reset and Compounding Create Divergence Over Time
ASSX targets 200% of ASST’s daily share performance before fees and expenses. The critical structural feature is that leverage resets at the close of each trading session. That reset means compounding over multiple days can push ASSX’s cumulative results well away from a simple doubling of ASST’s return across the same period, even when ASST ends a multi-day stretch higher than it began.
The directional amplification is straightforward on a single-day basis. A 1% daily decline in ASST translates into roughly a 2% decline in ASSX, before financing costs and other operating expenses. The fund can use derivatives including swap agreements to obtain leveraged exposure, and REX’s disclosure acknowledges that counterparty conditions, liquidity constraints, and the mechanics of daily rebalancing can all prevent the fund from reaching its stated 2x objective on any given day.
Fund Discloses 50% Wipeout Threshold and Restricts Target Audience
REX is explicit about the outer edge of the risk. An adverse ASST move of more than 50% in a single trading day could eliminate an investor’s entire principal. That disclosure appears in the fund’s own filings and is not a general market warning but a product-specific threshold baked into how leveraged instruments of this structure behave.
The fund is designed for knowledgeable investors who monitor their positions frequently. REX warns directly that multi-day compounding can produce losses even in periods when ASST finishes higher than it started, making ASSX unsuitable for anyone treating it as a passive, buy-and-hold vehicle.
Strive Holds 25,000 BTC After Three Rapid Accumulation Moves
The underlying stock that ASSX tracks reflects a company that has been moving aggressively to accumulate Bitcoin. Strive’s latest filing showed 25,000 BTC as of Sept. 11. That figure resulted from a purchase of 469 BTC between Sept. 8 and Sept. 11 at an average price of $77,954 per coin, lifting holdings from 24,531 BTC. Strive Chairman and CEO Matt Cole, in a public statement accompanying the Sept. 14 Form 8-K disclosing the purchase, said: “100% of the capital raised came from SATA.”
That transaction followed two earlier acquisitions in quick succession. The prior week saw a 1,375-BTC purchase for roughly $109 million, and a late-August tranche added 1,800 BTC for approximately $143 million. BitcoinTreasuries.net ranks Strive fifth among public companies by reported Bitcoin holdings at that 25,000-BTC level, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.
ASST and ASSX Both Gained on Debut Day
Both tickers posted gains on Sept. 18. ASST closed at $30.09, up 6.4% on the session, with volume of roughly 16.1 million shares. ASSX opened at $27.78, traded between $27.22 and $28.70, and finished its first session at $28.27 on volume of 123,946 shares. Tuttle’s framing of ASST at launch pointed to the stock’s close relationship with Bitcoin price action as the central reason for both its volatility and its utility as a one-day trading instrument. ASSX’s formal objective remains tethered to ASST’s share performance specifically, not to Bitcoin directly.
Strive’s next SEC filings will determine whether the 25,000 BTC figure continues to move. Until those disclosures arrive, the accumulation story that underlies this ETF remains open.