Tuttle and REX Shares plan more leveraged ETFs tied to Tesla and Nvidia
Victoriia Kovryha
Tuttle and REX Shares have teamed up to create leveraged exchange traded funds tied to Tesla (NASDAQ:TSLA) and Nvidia (NASDAQ:NVDA). This will add to a growing list of leveraged ETFs tied to high-profile stocks. 
The four joint-production T-Rex funds that have been filed for with the U.S. Securities and Exchange Commission are as follows:

T-REX 2X Long Tesla Daily Target ETF (TSLT)
T-REX 2X Inverse Tesla Daily Target ETF (TSLZ)
T-REX 2X Long Nvidia Daily Target ETF (NVDX)
T-REX 2X Inverse Nvidia Daily Target ETF (NVDQ)

TSLT and NVDX aim to offer investors exposure to a 2X leveraged return position against Tesla and Nvidia. Meanwhile, shares of TSLZ and NVDO seek to provide market participants with a -2X leverage position against the underlying Tesla and Nvidia.
From a structure stance, the ETFs will use swap agreements that provide leveraged and inverse exposure to the specific stock it plans to cover. All four funds plan to come attached with a 1.05% expense ratio. TSLT and TSLZ plan to trade on the Nasdaq, while shares of NVDX and NVDO aim to trade on the Cboe BZX.
Furthermore, these leveraged funds will find themselves competing against other leveraged and inverse TSLA and NVDA ETFs as well. Such names include the AXS TSLA Bear Daily ETF (TSLQ), AXS 1.25X NVDA Bear Daily ETF (NVDS), Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL), Direxion Daily TSLA Bear 1X Shares ETF (TSLS), and the GraniteShares 1.5x Long NVDA Daily ETF (NVDL).
Year-to-date price action: TSLA +48.6% and NVDA +92.8%.
In other ETF-related news, trading volume for U.S.-based exchange traded funds dropped in April to its lowest level in more than two and a half years.