Leveraged GameStop ETF comes roaring out of the gates

The newly launched T-REX 2x Long GME Daily Target ETF, which offers its holders exposure to double the daily move in retail favorite GameStop using swaps, debuted on Thursday with a loss — but also with more than $4 million changing hands in the product.

Bloomberg Intelligence ETF analyst Eric Balchunas, who observed that this is a larger debut for dollar volume than similar products launched by GraniteShares and Direxion that are tied to Nvidia and Tesla, respectively, tweeted, “Never bet against the American Eater or Degen.”

Reception on the Superstonk subreddit has largely been positive, though some are also worried the product could be used in nefarious ways.