REX Shares and Tuttle Capital Management have launched ASSX, a Cboe-listed exchange-traded fund that began trading Sept. 18 and seeks 200% of Strive Inc.’s daily share performance before fees and expenses.
REX Shares said the T-REX 2X Long ASST Daily Target ETF gives traders leveraged exposure to Strive’s Nasdaq-listed ASST shares for a single trading day. The issuer described ASSX as “the first ETF in the U.S. offering 2x daily long exposure to ASST.” Cboe lists the fund under ticker ASSX, while Strive continues trading on Nasdaq under ASST.
A Cboe certification filed with the U.S. Securities and Exchange Commission on Sept. 15 recorded the exchange’s approval for listing and registration. Three days later, Cboe’s product page recorded Sept. 18 as the listing date. The fund’s official page lists a 1.5% total expense ratio and identifies Tuttle Capital Management as adviser, with REX Shares as sponsor.
The fund seeks twice ASST’s daily performance before fees and expenses, not twice Strive’s return over a week, month or other multi-day period. REX says leverage resets after each session, so compounding can cause results over longer periods to differ from 200% of the stock’s cumulative return.
ASSX does not hold Bitcoin and does not seek twice Bitcoin’s daily price change. Its reference asset is Strive common stock. REX’s risk disclosure says investing in the fund is not the same as buying ASST, and fund shareholders do not receive voting rights or distributions attached to Strive shares.
The issuer says the fund can use derivatives, including swap agreements, to obtain leveraged exposure. Its disclosure warns that derivatives, counterparty conditions, liquidity and daily rebalancing can prevent the fund from reaching its stated 2x objective. REX says a 1% daily decline in ASST would translate into an approximately 2% decline in the fund before financing costs and other operating expenses.
REX places a clear limit on the intended holding period. The company says ASSX is designed for knowledgeable investors who monitor positions frequently, and it warns that multi-day compounding can produce losses even when ASST finishes a longer period higher. Its disclosure states that an adverse ASST move of more than 50% in one trading day could wipe out an investor’s principal.
Strive’s latest Bitcoin holdings filing showed 25,000 BTC as of Sept. 11. In a Sept. 14 Form 8-K, the company said it bought 469 BTC between Sept. 8 and Sept. 11 at an average price of $77,954 per coin, including fees and expenses. The purchase lifted holdings from 24,531 BTC one week earlier.
The same filing put cash and cash equivalents at $204.2 million and the fair value of Strive’s 505,000 Strategy STRC preferred shares at $49.813 million. SATA preferred shares outstanding rose by 402,541 during the period to 10,397,966, while effective common shares increased by 34,206 to 94,968,764.
Chairman and CEO Matt Cole said in a public statement that “100% of the capital raised came from SATA,” adding that the preferred stock had passed $1 billion in notional value outstanding. The SEC filing itself records the increase in SATA shares but does not state in narrative form that the full Bitcoin purchase was financed by SATA.
As crypto.news reported on Sept. 14, the 469-BTC acquisition followed a 1,375-BTC purchase for roughly $109 million during the prior reporting week. In related coverage, crypto.news reported that Strive had bought 1,800 BTC for approximately $143 million in late August, taking holdings to 23,156 BTC and moving the company into fifth place among public corporate Bitcoin holders at the time.
BitcoinTreasuries.net currently lists Strive as the fifth-largest public company by reported Bitcoin holdings, with 25,000 BTC. The ranking service places Strive behind Strategy, Twenty One Capital, Metaplanet and MARA Holdings in its public-company table.
Strive shares closed Sept. 18 at $30.09, up 6.4% for the session after trading between $29.33 and $30.38. Market data showed roughly 16.1 million ASST shares changed hands during the day. The move followed a 3.17% gain on Sept. 17, when ASST closed at $28.28.
ASSX finished its first trading session at $28.27 after opening at $27.78 and trading between $27.22 and $28.70, according to market data sourced from Cboe and S&P Global Market Intelligence. Reported volume reached 123,946 shares. After-hours data later showed ASSX at $28.71.
REX and Tuttle have placed ASSX alongside leveraged products tied to other crypto-sensitive securities. The T-REX lineup includes 2x long funds linked to Strategy, BitMine, Cipher Mining, Circle and SharpLink, plus BTCL, a separate 2x daily product tied to spot Bitcoin. ASSX differs because its target is Strive’s common stock, which carries both corporate and Bitcoin-treasury exposure.
Tuttle CEO Matt Tuttle said “ASST moves, and it moves with bitcoin,” while describing the product’s intended use for one-day positions. The statement is the sponsor’s characterization of ASST’s trading behavior; ASSX’s formal objective remains tied to ASST’s daily share performance, not Bitcoin.
The 25,000-BTC total remains the latest Strive Bitcoin balance disclosed in the SEC filings reviewed for this report. BitcoinTreasuries.net has estimated further SATA-funded purchasing capacity from subsequent trading, but such estimates do not establish that Strive acquired more Bitcoin because only company disclosures can confirm a completed purchase.
Separate from the Bitcoin filing, Strive filed another Form 8-K concerning SATA’s dividend policy. The board maintained the regular annual dividend rate at 13%, effective for periods beginning on or after Oct. 1, 2026.
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