T-Rex Group, a financial services firm, has submitted a filing for a 2x leveraged MicroStrategy (MSTR) exchange-traded fund (ETF) in the US, potentially making it the most volatile ETF in the country. The fund, named 'T-Rex 2X Long MSTR Daily Target ETF,' aims to amplify the daily performance of MicroStrategy's publicly traded common stock by 200%.

Bloomberg's Senior ETF analyst, Eric Balchunas, pointed out that if approved, this fund could exhibit volatility levels up to 20 times higher than the S&P 500. This extreme volatility has led to the fund being dubbed the "ghost pepper of ETFs." For comparison, Balchunas referred to a 3X leveraged Microstrategy ETF in Europe that already displays significant fluctuations.

MicroStrategy, founded by Michael Saylor in 1989, is the largest publicly traded holder of Bitcoin, with 214,400 BTC ($13.2 billion) on its books. Meanwhile, T-Rex has also filed for six leveraged inverse Bitcoin ETFs with 1.5x-2x leverage.