According to Bloomberg, Direxion, a firm managing over $40 billion in assets through leveraged and inverse products, is introducing two new exchange-traded funds (ETFs) that allow traders to bet on or against the digital asset industry. These ETFs, launching on Wednesday, are the first crypto-related funds for the firm and are designed to reflect only single-day moves. The Direxion Daily Crypto Industry Bull 2X Shares and the Direxion Daily Crypto Industry Bear 2X Shares will enable sophisticated retail and high-velocity clients to trade crypto-related stocks. These products are not intended for long-term holding but for short-term trading opportunities. Leveraged and inverse ETFs, which use derivatives to amplify returns or provide the opposite of a stock or index's return, have gained popularity over the past year. Retail investors have particularly embraced these funds, seeking to double or triple their gains, albeit with the risk of compounding their losses. Leveraged ETFs have attracted approximately $9.4 billion in inflows so far in 2024, on track to surpass last year's $10.2 billion, according to Bloomberg Intelligence data. Despite the growing demand for leveraged ETFs, blockchain and crypto-related ETFs have experienced outflows. Related products tracked by Bloomberg Intelligence have seen six consecutive months of outflows this year, totaling $534 million, reversing their nearly $500 billion haul for 2023. Egilinsky, a representative from Direxion, believes that the tickers for the two new ETFs will enhance their appeal to the crypto audience. The ETF with the ticker LMBO, referencing the popular meme associated with Lamborghinis, will have a 0.75% management fee, while the ETF with the ticker REKT will have a 35-basis point management fee.