According to Eric Balchunas, T-Rex has filed for a 2x leveraged Discord ETF even though Discord is not expected to go public until March, highlighting pre-IPO product planning by the issuer; source: Eric Balchunas (X, Jan 15, 2026). A 2x single-stock ETF seeks to deliver twice the daily return of the underlying stock via derivatives and rebalances daily, making it intended for short-term trading rather than long-term holding; source: U.S. SEC Office of Investor Education and Advocacy, Investor Bulletin on Leveraged and Inverse ETFs. If approved and launched following Discord’s listing, the ETF would offer traders a levered vehicle for directional exposure to Discord’s daily moves; source: U.S. SEC Office of Investor Education and Advocacy, Investor Bulletin on Leveraged and Inverse ETFs.

According to the source, Defiance proposed new 3X leveraged funds offering exposure to Bitcoin (BTC), Ethereum (ETH), and crypto-focused stocks. source: source post For traders, 3X leveraged funds are designed to target three times the daily return of a benchmark and can exhibit significant volatility and compounding effects suitable primarily for short-term trading. source: SEC Investor Bulletin on Leveraged and Inverse ETFs Daily rebalancing in these products creates path-dependent returns that can diverge from the underlying over holding periods longer than one day, especially in volatile markets. source: SEC Investor Bulletin on Leveraged and Inverse ETFs