Asset manager Direxion has introduced two new exchange-traded funds (ETFs) in the crypto industry, featuring the eye-catching ticker names “LMBO” and “REKT.”

Announced on July 17, LMBO stands for the Direxion Daily Crypto Industry Bull 2X Shares, aiming for a 200% investment return linked to the Solactive Distributed Ledger and Decentralized Payment Tech Index. This ETF tracks U.S.-listed securities involved in digital assets, including Bitcoin mining, blockchain infrastructure, non-fungible tokens, and decentralized finance.

The second ETF, REKT, represents the Direxion Daily Crypto Industry Bear 1X Shares, which targets a 100% return based on the inverse performance of the Solactive index fund.

The “LMBO” ticker is a nod to the crypto enthusiast phrase “Wen Lambo,” referring to the aspiration of buying a Lamborghini. “REKT” is a phonetic spelling of “wrecked,” a term used in gaming and crypto circles to describe significant financial losses.

“Crypto equities are among the fastest-growing companies in the world, now representing an almost $3 trillion asset class,” said Edward Egilinsky, Direxion’s Managing Director. “LMBO and REKT provide focused exposure for traders to express their short-term conviction on companies building the future of a crypto-driven, decentralized economy.”

Bloomberg ETF analyst Eric Balchunas praised Direxion’s tickers as “instant classics” in a post on X, noting that leveraged issuers often use creative tickers to appeal to younger retail traders.

Despite the creative names, the combined trading volume for the two ETFs on their first day was less than $50,000. LMBO saw about $36,000 in trading volume, falling 1.12%, while REKT managed around $5,000, increasing 0.52%.

Peter Atwater, President of Financial Insyghts, cautioned investors, saying, “In the world of financial services, the cuter the name, the greater the ultimate pain.”

Direxion also launched Daily AI & Big Data “Bull” and “Bear” 2X products in May, though with less creative tickers (AIBU and AIBD). Since its founding in 1997, Direxion has amassed nearly $43 billion in assets under management.

Source: Cointelegraph