According to reputed analyst Eric Balchunas, T-REX 2X Long MSTR Daily Target ETF (MSTU) is already up an impressive 225%.

The product, which was launched just six weeks ago, already has roughly $1 billion in assets under management.

MSTU had a rather successful start with more than $70 million worth of inflows during its very first week of trading.

As the name suggests, the ETF is meant to double the performance of the red-hot MSTR stock.

Bolstered by the incredible success of the underlying stock, MSTU has shown impressive performance over the past few weeks.

As reported by U.Today, MicroStrategy recently appeared among the "Magnificent 7" stocks, which include such heavyweight players as Amazon and Alphabet, in terms of trading volume.

The MSTR stock has surged more than 10% during the Monday trading session. The stock is now up a whopping 53% over the past month alone. MicroStrategy's market share currently stands at more than $52 billion.

For comparison, the price of Bitcoin is only 2.7% over the past 24 hours, currently approaching the $70,000 level.

A 4x Bitcoin ETF

As noted by Balchunas, MSTU should be treated as a 4X Bitcoin ETF.

Its 30-day volatility stands at 168% compared to IBIT's 41%. While it is impossible to launch a 4X Bitcoin ETF in the US, MSTU serves as a viable investment for speculative traders.

There is also a 1.75X long MicroStrategy ETF that was launched in August by Defiance ETFs.

Meanwhile, as reported by U.Today, spot Bitcoin ETFs are now approaching 1,000,000 BTC in total holdings. These products, which first appeared earlier this year, turned out to be a tremendous success, pushing Bitcoin prices substantially higher.