According to the source, Tidal Financial Group has submitted a proposal to the U.S. SEC for the Quantify 2X Daily AltAlt Season Crypto ETF, seeking 2x daily exposure tied to a basket of altcoins while skipping BTC and ETH (source). The product remains only a proposal under SEC review and is not approved, consistent with standard SEC filing procedures (SEC EDGAR). For traders, 2x daily leveraged ETFs are designed for short-term trading and can materially diverge from the underlying over multi-day holds due to compounding and volatility drag (SEC Office of Investor Education and Advocacy). Daily rebalancing in leveraged products can increase trading pressure near market close and amplify short-term moves in the underlying basket (FINRA Investor Alert on Leveraged and Inverse ETFs). Altcoin markets generally exhibit thinner liquidity than BTC and ETH, elevating slippage and tracking-error risks for leveraged exposure if launched (Kaiko liquidity research). Market participants should monitor SEC comment letters and any amendments to the fund’s registration documents for index methodology, eligible assets, derivatives usage, custody, and pricing sources, as these determine tracking quality and risk (SEC EDGAR).