Tuttle Capital Management Files for Leveraged Crypto ETFs

Tuttle Capital Management filed Monday afternoon for 10 different leveraged crypto exchange-traded funds (ETFs), including newly-launched memecoins associated with U.S. President Donald Trump and First Lady Melania Trump.

The company is seeking to launch 2x leveraged funds to track various cryptocurrencies including XRP, Solana, Litecoin, Cardano, Chainlink, Polkadot, BNP, Bonk, TRUMP, and MELANIA. According to Bloomberg intelligence analyst James Seyffart, these represent the first exchange-traded product filings for Chainlink, Cardano, Polkadot, BNP, and Melania.

A leveraged ETF employs financial derivatives and debt to amplify the daily returns of an underlying security, contrasting with traditional ETFs that usually track their underlying indices on a one-to-one basis. Leveraged funds may aim for returns at a ratio of 2:1 or higher.

Seyffart pointed out that this is an instance of issuers testing the boundaries of what the SEC will allow. He anticipates that the new crypto task force, led by @HesterPeirce, will play a critical role in determining the approval of these products.

Eric Balchunas, a Bloomberg ETF analyst, noted the filing under the 40 Act, indicating these products could potentially be traded by April unless disapproved by the SEC. Balchunas expressed curiosity about where the SEC will draw the line regarding approvals, noting that the recent Doge/Trump filing remains active.

Tuttle Capital Rex Shares previously launched ETFs providing 200% leveraged exposure and -200% inverse exposure tied to the daily price movements of MicroStrategy, known as the largest corporate holder of bitcoin. Recently, Osprey and Rex Shares also filed to list non-leveraged ETFs tracking President Trump’s memecoin, XRP, BONK, and other tokens.

Matthew Tuttle mentioned to Bloomberg last July, “We definitely think there is a demand for it. There are a lot of degens out there who love to trade this stuff.”