Tuttle Capital Management has submitted filings for 10 different leveraged crypto asset exchange-traded funds (ETFs). This marks the first US ETP applications to include assets tracking Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BenePit Protocol (BNP), and Melania Meme (MELANIA).
Analysts view these filings as an example of issuers testing the boundaries of what the SEC might permit.
SEC Faces Test with First LINK, ADA, and Meme Coin ETF Filings
On January 27, Tuttle Capital Management officially filed for 10 leveraged ETFs. Bloomberg analyst James Seyffart highlighted this in a post on X (formerly Twitter).
According to Seyffart, the filings include several meme coin-focused products and assets that have not yet been part of any ETP offerings in the US.
“This is the first US ETP filing for anything tracking Chainlink, Cardano, Polkadot, BNP and … Melania…,” Seyffart wrote.
A leveraged ETF is an investment fund designed to provide amplified returns based on the performance of an underlying asset. It uses financial derivatives and debt to deliver 2x, 3x, or even higher multiples of the daily return of the asset it tracks.
Notably, the filings follow significant changes in the regulatory environment. With Donald Trump’s return to office for a second term and former SEC Chair Gary Gensler’s departure, the volume of ETF filings has noticeably increased.
“To be very clear here. This is a case of issuers testing the limits of what this SEC is going to allow. I’m expecting the new crypto task force (led by @HesterPeirce) to likely be the lynchpin in determining what’s gonna be allowed vs what isn’t,” Seyffart explained.
Bloomberg’s senior ETF analyst, Eric Balchunas, also highlighted that the filing was made under the 40 Act. Therefore, this could theoretically allow the ETFs to begin trading as early as April unless explicitly disapproved by the SEC.
“Will be interesting to see where the SEC draws line (if at all) and why,” Balchunas commented.
The analyst went on to point out an unusual trend in the filing, such as the proposal for a 2x MELANIA ETF before a standard 1x Melania ETF. According to Balchunas, similar products already exist in Europe. Yet, the introduction of 2x TRUMP and MELANIA ETFs is entirely new.
Moreover, this move follows Rex Shares’ recent application for several meme coin ETFs. The filing included products tracking TRUMP, BONK, DOGE, Bitcoin, and Ethereum.
“I will say it’s been a week since Doge/Trump filing and it hasn’t been withdrawn. That’s something,” Balchunas noted.
While the filings indicate increased optimism from institutions, their approval remains uncertain. The SEC’s next move—whether to approve or reject—will set a precedent for future ETFs.
Nevertheless, Tuttle apparently refiled its prospectus on January 29 after a spelling mistake was observed in its original filing.
“Tuttle has just refiled a fresh prospectus for the slew of 2x meme coin ETFs, they only withdrew first one bc there was a misspelling (should be BNB not BNP). So there is no line in sand to interpret here, these are still ‘alive’ Carry on..,” said Eric Balchunas.
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