Delaware-headquartered Tuttle Capital has filed for leveraged exchange-traded funds based on memecoins, including the Official Trump and Melania Meme tokens.
According to Bloomberg analyst James Seyffart, Tuttle has filed for ten 2x leveraged ETFs, covering assets like XRP (XRP), Solana (SOL), Litecoin (LTC), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BNP, Bonk (BONK), and the Official Trump (TRUMP) and Melania (MELANIA) tokens.
Unlike traditional spot ETFs that mirror the underlying asset’s performance one-to-one, leveraged ETFs aim to amplify returns, offering investors the potential to achieve twice the daily performance of the tracked assets while also increasing risk exposure.
With this filing, Tuttle became the first U.S.-based asset manager to file for leveraged ETP tracking Chainlink, Cardano, Polkadot, BNP, and Melania Meme tokens.
Fellow Bloomberg analyst Eric Balchunas noted that the filings are “unusual,” as many of the proposed funds lack even a standard ETF. However, he said that since these are filed under the 40-act framework, they could potentially start trading by April unless the SEC disapproves them.
Referring to the recent filings for TRUMP and Dogecoin ETFs from REX Shares, Balchunas reminded his followers that these products have not been withdrawn, which could indicate the SEC’s openness to exploring crypto-focused ETFs further.
“Will be interesting to see where the SEC draws a line (if at all) and why,” he wrote.
The U.S. Securities and Exchange Commission has seen major changes in line with Trump’s promise to end hostility towards the crypto sector. With crypto-friendly Commissioner Hester Peirce at the forefront of this transition, the agency has already launched a dedicated crypto task force to streamline policies and reduce regulatory ambiguity.
Market pundits believe the new SEC could redefine the regulatory landscape for crypto ETFs, with the potential to open doors for a wider array of digital asset products.
Seyffart described Tuttle’s filing as a bold move to test the “limits” of the SEC under its unwinding regulatory approach.
The success of spot Bitcoin and Ethereum ETFs has inspired asset managers to experiment with new products in the ETF market.
On Dec. 20, the SEC granted “accelerated approval” to Hashdex and Franklin Templeton’s Bitcoin and Ethereum index ETFs for trading on the Cboe BZX Exchange and the Nasdaq stock market.
Meanwhile, Bitwise Asset Management has registered a statutory trust for a Dogecoin ETF with Delaware’s Department of State, marking an initial step toward the fund’s potential launch.
