Tuttle Capital Amends Effective Date for Crypto and Meme-Related Leveraged ETFs
Tuttle Capital has recently filed an amendment to delay the effective date for a series of crypto and meme-related leveraged exchange-traded funds (ETFs) to July 16. This decision, as first reported by Bloomberg’s ETF analyst Eric Balchunas on July 1, could potentially mark the launch of 10 new leveraged funds.
These upcoming ETFs are set to provide double (2x) leveraged exposure to a range of assets, including popular cryptocurrencies like Solana, Chainlink, Cardano, Polkadot, and Litecoin, along with meme assets such as Trump, Melania, and Bonk.
If approved, these funds would also feature assets like XRP, indicating a significant expansion in the variety of crypto options accessible to ETF investors. However, Balchunas noted that while the amended effective date is a positive sign, it doesn’t guarantee an immediate launch.
In his words, “[This] doesn’t mean they will launch but typically effective dates are when ETFs launch.” Tuttle originally submitted the filings for these ETFs back in January, drawing attention from analysts due to their aggressive design.
Unlike traditional ETFs that replicate the price movement of the underlying asset on a one-to-one basis, leveraged ETFs seek to magnify these movements, providing investors with double the exposure—both gains and losses—compared to the asset’s daily performance.
It is worth noting that many of the assets included in Tuttle’s filings currently lack basic spot ETF counterparts, making the firm’s offerings quite distinctive.
The potential introduction of Tuttle’s ETFs comes amidst a broader wave of innovation in crypto-related financial products. Rex Shares and Osprey Funds are at the forefront of this trend, with the launch of a staking Solana ETF (SSK) scheduled for July 2.
This particular product would give investors direct exposure to SOL and incorporate on-chain staking rewards. Unlike traditional spot ETFs, the SSK fund is registered under the Investment Company Act and taxed as a C-corporation.
While the US SEC did not officially “approve” it, there were no objections to its launch. Balchunas believes that the debut of SSK could inspire other firms to pursue more innovative product designs that encounter minimal regulatory obstacles.
Overall, the evolving landscape of crypto ETFs reflects a growing demand for diverse investment opportunities within the digital asset space. As Tuttle Capital and other firms continue to explore new avenues for investors, the future of crypto ETFs appears promising and dynamic.