A Delaware-based asset manager, Tuttle Capital has filed for leveraged exchange-traded funds (ETFs) focused on memecoins, including the Official Trump and Melania Meme tokens.
This move makes Tuttle the first U.S. asset manager to propose ETFs for emerging digital assets.
Tuttle has filed for ten 2x leveraged ETFs that aim to double the daily performance of various underlying assets, including cryptocurrencies like XRP, Solana, Litecoin, Chainlink, Cardano, Polkadot, Bonk, and Trump and Melania-associated memecoins, according to Bloomberg analyst James Seyffart.
A 2x Melanie ETF before a 1x Melania ETF has been filed. That is unusual. Also first filing to look to track chainlink, Cardano, Polkadot, BNP. All 2x tho. https://t.co/dQNiV5odMq
— Eric Balchunas (@EricBalchunas) January 27, 2025
Unlike traditional spot ETFs that mirror the performance of assets one-to-one, leveraged ETFs amplify both potential returns and risk, offering investors exposure to twice the daily performance of the tracked assets. Notably, this is the first time ETFs for Chainlink, Cardano, Polkadot, Bonk, and the Melania Meme token have been proposed in the U.S.
Bloomberg’s Eric Balchunas described recent fund filings as “unusual” due to the absence of standard ETFs for reference. Submitted under the Investment Company Act of 1940, these filings may begin trading as early as April unless the U.S. SEC intervenes.
Balchunas highlighted the SEC’s ongoing openness to crypto ETFs, referencing earlier filings for Dogecoin and Trump-themed ETFs by REX Shares, which remain under review. The SEC’s evolving stance on crypto regulation, particularly under crypto-friendly Commissioner Hester Peirce, has prompted speculation that the agency could broaden its support for digital asset ETFs.
James Seyffart believes Tuttle’s move tests the limits of the SEC’s increasingly lenient regulatory approach. If successful, these products could usher in a new era of innovative, high-risk investment opportunities in the digital asset market.
Tuttle’s filing comes amid growing interest in crypto-focused ETFs due to the success of spot Bitcoin and Ethereum ETFs. On December 20, the SEC accelerated approval for Bitcoin and Ethereum index ETFs from Hashdex and Franklin Templeton, enabling trading on major platforms like Cboe BZX Exchange and Nasdaq.
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