Turtle Capital files for 10 leveraged crypto ETFs, including XRP, SOL, TRUMP and MELANIA memecoins

Tuttle Capital Management has filed for 10 leveraged cryptocurrency exchange-traded funds (ETFs), including products tracking XRP, Solana, and memecoins associated with former U.S. President Donald Trump and First Lady Melania Trump.

The filing, submitted Monday afternoon, marks a development in the ETF space as these products aim to provide amplified returns based on the performance of their underlying cryptocurrencies.

The proposed ETFs also include funds tied to Litecoin, Cardano, Chainlink, Polkadot, BNP, and Bonk. According to Bloomberg Intelligence analyst James Seyffart, these filings represent the first-ever exchange-traded product (ETP) applications for Chainlink, Cardano, Polkadot, BNP, and the Melania memecoin.

A leveraged ETF uses financial derivatives and debt to magnify the daily returns of its underlying asset, typically aiming for a 2:1 ratio or higher.

Unlike traditional ETFs that track their underlying index on a one-to-one basis, leveraged ETFs seek to amplify the performance or inverse performance of their benchmarks.

The filing falls under the 40 Act, which means these ETFs could potentially be trading by April unless disapproved by the Securities and Exchange Commission (SEC), Bloomberg ETF analyst Eric Balchunas noted.

Eric Balchunas on X: "Also note this is a 40 act filing so in theory unless the SEC disapproves them they could be out and trading in April. Will be interesting to see where the SEC draws line (if at all) and why. I will say it’s been a week since Doge/Trump filing and it hasn’t been withdrawn. 

Tuttle Capital has previously launched innovative ETF products, including leveraged funds offering 200% exposure and -200% inverse exposure to the daily price movement of MicroStrategy, the largest corporate holder of Bitcoin.

This latest filing highlights growing interest in leveraging crypto investments in the ETF market, while also reflecting the rising influence of memecoins in the financial space. Whether the SEC will approve these products remains to be seen.

List of leverage ETFs.

1.Turtle Capital 2X Long XRP Daily Target ETF

2.Turtle Capital 2X Long Solana Daily Target ETF

3.Turtle Capital 2X Long Trump Daily Target ETF

4.Turtle Capital 2X Long Litecoin Daily Target ETF

5.Turtle Capital 2X Long Melania Daily Target ETF

6.Turtle Capital 2X Long Bonk Daily Target ETF

7.Turtle Capital 2X Long BNP Daily Target ETF

8.Turtle Capital 2X Long Cardano Daily Target ETF

9.Turtle Capital 2X Long Chainlink Daily Target ETF

10.Turtle Capital 2X Long Polkadot Daily Target ETF