Analysts say that exchange-based funds that track the trading activities of American politicians, individuals and businesses with close ties to the US president may have close ties with the US president.
The Tuttle Capital Government Grift ETF (GRFT) was first proposed by Tuttle Capital Management earlier this year.
Bloomberg ETF analyst Eric Balknath said GRFT could be released as early as Friday as the Securities and Exchange Commission was established on Monday, October 3rd, as the date that Tuttle’s S-1 registration statement would be effective.
ETFs scan stock law trading reports to track transactions made by members of Congress and their spouses.
The fund will also invest in companies that show connections with the president’s influence, which may include executives and directors of the White House, or companies that are praised by current Donald Trump.
GRFT tracks 10-30 stocks and ETFs, tracking the size of the location reflecting both the size of Congress’s transactions and the perceived impact of presidential support.
“The fund’s strategy is based on the belief that political actors, particularly those members of the US Congress and individuals closely associated with the president, could potentially influence market outcomes or own information that has a significant impact on security pricing,” Tuttle said in a prospectus submission in late June.
Cointelegraph contacted Tuttle to find out more, but did not receive an immediate response.
Crypto could be on a Tuttle fund
Trump’s involvement in cryptocurrency is well documented and has been heavily criticized by some.
One of Trump’s ties to the crypto industry is Trump Media Technology Group (DJT), which owns 15,000 Bitcoin (BTC), worth $1.7 billion.
Bitcoin Mining Company American Bitcoin Corp (ABTC) is another stock trading stock supported by the Trump family.
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Though the stock has not been publicly available, Trump’s two Trump-related memo coins (one named after him and after his wife Melania) were released a few days before its launch in January.
He is also closely tied to World Liberty Financial, a crypto platform in which Trump’s family has $5 billion worth of WLFI tokens.
Tuttle already has some crypto ETP
Tuttle lists products traded on several leveraged cryptocurrencies that seek to double the daily returns of XRP (XRP), Solana (SOL), Litecoin (LTC), ChainLink (Link), and many other cryptocurrencies.
Dozens of cryptographic ETFs await official SEC approval
Meanwhile, the SEC approved the general listing criteria for faster approvals for Crypto ETFs earlier this month, with some new crypto ETFs likely to enter the market, expanding beyond the currently offered spot Bitcoin and Ether (ETH) ETFs.
Balchunas said the SEC’s generic list standard essentially expanded the possibility of spot Crypto ETF approvals up to 100% on Monday.
“General listing standards make the 19B-4 and its ‘clock’ pointless. This makes the S-1 await an official green light from Corp Finance. ”
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