An upcoming exchange fund that tracks the trading patterns of American politicians, including those closely connected to the president, may launch later this week, as suggested by analysts.
Bloomberg ETF Analyst Eric Bulknath noted that the Tuttle Capital Government Grift ETF (GRFT) was set to become available following an announcement from the Securities and Exchange Commission. This step also confirmed October 3rd as the effective date for Tuttle’s S-1 Registration Statement.
Tuttle Capital Management proposed this ETF earlier in the year, aiming to utilize Stock Act Transaction Reports to monitor transactions by Congress members and their spouses.
The fund plans to invest in businesses that appear to align with the president’s influence, such as firms led by individuals linked to the White House or those endorsed by Donald Trump.
GRFT is designed to track between 10 to 30 stocks and ETFs, reflecting both the volume of Congress’s trading activities and perceived outcomes of presidential backing.
Tuttle mentioned that the fund’s strategy relies on the assumption that political figures, especially members of Congress and those closely associated with the president, might have insights that could impact market trends or influence security prices, which he communicated in a prospectus submitted in late June.
Cointelegraph reached out to Tuttle for further information but did not receive a quick response.
Trump’s Link to Cryptocurrency
Donald Trump’s engagement with cryptocurrency has been widely noted, often attracting criticism.
One notable connection is with the Trump Media and Technology Group, which has reportedly amassed 15,000 Bitcoin (BTC), valued at approximately $1.7 billion, although it has faced some setbacks regarding a Spot Crypto ETF.
American Bitcoin Corp (ABTC), a Bitcoin mining company, is also among the stocks backed by the Trump family.
Interestingly, while the stock has yet to be publicly offered, two Trump-related meme coins were launched shortly before January’s anticipated release.
Trump is additionally associated with World Liberty Financial, a cryptocurrency platform where his family reportedly holds $5 billion in WLFI tokens.
Tuttle’s Crypto Products
Tuttle also has several products that trade on leveraged cryptocurrencies aiming to double daily returns for coins like XRP, Solana, Litecoin, and ChainLink.
SEC Approval for Additional Crypto ETFs
In a related development, the SEC approved new general listing criteria earlier this month, paving the way for swifter approvals for Crypto ETFs. Anticipation is building that more crypto ETFs will join the market, extending beyond the currently available spot Bitcoin and Ether (ETH) ETFs.
Baltuna pointed out that the SEC’s expanded listing standards could significantly enhance the chances for spot Crypto ETF approvals.
“General listing standards make the 19B-4 and its ‘clock’ pointless. This makes the S-1 await an official green light from Corp Finance.”
