Crypto asset management firm Tuttle Capital debuts Exchange-Traded Funds (ETFs) featuring BONK, SUI, and LTC!
In a significant move for the evolving financial industry, Tuttle Capital has applied to the US Securities and Exchange Commission (SEC) to launch several crypto-based exchange-traded funds (ETFs). One of these proposed ETFs is focused on the Solana-based memecoin, Bonk, along with Sui and Litecoin.
Eric Balchunas and James Seyffart, ETF analysts, have highlighted Bonk's new revenue- and volatility-focused strategy. The ETF will employ a put credit spread strategy with FLEX options, a flexible tool that allows investors to customize key details such as strike price, expiration date, and contract type.
The proposed ETFs aim to generate income for investors by following the daily price movements of the chosen cryptocurrencies. However, it's important to note that the SEC has yet to approve spot ETFs for altcoins, including Bonk, SUI, and Litecoin.
Currently, Bonk is the second-largest memecoin, just behind Pudgy Penguins, with a market capitalization of over $1.87 billion and a 24-hour trading volume of approximately $348 million. Litecoin, on the other hand, is trading around $115, while Sui is at $3.59. Both cryptocurrencies are included in Bonk's shared income strategy.
Rex Shares and Osprey Funds have also applied for a Bonk ETF, following Tuttle Capital's lead. Besides Tuttle Capital, Bitwise has filed an ETF application related to Avalanche, but no other institution, as of now, is specifically mentioned as having applied for a Bonk ETF.
It's worth noting that other expenses, such as distribution fees, are 0.00% for these ETFs. However, the annual operating expense of the ETF is 0.99%, which includes management fees.
Investing in crypto trading activities carries high risk and volatility. Always do your own research and consider using cold cash before investing. Brokerage firms are also encouraged to include warnings for these high-risk products.
The decision on the approval of these ETFs is currently delayed as the regulator works with major exchanges on broader listing standards for crypto ETFs.
For those interested in the crypto market, secure trading experiences and advanced trading tools are available through our app or Pro platform.
Stay tuned for more updates on this exciting development in the world of crypto-based ETFs.
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