Government Grift ETF Launching Soon To Track Congress And Trump Trades, May Have Crypto Component
An ETF (exchange-traded fund) tracking the trading activity of Congress members with close ties to Donald Trump is set to launch soon, and might have a crypto component.
According to Bloomberg Intelligence ETF analyst Eric Balchunas, the Tuttle Capital Government Grift ETF (GRFT) could launch as early as Friday.
His prediction comes after the US Securities and Exchange Commission (SEC) set Oct. 3 as the date that Tuttle’s S-1 registration statement will become effective.
GRFT ETF Will Track Trades Made By Congress And Their Spouses
The GRFT ETF was first proposed by Tuttle Capital Management earlier this year, and will scan STOCK Act transaction reports to keep track of trades made by members of Congress as well as their spouses.
Once launched, the fund will also invest in companies that have ties to the US President. This could include companies with directors or executives affiliated with the White House, and it can even include companies that receive praise from the President.
According to the fund’s prospectus, the ETF’s strategy “is grounded in the belief that political actors – particularly members of the US Congress and individuals closely associated with the President – can influence market outcomes or possess information that materially affects security pricing.”
GRFT would track between 10 and 30 stocks and ETFs. The size of each allocation will reflect both the scale of congressional trading and the perceived influence of presidential backing.
Tuttle Capital’s ETF Might Include A Crypto Component
With the GRFT ETF set to track companies with potential ties to the US President, the fund may end up having exposure to a number of crypto companies given Trump’s multiple ventures in the digital asset space.
One of those companies could be American Bitcoin, which recently listed on the Nasdaq under the ticker “ABTC” following a merger with Gryphon Digital at the start of the month.
There’s also Trump Media & Technology Group (TMTG), which holds 15K BTC worth around $1.7 billion. This company’s subsidiary, Truth Social, has also filed for spot crypto ETFs on TMTG’s behalf.
Some of Trump’s other crypto ventures, like his family’s two meme tokens and the decentralized finance platform World Liberty Financial, are not publicly listed companies
If there is a crypto component added to the GRFT ETF, it wouldn’t be Tuttle’s first crypto product. The firm already offers leveraged ETFs that aim to double the daily return of cryptos such as Solana (SOL), Litecoin (LTC), Chainlink (LINK), and multiple others.
Other Crypto ETFs Await SEC Decision
The possible launch of the GRFT ETF comes as a number of issuers look to get their proposed crypto funds approved by the SEC.
Bloomberg ETF analyst James Seyffart revealed on X recently that there are around 92 applications pending approval.
Some of the crypto ETF filings pending approval (Source: X)
With the SEC having approved so-called generic listing rules that will speed up approvals, some analysts predict that a crypto ETF tsunami will ensue in coming months.
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