Tuttle ETF to Actively Track Congressional Investments
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Tuttle Capital Management has filed an application with the Securities and Exchange Commission for an actively managed ETF that will track the best investors in Congress.
The exchange-traded fund, filed as Tuttle Capital Congressional Trading, will comb through public filings from members of Congress and their families to identify the best investment track records to build a concentrated portfolio of about 50 stocks, according to the June 11 filing.
The ETF will be unique from existing ETFs that separately track the investments of Democratic and Republican politicians.
The Unusual Whales Subversive Democratic Trading ETF (NANC), which debuted in February 2023, has grown to more than $100 million and gained 17% this year. NANC is made up of 744 stocks.
The Unusual Whales Subversive Republican Trading ETF (KRUZ), launched in February 2023, has $21 million and has gained 8.1% this year. KRUZ is made up of 484 stocks.
Like NANC and KRUZ, the Tuttle ETF will rely on filings made at least 45 days after the trades have been executed. But unlike NANC and KRUZ which simply own whatever the members of Congress and their families own, the Tuttle ETF will be making subjective portfolio decisions based on investment performance, Congressional seniority and the committees on which they serve.
Legislators With Excellent Returns
“Generally speaking, there is a group of Congresspeople who have generated amazing returns that puts them in the top echelon of all money managers, and they’ve been able to do that while working a full-time job,” said Matthew Tuttle, founder of the Greenwich, Conn.-based asset manager.
“Given that they have to publicly report their trades, keeping an eye on what specific members of Congress are doing should be interesting given their uncanny returns,” he added.
According to the filing, the new ETF will charge 75 basis points, which compares to 76 basis points for NANC and 83 basis points for KRUZ.
Tuttle Capital Management manages just over $1 billion across 12 ETFs, including leveraged and single-stock strategies.