Who Is Tuttle Capital Management? The Antidote to Wall Street.
The exchange-traded fund (ETF) industry is full of funds that either track the market, or try (and often fail) to beat it through old-school active management. Markets, though, don't wait for committee decisions or legacy models to catch up — they move fast.
Tuttle Capital Management is a SEC-Registered Investment Adviser founded in 2012 and headquartered in Riverside, Connecticut. The firm manages about 70 active ETFs with roughly $5 billion in assets under management (as of July 2026), and is a fast-growing independent ETF issuer in the United States.
We analyze massive datasets, detect shifts, and pinpoint investment opportunities that we believe most investors, and ETFs, overlook. Instead of blindly following Wall Street's favorite narratives, we question them. When the hype cycle distorts reality, we cut through the noise. When conventional wisdom goes unchallenged, we take a second look.
Most of the investment industry waits for consensus. We don't. By the time a theme reaches a committee meeting, we've already built the fund.
The result? ETFs built for investors who think independently.
THE H.E.A.T. FORMULA
Markets aren’t static, so why should your investments be? Our H.E.A.T. Formula uses insights to navigate an evolving financial landscape—seeking out emerging themes, sector rotations, and market inefficiencies.
What Makes Tuttle Capital Different From Other ETF Issuers?
For too long, the financial system has served to make Wall Street rich – while everyday investors are left with cookie-cutter portfolios. In our view, the industry recycles the same talking points, the same strategies, the same pundits, all too often with no accountability.
We reject that status quo. Our ETFs are designed for investors who don’t just accept the mainstream narrative: they question it. They look beyond surface-level analysis. They demand better. Today’s investors aren’t asking “How do I fit into the old system?” They’re asking “How can I invest smarter?”
TCM was built on a foundational conviction: the power of the ETF structure is being squandered on copycat products. Most issuers use that structure to repackage what already exists. We use it to build what doesn’t exist yet, identifying high-conviction opportunities in inverse sentiment, thematic narratives, leveraged single-stock exposure, and structured income before they reach mainstream awareness.
From that conviction, TCM has consistently executed with speed and precision that larger institutional platforms cannot match. Unlike passive white-label administrators, TCM operates as an active participant in every fund it manages, serving simultaneously as portfolio manager, capital markets desk, compliance monitor, and full-service marketing engine.
Who Is Matthew Tuttle?
Matthew Tuttle doesn’t follow Wall Street’s rules. He rewrites them.
As the CEO and founder of Tuttle Capital Management, Matt built his reputation on doing what the big firms won’t: questioning the baseline, torching the conventional, and creating tools for investors who refuse to settle for average.
With over two decades of investment management experience, Matt has grown Tuttle Capital into a platform managing over $5 billion in assets as of July 2026, with more than 70 active ETFs spanning thematic investing, leveraged and inverse strategies, structured income, and options-based products. His current lineup includes, UFOD (UFO Disclosure), SPCI (Space Industry Income Blast), HBMX (AI Memory / HBM), FOTO (Photonics) and EUAD (Europe Aerospace and Defense), among many others. Earlier landmark funds — including SARK (Inverse ARK Innovation ETF) and SJIM (Inverse Cramer ETF), which are no longer part of the TCM lineup, helped establish the firm’s reputation for identifying high-conviction cultural and market narratives before they reached mainstream awareness. The T-REX family of 2x single-stock leveraged ETFs, co-issued with REX Shares, is also an active and growing part of the portfolio.
Hedge. Edge. Asymmetry. Themes.
What Is the H.E.A.T. Formula?
The H.E.A.T. Formula is TCM’s proprietary investment framework, developed by Matt Tuttle for identifying high-conviction opportunities before they reach mainstream awareness.
Hedges
Protecting downside while preserving upside exposure in uncertain market environments.
Edges
Structural advantages the market has not yet priced in, with speed and conviction as competitive moat.
Asymmetry
Asymmetric risk/reward setups where potential gain significantly outweighs potential loss.
Themes
High-conviction macro and cultural narratives identified before they move mainstream markets.
Most investment frameworks tell you how to react to what’s already happened. The H.E.A.T. Formula is built to get there first.
Who Runs Tuttle Capital Management?
The Tuttle Capital team is built to move fast and cover every angle — portfolio management, operations, capital markets, compliance, business development, human resources, and media.
Matthew Tuttle
Creator of the H.E.A.T. Formula; 20+ years investment management; Clark University / Boston University.
Peter Braunwart
25+ years in financial services at Citigroup, UBS, WR Hambrecht, Wunderlich Securities, and Virtus ETF Issuer Solutions.
Kyle Hartley
25+ years in financial services. Former iCapital Managing Director who scaled open-end fund AUM from $2B to $50B+. Previously worked with Blackstone, BlackRock, Apollo, and KKR. MBA, NYU Stern; B.A. Economics, Dartmouth College.
Kim Iskyan
30-year veteran of global markets. Built two investment newsletter companies to $20M+ revenue. Brown University / University of Pittsburgh.
Andrew Parmet
NYSE floor veteran; former Head Trader at TD Ameritrade; Head of ETPs at TradeStation; Cantor Fitzgerald ETF market-making desk. B.S. Economics, Lehigh University.
Patrick Neville
Buy-side and sell-side experience at Merrill Lynch, UBS, and family offices.
Nancy Stiller
Coordinated launch of 60+ ETFs at TCM.
Murray Ruggiero III
Matt Stiller
12+ years in financial professional development and business management.
Kate Buck
20 years in social media strategy and content; 100M+ content views.
Russell Cory
Emmy and Telly Award-winning director and multimedia production leader with extensive experience in financial publishing and broadcast production.
Alexander Goff
Specializes in ETF research, portfolio analytics, and quantitative analysis. Prior internships at Cambria Investment Management, Great Plains Capital Partners, and Ceres Alternative Investment Group. B.S. Business Administration, Finance, University of Missouri.
Jeremy Vreeland
Options, equities, and futures trader since 2017. Author and live market mentor at Bullish Bears since 2020.
Frequently Asked Questions About Tuttle Capital Management
What is Tuttle Capital Management?
Tuttle Capital Management (TCM) is a SEC-Registered Investment Adviser founded in 2012 by Matthew Tuttle. Headquartered in Riverside, Connecticut, TCM manages about 70 active ETFs with roughly $5 billion in assets under management as of July 2026, making it one of the most active independent ETF issuers in the United States.
What is the H.E.A.T. Formula?
The H.E.A.T. Formula is a proprietary investment framework developed by Matthew Tuttle. H stands for Hedges (downside protection), E stands for Edges (structural market advantages), A stands for Asymmetry (asymmetric risk/reward setups), and T stands for Themes (high-conviction macro narratives identified before mainstream awareness). It is the organizing framework for Tuttle Capital’s active management strategies and ETF development pipeline.
What ETFs does Tuttle Capital Management offer?
Tuttle Capital manages about 70 ETFs across strategies including thematic investing, leveraged and inverse products, income-generating structures, and options-based strategies. Notable funds include the T-REX family of 2x single-stock leveraged ETFs, UFOD (UFO Disclosure), SPCI (Space Industry Income Blast), HBMX (AI Memory / HBM), FOTO (Photonics), and EUAD (Europe Aerospace and Defense). Listings span NYSE Arca, Cboe BZX, and Nasdaq.
Is Tuttle Capital Management SEC-registered?
Yes. Tuttle Capital Management, LLC is registered with the SEC as a Registered Investment Adviser under the Investment Advisers Act of 1940. The firm’s Form ADV is available upon request.
Where is Tuttle Capital Management located?
Tuttle Capital Management is headquartered at 155 Lockwood Rd, Riverside, Connecticut 06878. Contact: info@tuttlecap.com.
