The team at a 13-year-old, $1.3-billion-AUM (as of July 19) ETF boutique near New York City is rolling out passively managed self-defense and anti-ESG ETFs, and they're preparing an actively managed anti-ESG ETF.

Matthew "Matt" Tuttle Tuttle Capital Management LLC CEO, Chief Investment Officer

Last week, on September 10, Matt Tuttle, CEO of Tuttle Capital Management, LLC (TCM) [profile], unveiled the launch of the Tuttle Capital Shareholders First Index ETF (ESGX on the Cboe BZX). Later that day, Tuttle also unveiled the launch of the Tuttle Capital Self Defense Index ETF (GUNZ). The TCM team also filed to launch the Tuttle Capital Inverse ESG ETF (GWGB).

TCM is the investment advisor for the two new ETFs and the planned one. Tuttle is the ETFs' portfolio manager.

AJN Corporation serves as index provide for GUNZ and TSGX. TSGX is designed to track the AJN Shareholders First Equity Index (an index designed to include companies that focus on profits "not politics or trendy activisms of the moment," according to the TCM team). GUNZ is designed to track the AJN Self Defense U.S. Equity Index (an index designed to include manufacturers in the personal self-defense, law enforcement self-defense, and home and private security businesses).

Meanwhile, the planned GWGB is designed designed to bet against companies with higher ESG scores.

ESGX comes with an expense ratio of 75 basis points. As of yesterday (Monday, September 16), the new fund had about $255,000 in AUM. It is a series of ETF Opportunities Trust

GUNZ comes with an expense ratio of 94bps, as will GWGB, and they're series of Spinnaker ETF Series. Those expense ratios bake in a 24bps fee waiver promised through July 31, 2025. GUNZ had about $264,000 in AUM as of yesterday. GWGB and GUNZ are series of Spinnaker ETF Series.

Tuttle puts the launch of GUNZ in the context of "increased awareness and advancements in self-defense products and services," and highlights a recent rebound in gun sales.

"Americans feel less safe and feel there is more crime in the country now than last year," Tuttle states. "Many Americans are taking self defense into their own hands."

As for ESGX, Tuttle says that "too many companies today put ESG and DEI politics first and their shareholders' profits last."

"ESG has become a way for liberal executives and large investors to enact social changes that they can’t pass at the ballot box.," Tuttle states. "CEOs are often pressured to cave to the trendy politics of the moment, even if it's not in the best interest of their shareholders. That's why we've launched ESGX — to put shareholders and profits first."

ESGX's other service providers include: Commonwealth Fund Services, Inc. as administrator; Citi Fund Services Ohio, Inc. as fund accountant; Citibank, N.A. as custodian and transfer agent; Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; and Practus, LLP as counsel.

Other service providers for GUNZ and GWGB include: Capital Investment Group, Inc. as distributor; Clear Street, LLC as custodian; Greenberg Traurig LLP as counsel; the Nottingham Company as accounting agent and administrator; Nottingham Shareholder Services, LLC as dividend disbursing agent and transfer agent; and Tait, Weller & Baker LLP as independent accounting firm. 

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