---
title: "Tuttle's GANZ looks for a theme's suppliers, but its own rule gives them the smaller share"
url: "https://etf.net/news/ganz-rule-gives-suppliers-smaller-share-2026-10-27"
published_at: "2026-10-27T16:12:53.475Z"
updated_at: "2026-10-27T16:12:53.475Z"
byline: "ETF.net Research"
---

# Tuttle's GANZ looks for a theme's suppliers, but its own rule gives them the smaller share

The actively managed fund charges 0.75%, the same as ARK Innovation, and more than BlackRock's theme-rotation fund at 0.57%.

By ETF.net Research. Published Oct 27, 2026.

Tuttle Capital Management listed the Tuttle Capital Thematic ETF, GANZ, on the Cboe BZX Exchange on Oct. 15, 2026. The fund looks for the suppliers behind the companies that benefit directly from a theme, and for the suppliers behind those suppliers. The firm says it typically puts the larger share of the money in the direct beneficiaries, and a smaller share in the suppliers.

"In our experience, every time a new theme breaks out, investors tend to pile into the same handful of stocks," Matthew Tuttle, the firm's founder and chief executive, said in the [Oct. 15 announcement](https://www.theglobeandmail.com/investing/markets/markets-news/Newsfile/7830920/five-layers-deep-tuttle-capital-launches-its-thematic-etf-ganz/). "GANZ is built to go further down the chain: attempting to find the companies supplying the winners, and the companies supplying those suppliers. We feel that's often where the more interesting risk-reward is sitting."

## Suppliers get the smaller share

The process starts by naming a macro theme. The adviser then picks the companies that benefit directly, their suppliers, the suppliers behind those suppliers, and further companies only while the adviser still sees a theme-related opportunity.

There is no fixed share for any layer. The [prospectus](https://www.sec.gov/Archives/edgar/data/1511699/000089418926029261/ck0001511699-20261007.htm), effective Oct. 7, says the fund typically invests more in the direct beneficiaries than in the first layer of suppliers, and more in that first layer than in the second.

The announcement's subheadline calls GANZ a rules-based ETF, while the same release, in its first bullet and its lead, calls the fund actively managed. A rules-based label usually means a formula picks the stocks. The prospectus says the adviser chooses the themes, and the fund does not track an index.

Holdings generally start at equal weights. The adviser may tilt a position for market share, proprietary technology or theme-related revenue.

A week after the listing, the largest position is close to an equal split. Robinhood's fund page listed 30 holdings, and as of Oct. 22 the largest, Lockheed Martin, was 3.87% of assets. An equal split of 30 holdings is 3.33%.

The total annual operating expense is **0.75%**. That is a single management fee, and the adviser pays the fund's ordinary operating costs.

## What a buyer can already own

BlackRock's iShares U.S. Thematic Rotation Active ETF, THRO, had [$7.47 billion](https://www.ishares.com/us/products/325384/ishares-u-s-thematic) in net assets as of Oct. 26, and the prospectus fee is 0.57%. It has been listed since Dec. 14, 2021.

BlackRock's prospectus dated Nov. 28, 2025, says the fund builds a custom basket for each theme and weights a stock by how relevant that theme is to the company. GANZ adds a supply-chain ladder, and Tuttle's prospectus then typically gives the suppliers the smaller share, at a higher fee.

ARK Investment Management's ARK Innovation ETF, ARKK, charges the same 0.75%. ARK's fact sheet as of Sept. 30 reported $7.92 billion.

Its prospectus dated Nov. 30, 2025, requires at least 65% of assets in companies tied to disruptive innovation, from genomics and automation to artificial intelligence. That is a defined subject. The subject of GANZ is whichever themes the adviser finds compelling.

The State Street SPDR S&P Kensho New Economies Composite ETF, KOMP, is the index version of a broad innovation basket. It had $2.50 billion as of Oct. 26 and a gross expense ratio of 0.20%, the figure on State Street's June 30 fact sheet and still on its product page.

Chart: GANZ **matches** ARKK at 0.75%, above THRO and KOMP

On our read, the supplier search is the new part, and the fund's own rule keeps it to the smaller share, at the same 0.75% as ARKK and above the 0.57% on THRO.

Source: etf.net, https://etf.net/news/ganz-rule-gives-suppliers-smaller-share-2026-10-27. Please cite the page URL.