Two Tuttle income ETFs have effective prospectuses, and SMI files a wider large-cap fund
The Oct. 16, 2026, Tuttle filing took effect the day it was filed and sets no trading date, while SMI's proposed large-cap fund, at a 0.70% net fee, elects effectiveness on Dec. 30 and may not sell shares before then.
Key takeaways
ETF Opportunities Trust on Oct. 16 filed a Rule 485(b) amendment that became effective the same day for two Tuttle Capital income-and-hedge funds, and a Rule 485(a) proposal for an SMI large-cap fund with an elected effective date of Dec. 30.
The Tuttle prospectuses set no trading date
The trust checked the box for that amendment to become effective immediately upon filing. The SEC's EDGAR system lists Oct. 16 as the effectiveness date. The prospectus covers the Tuttle Capital SPY Income and Hedge ETF, ETF:SPDH, and the Tuttle Capital Innovation 100 Income and Hedge ETF, ETF:QQDH. Tuttle Capital Management, LLC, is the adviser to both. The document says neither fund has commenced operations, and it gives no date for trading to begin. Both name Cboe BZX Exchange as the listing exchange.
Each fund seeks current income. Each fee table lists a management fee of 0.95% and total annual operating expenses of 0.95%. Matthew Tuttle, the adviser's chief executive officer, is named portfolio manager of both.
ETF:SPDH must keep at least 80% of net assets in the SPDR S&P 500 ETF Trust, ETF:SPY, or in options that use ETF:SPY or the S&P 500 as the reference. ETF:QQDH has the same test against Invesco QQQ Trust, ETF:QQQ, or options on ETF:QQQ or the Nasdaq-100.
Both prospectuses say the income would come from selling put credit spreads, not from writing calls over the fund's long exposure. Those filings say that approach will not directly cap participation in gains in the reference asset. The risk of collecting the premium sits in a decline. Losses on the spreads can offset gains on the long exposure, and they can reduce or eliminate income available to distribute.
Each fund would also put on a short-dated downside hedge every business day, generally in the afternoon, using options that expire the next trading day. Protection is designed to build only after a large enough drop. If the decline is modest and finishes near the option strikes, the hedge may lose money and can add to the fund's loss versus simply holding the reference asset. The hedge is aimed at a short, sharp drop, not a gradual or multi-day one, and it does not guarantee a set limit on losses.
The series first appeared in a March 3, 2026 filing under names that included "0DTE," shorthand for options that expire the same day. The fund names in the prospectus that took effect Oct. 16 drop that word. The hedge it describes generally uses options expiring the next trading day.
NEOS already trades an S&P 500 income fund that also hedges, the NEOS S&P 500 Hedged Equity Income ETF, ETF:SPYH. Its prospectus dated May 1, 2026, and supplemented July 16, 2026, says the fund holds S&P 500 stocks and a mix of sold calls, bought puts and sold puts. A fact sheet as of July 31, 2026 says the short call may limit upside in a rising market. ETF:SPYH charges 0.68%, which is 0.27 percentage points less than the Tuttle fee table.
SMI's filing is wider than the large-cap fund it already runs
The other Oct. 16 document is a Rule 485(a) amendment, which starts a review clock instead of taking effect on filing. It proposes the SMI Large Cap Core ETF, ETF:SMI, advised by SMI Advisory Services, LLC, and names Nasdaq as the listing exchange. The prospectus is marked "Subject to Completion." The trust checked the box for effectiveness 75 days after filing. That is Dec. 30, unless a later amendment changes the date. The fund may not sell shares until that registration is effective, and the prospectus does not set a trading date.
The proposed fund seeks total return, which the prospectus defines as income plus capital appreciation. It would be actively managed, generally selecting from about 1,000 of the largest U.S. companies. It would typically hold about 50 to 800 stocks, with roughly market-cap-weighted exposure to each, and rebalance as needed. The prospectus names Mark Biller, Eric Collier and Anthony Ayers as portfolio managers and refers to an inception in 2027. That line is not a date for shares to start trading.
The fee table lists a 0.79% management fee and total annual operating expenses of 0.79%. SMI Advisory Services contractually agrees to waive the management fee to an annual rate of 0.70% of average daily net assets through April 30, 2028. The prospectus says the adviser may not end that arrangement before then.
The trust already has a large-cap fund, with a different adviser and a different shape. 3Fourteen & SMI Advisory Services, LLC, advises the SMI 3Fourteen Full-Cycle Trend ETF, ETF:FCTE. The fund's site, as of Oct. 6, 2026, said ETF:FCTE typically holds 20 stocks and listed a net expense ratio of 0.85%. The Oct. 16 document does not amend ETF:FCTE. It registers a new series that would hold a much wider book, roughly market-cap weighted, at a net fee 0.15 percentage points lower.
That net fee is still well above active large-cap funds already trading. Dimensional's Dimensional US Large Cap Core Equity Market ETF, ETF:DFAL, shows a 0.12% net expense ratio in its prospectus dated May 27, 2026. Avantis's Avantis U.S. Large Cap Equity ETF, ETF:AVLC, shows a 0.15% net expense ratio as of Jan. 1, 2026, the same as its gross figure. The proposed net fee is 0.58 percentage points above ETF:DFAL and 0.55 percentage points above ETF:AVLC.
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Frequently asked questions
When will the Tuttle funds start trading?
The prospectus that took effect Oct. 16 says neither fund has started operations, and it gives no date for trading to begin.
How do the Tuttle funds generate income?
They sell put credit spreads instead of writing calls, so the filings say gains aren't directly capped, but losses on the spreads can offset gains and cut the income available to distribute.
How does the SMI Large Cap Core ETF differ from SMI's existing fund?
It would typically hold about 50 to 800 stocks, weighted roughly by market cap, at a 0.70% net fee, while the SMI 3Fourteen Full-Cycle Trend ETF typically holds 20 stocks and charges 0.85%.
How long does SMI's fee waiver last?
SMI Advisory Services has contractually agreed to waive the management fee to 0.70% through April 30, 2028, and it can't end that arrangement before then.
