
I’ve been a trader and investor for 44 years. I left Wall Street long ago—-once I understood that their obsolete advice is designed to profit them, not you.
Today, my firm manages around $4 billion in ETFs, and I don’t answer to anybody. I tell the truth because trying to fool investors doesn’t help them, or me.
In Daily H.E.A.T. , I show you how to Hedge against disaster, find your Edge, exploit Asymmetric opportunities, and ride major Themes before Wall Street catches on.
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Disclosure Day: A Playbook For Investors If The Government Confirms It Has Alien Technology
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H.E.A.T.
ETFs are access vehicles. If you want to be in our out of a certain area of the market, ETFs allow you do it in one click. But, when you buy an ETF how can you be sure you are getting the exposure you really want? Read the label on your ETF. Let's say I launch the TCM Widget Industry ETF. The SEC has a naming rule that says if I name my ETF using a sector, industry, or theme, then at least 80% of my holdings have to be in that area (we hade some fun when I launched UFOD and I had to explain to them there is no UFO industry). But the SEC is less focused about how we define a widget company... and is quiet about how much of a company's revenues need to come from widgets in order to be included in my widget ETF.
This matters, because there is a big difference between a company that focuses exclusively on widgets... and a conglomerate that does a lot of different things, and just 10% if their revenue comes from widgets. One gives investors in my widget ETF real and pure exposure to the widget industry. The other gives investors watered-down, muddy exposure to widgets.
I took a look at a quantum computing ETF that will remain nameless, as an example. I’ve been trading quantum stocks for a while, the pure plays are names like IONQ, QBTS, RGTI, INFQ, QUBT, and ARQQ. Companies like NVDA and GOOGL are involved in quantum, but they won’t live and die by it, the other companies I listed would. So I took a look at the holdings of this unnamed quantum ETF. First off, there are 82 holdings, way too many. Then I look at the top ones…..
Micron- Micron is into memory and semi conductors. Do you need that stuff for quantum computing? Probably, but it’s nowhere near a pure play.
Quantum Emotion (Canadian company, never heard of them but quantum is in the name at least)
Teradyne-Semi conductors
Lockheed Martin-Defense contractor, don’t get this one
Coherent- Optics
MKS Inc- If you read a description they do a lot of things, quantum isn’t one of them
Northrup Grumman-Another defense contractor
ASM International-Semi conductors
Lam Research-Semi conductors
STMicroelectronics-Semiconductors
None of the companies I think of as pure play are in the top 10. I picked on this one, but you can see this across the board on sector, thematic, and industry ETFs.
ETFs can make your life easier, but you still have to do some homework before you buy.
News vs. Noise: What’s Moving Markets Today
Nothing new, until this war is over we will see moves like this in oil…..

Which is going to tank stocks. Once again gold didn’t help, and bitcoin was somewhat stable.
Both SPY and QQQ are within sniffing distance of their 200 day moving averages. You figure they should at least test those areas at some point here. A break could trigger a new round of selling as many traders have exits there…..

I had financial news on in the background and you saw a lot of people saying to buy energy stocks. That’s the obvious trade here, and the obvious trade is rarely going to work out well. We have energy stocks in client portfolios, but we didn’t buy them yesterday. Here’s a monthly chart of XLE……

Energy stocks may end up being the place to be, but they’ve come up a lot.
Instead of buying things that have zoomed up a lot, I’d be looking for areas that sold off, made bottoms, and look to be curling back up (see our stock of the day for an example).
Meanwhile, these private credit concerns are crushing financials…..

And regional banks…..

I’ve been calling for issues in regional banks for a while. At some point I’ll be like those perma bears, you call for a sell off long enough eventually you will be right…..

ETF News


A Stock I’m Watching
Today’s stock is Salesforce (CRM)…..

This is one of the software names that got crushed by AI fears. Looks to have found a bottom and has a big potential gap fill above. Our feelings are that this is one of the names that was unfairly punished when everything in software sold off.
In Case You Missed It
The ETF Innovator Challenging Wall Street | Matt Tuttle on Themes, Crypto & the Future of Investing
The H.E.A.T. (Hedge, Edge, Asymmetry and Theme) Formula is designed to empower investors to spot opportunities, think independently, make smarter (often contrarian) moves, and build real wealth.
The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2026 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.
