Lead

Tuttle Capital Management filed a proposal for a "Magnificent 10" exchange‑traded fund that adds Advanced Micro Devices, Broadcom and Palantir to the existing Magnificent 7 lineup, and Bitwise announced that 10% of management fees from its newly launched Bitwise Hyperliquid etf (BHYP) will be used to purchase the HYPE token for its balance sheet.

Background

Since early 2022, investors have used the shorthand "Magnificent 7" to refer to Apple, Microsoft, Alphabet, Amazon, Meta, nvidia and Tesla – the mega‑cap technology stocks that have driven a large share of S&P 500 returns. Asset managers have responded with a series of thematic ETFs that track these names, often layering systematic options strategies to generate income. In September 2025, the Cboe introduced a Magnificent 10 Index (ticker MGTN) to capture a broader set of U.S. tech and growth firms positioned for AI and digital transformation, and subsequently launched futures and options on that index. Parallel to the equity‑focused products, the cryptocurrency‑focused ETF market has expanded, exemplified by Bitwise’s launch of the Bitwise Hyperliquid ETF (BHYP), which provides exposure to the Hyperliquid decentralized exchange and its native HYPE token.

What Happened

Tuttle Capital Management filed a formal application with the U.S. Securities and Exchange Commission for a new ETF that would track a basket of ten large‑cap technology and AI‑adjacent companies. The proposed fund would retain the original seven stocks – Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla – and add Advanced Micro Devices (AMD), Broadcom (AVGO) and Palantir (PLTR). The filing notes that the new fund will employ a systematic options overlay similar to Tuttle’s existing Magnificent 7 Income Blast ETF (ticker MAGO), which launched in December 2025 and uses options to generate income while maintaining equity exposure.

In a separate development, Bitwise disclosed that it will allocate 10% of the management fees earned from BHYP toward purchasing and holding HYPE tokens on the firm’s balance sheet. The allocation is intended to align the ETF’s fee structure with the underlying asset class and to support the HYPE token’s liquidity.

Market & Industry Implications

The Tuttle filing reflects growing demand for concentrated exposure to a small set of high‑growth tech firms, especially those linked to artificial intelligence and semiconductor supply chains. By expanding the basket to ten names, Tuttle aligns its product with the Cboe’s Magnificent 10 Index, which has already attracted institutional interest through futures and options contracts. The move also intensifies competition among thematic ETFs; Roundhill Investments already offers the MAGS ETF, which provides equal‑weight exposure to the original Magnificent 7, while Cboe’s index products give investors direct access to a broader ten‑stock composition.

Bitwise’s fee‑allocation strategy signals a willingness among crypto‑focused fund sponsors to integrate token purchases into the expense model of regulated products. By directing a portion of fees to acquire HYPE, Bitwise may enhance the ETF’s net asset value alignment with the token’s market performance and potentially improve liquidity for HYPE holders.

What to Watch

  • SEC review and approval timeline for Tuttle’s Magnificent 10 ETF filing, which will determine the fund’s launch date.
  • Adoption of Cboe’s Magnificent 10 futures and options contracts, which could drive demand for ETFs that track the same underlying basket.
  • Performance of the three newly added stocks (AMD, Broadcom, Palantir) relative to the original Magnificent 7, especially as AI‑related earnings reports are released.
  • Investor response to Bitwise’s fee‑allocation model, including any impact on BHYP’s net asset value and HYPE token trading volumes.
  • Regulatory guidance on the use of ETF management fees to purchase underlying crypto assets, which could affect future fund structures.