REX Shares, an exchange-traded products provider, has filed for several exchange-traded funds, including listings for TRUMP and Dogecoin ETFs.
The asset manager submitted the ETF filings to the United States Securities and Exchange Commission (SEC) on January 21, just one day after Gary Gensler, the former Chair of the SEC, resigned from his position at the agency.
REX Shares Expands ETF Offerings with Cryptocurrency Focus
However, REX Shares is not only interested in the Trump and Dogecoin ETFs; they are also exploring other ETFs. To apply for cryptocurrency funds linked to Bitcoin, Ethereum, XRP, Bonk, and Solana, the asset manager has partnered with the financial products company Osprey.
Eric Balchunas, a senior ETF analyst at Bloomberg, described the recent development as “surreal” in an article published on X.
According to the prospectus, the new funds aim to allocate at least 80 percent of their net assets to these products, including the recently introduced TRUMP meme coin.
Regarding the TRUMP exchange-traded fund (ETF), REX Shares stated that the fund will track the price of the meme coin. To achieve this, the fund may invest directly in TRUMP or gain exposure through the REX-Osprey TRUMP Subsidiary.
Specifically, the fund will seek exposure by either holding TRUMP tokens or utilizing swaps and swap contracts. In 2024, the Securities and Exchange Commission (SEC) approved several spot exchange-traded funds (ETFs) for Bitcoin and Ethereum.
These products were in high demand, as evidenced by issuers such as BlackRock, Fidelity, Bitwise, and Ark/21Shares purchasing them.
In addition to TRUMP and Dogecoin, multiple asset managers and ETF issuers have submitted applications for ETFs linked to XRP, Solana, and Litecoin.
The filing for approval to list a TRUMP exchange-traded fund (ETF) was submitted just days after former U.S. President Donald Trump introduced the meme coin ahead of his inauguration.
At its peak, the TRUMP token had a market capitalization of over $15 billion, with its price reaching an all-time high of $75. However, the token’s value has since declined to approximately $38, with its market capitalization falling to $7.7 billion.
