Rex Shares, an exchange-traded products provider, has made headlines by filing for several exchange-traded funds, including listings for TRUMP and Dogecoin ETFs. The asset manager submitted the ETF filings with the U.S. Securities and Exchange Commission on January 21, 2025, just one day after former SEC Chair Gary Gensler stepped down from the agency.
However, REX Shares is not stopping at just Official Trump (TRUMP) and Dogecoin (DOGE) ETFs. The asset manager has also partnered with investment products firm Osprey to file for crypto funds tied to Bitcoin, Ethereum, XRP, Bonk, and Solana. This move has been described as “surreal” by Eric Balchunas, a senior ETF analyst at Bloomberg.
According to the prospectus, the proposed funds aim to allocate at least 80% of their net assets to these products, including the recently launched TRUMP meme coin. For the TRUMP ETF, REX Shares noted that the fund will track the meme coin’s price either through direct investment in TRUMP or via the REX-Osprey TRUMP Subsidiary. The fund will seek exposure by holding TRUMP tokens or through derivatives and swap contracts.
Under Gensler’s leadership, the SEC approved several spot Bitcoin and Ethereum ETFs in 2024, with these products experiencing massive demand through issuers such as BlackRock, Fidelity, Bitwise, and Ark/21Shares. In addition to TRUMP and Dogecoin, multiple asset managers and ETP issuers have filed for exchange-traded funds tied to XRP, Solana, and Litecoin.
The filing for approval to list a TRUMP ETF comes just days after U.S. President Donald Trump launched the meme coin ahead of his inauguration. At its peak, the TRUMP token surged to a market cap of over $15 billion, with the coin’s price reaching highs of $75. However, the token has since dropped to around $38, with its market cap falling to $7.7 billion.
This move by Rex Shares signifies a growing interest in cryptocurrency and meme coins within the ETF space. It will be interesting to see how these new funds perform in the market and whether they attract significant investor interest.