Rex has filed new ETF registration documents with the Securities and Exchange Commission, listing several cryptocurrency-focused funds, including a TRUMP ETF, a DOGE ETF, a BONK ETF, and others tied to assets such as Bitcoin, Ethereum, XRP, and Solana.
[Editor’s Note: This is not a joke.]
Per Bloomberg’s ETF specialist, Eric Balchunas, the filings show that each proposed fund targets a designated reference asset and plans to invest at least 80% of its net assets in that asset, whether through direct holdings or derivatives like futures and swaps. Balchunas described the situation as “surreal.”
The TRUMP ETF appears poised to track the price of TRUMP, the memecoin introduced shortly before Donald Trump’s inauguration. The official filing notes the fund’s investment through a subsidiary called REX-Osprey TRUMP Subsidiary, with exposure to TRUMP potentially expanded through futures contracts and swap agreements.
The filing also highlights TRUMP’s rapid growth, citing its move from an unspecified valuation to a market capitalization in the multi-billion-dollar range, though volatility has defined its performance.
TRUMP’s market cap briefly exceeded $15 billion, then dropped nearly $7.8 billion when the token declined by about 50%. As of press time, news of the filing, which was issued within the last hour, has not affected the price.
The SEC has traditionally approached spot Bitcoin ETFs and novel crypto funds cautiously, emphasizing the importance of investor protection and market surveillance. If the new series of Rex filings gains approval, it would indicate an enormous U-turn.
The inclusion of TRUMP and a DOGE ETF among the proposed products highlights the scale of the impact of Trump’s memecoin launch and Gary Gensler’s resignation.
The path to market for a TRUMP ETF should depend on the SEC’s assessment of portfolio composition and risk disclosure around memecoins. However, under the new administration, it may be unwise to use past experience as an indication of future regulatory changes.
Since taking over the presidency, Trump has not mentioned Bitcoin, crypto, or memecoins. He did not introduce executive orders on crypto or free Ross Ulbricht during his first day.
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