Rex Shares is preparing to bring a new wave of unconventional exchange-traded funds (ETFs) to US markets.
On Sept. 3, the asset manager filed a prospectus with the Securities and Exchange Commission (SEC) for the REX-Osprey Dogecoin ETF, which will trade under the ticker DOJE.
The filing also references similar products linked to XRP, Solana (SOL), Ethereum (ETH), Bitcoin (BTC), BONK, and TRUMP tokens.
Bloomberg ETF analyst Eric Balchunas noted that Rex’s effective filing signals a potential launch within days for these products.
He wrote:
“Looks like Rex is going to launch a Doge ETF via the 40 Act a la SSK next week.”
Balchunas pointed out that while Dogecoin may be the first to debut, other products tied to Trump, XRP, and Bonk could soon follow.
Why REX ETF products launch early
Unlike traditional ETFs that require lengthy SEC approval through the 19b-4 process, Rex Shares has chosen a different regulatory path.
The proposed products are registered under the Investment Company Act of 1940 and structured as C-corporations. This model allows the firm to sidestep the standard exchange rule approval process while gaining exposure to digital assets through a Cayman Islands subsidiary.
Meanwhile, choosing a C-corporation structure carries crucial tax implications for investors.
VanEck explained that most ETFs elect to be treated as regulated investment companies (RICs), which enables them to avoid fund-level taxation by distributing income and capital gains directly to shareholders. However, RICs must meet strict requirements for income sources, asset diversification, and distributions.
In contrast, C-corporations face taxation at the fund level, and any subsequent investor payouts are also taxable.
Investors have often criticized this arrangement as “double taxation.” As a result, ETFs tend to avoid this setup.
However, REX Shares’ decision suggests that speed to market and flexibility outweighed the potential tax drawbacks these products might attract.
Notably, the asset manager had launched the first-ever staked crypto ETF in the US through this structure earlier this year.
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