rewrite this title A Trump meme coin ETF is already in the works

A new securities filing Tuesday revealed that an ETF issuer is already rushing to launch a fund to track the new Trump crypto token.

The proposed fund is called the Rex-Osprey Trump ETF. The fund could gain exposure to the Trump token at least in part through a Cayman Islands subsidiary, according to the document. The filing does not have a ticker or fee listed.

The type of filing and the preliminary details included suggest that the fund would be legally different from how the popular bitcoin ETFs operate. That could help the fund launch more quickly, but it could also increase the likelihood that regulators reject the proposal.

The filing Tuesday comes on the first business day after last Friday’s launch of Trump coin, which is built on the Solana platform. The token has been highly volatile but appears to be worth billions of dollars of notional value to the Trump family.

The website for the token, shared by Trump himself on social media, said that Trump coin is intended to be “an express of support” and not “an investment opportunity.”

The proposed Rex-Osprey Trump ETF is one of a flurry of new crypto ETF filings in recent days. The same fund series documents for the Trump ETF also listed proposals for funds following the two majors crypto coins — bitcoin and ether — and secondary coins solana and XRP, as well as meme coins bonk and doge.

Proposals for several other funds came late Friday, including the multi-token CoinShares Digital Asset ETF and a series of leveraged and inverse XRP funds from ProShares.

The crypto ETFs currently market in the U.S. track just bitcoin and ether or the futures contracts for those tokens. Crypto products were viewed skeptically by former Securities and Exchange Commission Chair Gary Gensler, but both the ETF and crypto industry expect that a wider scope of funds could launch under the Trump administration.

Acting SEC Chair Mark Uyeda announced Tuesday that the SEC has launched a “crypto task force” to help develop a clearer regulatory framework around digital assets.