Upcoming Launch: The First US Dogecoin ETF by REX Shares

REX Shares has announced its plan to introduce what could potentially be the first U.S. Dogecoin ETF. This groundbreaking initiative was hinted at on X, despite the fact that several spot Dogecoin ETF applications are currently under review by the Securities and Exchange Commission (SEC). On Wednesday, REX Shares shared on X: “The REX-Osprey™ DOGE ETF, DOJE, is coming soon! DOJE will be the first ETF to deliver investors exposure to the performance of the iconic memecoin, Dogecoin. From REX-Osprey™, the team behind $SSK, the first SOL + Staking ETF.”

Details of the REX-Osprey DOGE ETF

The roots of this ETF trace back to a January 21, 2025, SEC filing, which outlined a suite of crypto funds under the ETF Opportunities Trust. This filing included the REX-Osprey DOGE ETF, alongside other funds focusing on BTC, ETH, SOL, XRP, BONK, and TRUMP tokens. The mandate of the DOGE fund is clear: it aims to achieve investment outcomes, before fees and expenses, that align with Dogecoin’s performance.

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Understanding the Launch Strategy for Dogecoin ETF

The intriguing aspect of REX’s approach is how it plans to list a DOGE ETF while spot Dogecoin ETPs are still pending SEC approval. This primarily hinges on the ETF’s structure. Most DOGE proposals are commodity-based grantor trusts needing an exchange rule change under the Securities Exchange Act (specifically a 19b-4 order) before listing.

For instance, Bitwise applied to list a Dogecoin ETF on NYSE Arca, and Nasdaq has a proposal to list the 21Shares Dogecoin ETF. In contrast, REX’s DOGE product is part of a 1940-Act open-end ETF trust, registering under the Investment Company Act through a post-effective amendment (Form 485(a)). If the registration becomes effective and an exchange accepts it under the standard ETF criteria, the product can launch without awaiting a 19b-4 order.

Investment Strategy and Structure

Similar to how futures ETFs operate, this strategy was previously utilized by REX and Osprey for their Solana + Staking ETF, which entered the market in July. The DOGE fund will allocate at least 80% of its assets to Dogecoin or instruments offering DOGE exposure, potentially using derivatives like futures and swaps. A wholly-owned Cayman subsidiary, the “REX-Osprey DOGE (Cayman) Portfolio S.P.,” will hold specific positions, with the parent ETF’s investment in this subsidiary capped at 25% of total assets to maintain regulated investment company (RIC) tax status.

Spot DOGE Race: Current Landscape

The race for spot DOGE ETFs remains active but unresolved. NYSE Arca’s Bitwise Dogecoin ETF filing and Nasdaq’s proposal for a 21Shares Dogecoin ETF are under public review, while Grayscale submitted an S-1 for a Dogecoin fund in mid-August. These products, categorized as commodity ETPs, necessitate an exchange rule change before trading can commence, contributing to a longer timeline.

REX has previously demonstrated an ability to navigate regulatory complexities. On July 2, 2025, the REX-Osprey Solana + Staking ETF (ticker SSK) was listed on Cboe as a ’40-Act fund, passing native staking rewards to shareholders. The fund’s description on Cboe highlights its goal to reflect Solana’s performance, including staking rewards.

Navigating Regulatory Frameworks

REX’s approach leverages the ’40-Act ETF framework, the ETF Opportunities Trust umbrella, and Cayman subsidiaries to pursue single-coin exposure without awaiting a 19b-4 approval. However, a notable distinction is that Dogecoin, a proof-of-work cryptocurrency, lacks native staking yields.

As for the timeline and current status, REX’s announcement on X is a teaser, not a formal notice of effectiveness. The SEC must approve the registration, and an exchange must agree to list it. Meanwhile, the SEC is contemplating “generic” listing standards for commodity- and crypto-based ETPs. If adopted, these could streamline new crypto listings, although they are separate from REX’s ’40-Act approach. REX might take the lead in launching because it isn’t reliant on DOGE-specific 19b-4 approval, but the fund still requires registration clearance and a confirmed trading date.

At the time of writing, DOGE is priced at $0.2165.

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