REX Shares recently revealed on social media that they are preparing to launch the first Dogecoin ETF in the U.S. market. While many DOGE-related ETF applications are still awaiting approval from the SEC, REX has announced that its new product is about to go live. The post mentioned: "REX-Osprey DOGE ETF, code DOJE, is coming soon! DOJE will be the first ETF to provide investors with exposure to Dogecoin performance." The team behind this product previously successfully launched the first SOL + Staking ETF, which seems to be a somewhat novel approach.

Similar to Rex's Solana + Staking ETF, this is an open-end ETF trust based on the 1940 Act, awaiting registration to take effect through an amendment submitted under the Investment Company Act, which will be accepted for listing by the market after approval. The operation of this structure is quite similar to the way futures ETFs operate, bypassing many of the waiting approvals.

From the filing, it can be seen that the fund invests at least 80% in Dogecoin or related instruments, and may even use derivatives. More interestingly, part of the assets is held through a subsidiary in the Cayman Islands to ensure compliant tax treatment.

Currently, the "traditional" spot DOGE competition on the market has no results yet, and applications for spot ETFs from Bitwise and 21Shares are still awaiting a lengthy approval process. In contrast, REX's product, structured under the 40 Act, can directly target the market without relying on specific approval requests.

As of the latest news, the trading price of Dogecoin is $0.2165. Although REX's Weibo is just a preliminary announcement, it will officially take effect only after the SEC allows the registration to take effect and selects a market. Overall, REX may really be the first to launch, as they have chosen a path that will not waste time on specific approvals.

It is important to note that this is just information sharing, and past performance does not guarantee future results.