While new applications for altcoin ETFs continue to be made, an ETF application was made for an unexpected altcoin.
Accordingly, investment management firms Rex Shares and Osprey Funds have applied to list an ETF that tracks the price performance of the Ethereum layer-2 network Movement (MOVE).
According to filing documents recently filed with the U.S. Securities and Exchange Commission (SEC), the REX-Osprey MOVE ETF will invest at least 80% of its assets in MOVE or related instruments, including direct stocks and derivatives.
Additionally, Movement Foundation noted that if approved, the ETF would be the first fund to provide exposure to Movement assets through traditional financial channels.
The Movement Foundation also noted that investors will be able to invest in MOVE through traditional brokerage accounts and retirement investment vehicles without having to deal with the technical complexity of managing MOVE tokens directly.
Rex Shares and Osprey Funds have previously filed for ETFs offering exposure to memecoins such as TRUMP, BONK, and Dogecoin (DOGE).
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*This is not investment advice.