The first memecoin-backed exchange traded fund is set to begin trading on Thursday after US regulators waved through a fund holding dogecoin, an asset originally created as a joke with no fundamental value or use case.
The listing of the Rex-Osprey Doge ETF is the latest step in the evolution of ETFs beyond diversified, plain-vanilla stock and bond funds to riskier holdings such as cryptocurrencies, complex derivatives and thematic fads, pushing the boundaries of what regulators originally envisioned for the fund structure.
“I think it’s dangerous,” said Bryan Armour, director of passive strategies research for North America at Morningstar. “It normalises collectibles. [Dogecoin] seems to be a fad, like beanie babies or baseball cards.”
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