In brief
- Canary Capital filed for the first spot ETF directly tied to President Donald Trump’s meme coin, TRUMP, under the Securities Act of 1933.
- The fund would would be entirely and directly exposed to the president’s meme coin, and not diversified or leveraged, as past proposed TRUMP ETFs have been. -Analysts are doubtful the SEC will approve it soon, however, since such spot ETFs typically need a related futures product trading for six months, and no such TRUMP products have traded for that amount of time.
Crypto fund manager Canary Capital filed Tuesday to list a spot ETF focused entirely on and exposed directly to President Donald Trump’s meme coin, which trades as TRUMP, in a first for Wall Street.
While two other ETF providers applied to list TRUMP exchange-traded funds earlier this year, those applications were filed with the SEC under the Investment Company Act of 1940—meaning they would not be directly exposed to the meme coin itself, but instead invest in a Cayman Islands subsidiary holding TRUMP, plus more stable cash equivalents like U.S. Treasuries.
Today, in contrast, Canary
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Author: Sander Lutz
