New XRP and SOL ETFs from REX Shares to launch tomorrow

New leveraged long XRP and Solana ETFs from REX Shares will start trading tomorrow after receiving listing and registration approval from the Cboe BZX Exchange, according to a Monday announcement.

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The funds, T-REX 2X Long SOL Daily Target ETF (SOLX) and T-REX 2X Long XRP Daily Target ETF (XRPK), aim to provide investors with twice the daily return of their underlying assets by utilizing swaps and other derivatives tied to spot crypto products, as per their prospectus. They will not invest directly in spot SOL or XRP.

Each fund will invest a portion of its assets in a wholly-owned Cayman Islands subsidiary. Any excess assets are held in high-quality cash instruments, such as US Treasuries, other US government obligations, money market funds, cash, and cash-like equivalents.

The ETFs are sponsored by REX Shares and managed by Tuttle Capital Management, which will charge an annual management fee of 1.5% of each fund’s daily net assets.

The upcoming launches come after REX-Osprey, a joint ETF venture between REX Shares and Osprey Funds, launched the first US XRP-tracking ETF using a unique 1940 Act structure in September.