An ETF for a Trump meme coin is currently being developed.

An ETF issuer is already in a hurry to introduce a fund that will follow the new Trump crypto token, as disclosed in a new securities filing on Tuesday.

The proposed fund, known as the Rex-Osprey Trump ETF, may gain exposure to the Trump token through a Cayman Islands subsidiary, as stated in the document. However, the filing does not include a ticker or fee.

The proposed fund's unique type of filing and preliminary details may enable a faster launch, but it could also increase the chances of regulators rejecting the proposal.

The Trump coin, launched on Friday and built on the Solana platform, has been highly volatile but appears to be worth billions of dollars of notional value to the Trump family. The filing for the coin will be made on Tuesday, the first business day after the launch.

Trump coin, promoted by Trump on social media, is not an investment but an expression of support.

In recent days, there has been a surge of new crypto ETF filings, including the proposed Rex-Osprey Trump ETF. The same fund series also includes proposals for ETFs tracking major cryptocurrencies such as bitcoin and ether, as well as secondary coins like solana and XRP, and meme coins like bonk and doge.

On Friday, several proposals for other funds were submitted, including the multi-token CoinShares Digital Asset ETF and a set of leveraged and inverse XRP funds from ProShares.

The crypto ETFs currently available in the U.S. only track bitcoin, ether, or futures contracts for those tokens. Gary Gensler, former Securities and Exchange Commission Chair, viewed crypto products skeptically, but both the ETF and crypto industry anticipate that a broader range of funds may launch under the Trump administration.

The SEC has established a "crypto task force" to establish a clearer regulatory framework for digital assets, as announced by Acting SEC Chair Mark Uyeda on Tuesday.