Major Asset Manager Files for High-Risk TRUMP ETF - Here’s What You Need to Know

Wall Street's latest political play hits the SEC's desk—a TRUMP-themed ETF packing serious volatility.

Higher stakes, higher drama

The filing reveals leveraged exposure strategies that amplify both gains and losses. It's not for the faint-hearted—think political turbulence meets market momentum.

Because nothing says 'stable investment' like mixing politics and derivatives

Asset managers keep finding new ways to package speculation. This one just wears a red tie.

A New TRUMP ETF?

Trump’s eponymous meme coin has inaugurated a new era for crypto in 2025, with a new paradigm of friendlier regulations. Naturally, this has included a wave of ETF applications, many of which focus on some pretty esoteric altcoins. Today, Canary Capital is once again joining this trend with a new TRUMP ETF filing:

NEW: @CanaryFunds files for a TRUMP coin ETF pic.twitter.com/3XNWXLMeMx

As it turns out, Canary isn’t the first firm to propose a TRUMP ETF; Rex Shares and Tuttle Capital attempted to create it in January 2025. Still, there’s a sea of MAGA and Trump-branded ETFs on the market right now.

The President’s own media company is even filing for a huge scattershot of its own products.

Bigger Gains, Uncertain Eligibility

Even though this is the third filing, Canary Capital’s play is still pretty significant here. Bloomberg analyst James Seyffart noted that the last two TRUMP ETF filings meet the ’40 Act standards, while this is the first attempt to create one under the ’33 Act.

The subtle differences between different types of spot ETF filings may be too in the weeds for a crypto-focused analysis. Suffice it to say, these products are riskier and have lower tax obligations, which could potentially make them a more lucrative investment.

Even though these ETFs ostensibly track the same token, these subtle differences could make Canary’s product more profitable. However, this attempt may be flying too close to the sun:

“I don’t know how this [TRUMP ETF] gets through [the SEC], because you need to have futures for at least six months on an exchange. That doesn’t exist as far as I can see. Alternatively, I could see it in a ’40 Act product,” claimed Eric Balchunas, another veteran ETF analyst.

TRUMP barely has six months of existence itself, let alone six months of futures trading on publicly listed exchanges. Balchunas has been extremely bullish on altcoin ETF approvals, even though the SEC has dragged its feet again and again.

In other words, if he says that this TRUMP ETF may be impossible, investors should heed his words.

Either way, though, this will be a useful test case. In recent months, the SEC has been heavily criticized for disproportionately favoring the crypto industry. This case might be worth attention on those grounds.

Will the Commission explicitly dismiss this filing quickly due to the futures trading requirement? The SEC has repeatedly tried to delay many filings, inventing new methods to do so, but it’s been loath to cancel them outright. Therefore, Canary’s TRUMP ETF could serve as a useful barometer for SEC attitudes, especially in this unprecedented legal climate.