The first-ever spot Dogecoin exchange-traded fund (ETF) in the United States, trading under the ticker DOJE, made an impressive market debut on Thursday, September 18, 2025. However, before the market could fully digest the launch, its issuer, Rex-Osprey, has already filed plans for a second, much riskier fund designed to amplify the daily returns of the popular meme coin.
This rapid development signals strong institutional interest in crypto-based financial products, while also highlighting the sophisticated and high-risk options becoming available to traders.
A Strong Start: Spot Dogecoin ETF (DOJE) Makes its Market Debut
The Rex-Osprey Dogecoin ETF (DOJE) launched with significant investor interest, generating approximately $17 million in trading volume on its first day. According to Bloomberg Senior ETF Analyst Eric Balchunas, this strong performance places it in the top five for first-day volume among all ETF launches in 2025.
The successful rollout provides a regulated, accessible way for investors to gain exposure to Dogecoin’s price movements without directly holding the cryptocurrency.
What’s Next? A Leveraged Dogecoin ETF Is Already in the Works
On the same day as DOJE’s launch, Rex-Osprey filed a registration with the U.S. Securities and Exchange Commission (SEC) for the REX DOJE Growth & Income ETF.
This new exchange-traded product is not for the faint of heart. Its primary goal is to provide investors with 105% to 150% (or 1.05x to 1.5x) exposure to the daily price return of the standard DOJE ETF. The fund aims to achieve this through a complex strategy involving:
A Clear Warning: Understanding the High Risks of Leveraged ETFs
Rex-Osprey makes it unequivocally clear in its filing that this leveraged product is a high-risk tool intended for a specific type of investor.
« The fund is not suitable for all investors, » the prospectus reads. It is designed for « knowledgeable investors who understand the potential consequences of seeking targeted daily leveraged investment results… and are willing to monitor their portfolios frequently. »
Key risks associated with this daily leveraged fund include:
This type of fund is generally considered a short-term trading instrument, not a long-term buy-and-hold investment.
Market Context: DOGE Price and XRP ETF Performance
The launch comes amid a dynamic period for the crypto market. As of Saturday, the price of Dogecoin (DOGE) is trading at $0.265, down 6% over the past 24 hours but still up more than 22% in the last month.
Interestingly, Rex-Osprey also launched a spot XRP ETF on the same day, which saw even more explosive demand. The XRP fund topped this year’s ETF rollout list with nearly $38 million in first-day trading volume, showcasing the significant and varied appetite for regulated crypto products.
