The REX-Osprey BONK ETF is part of a suite of cryptocurrency exchange-traded fund products being launched by REX Shares in partnership with Osprey Funds. It is designed to give investors regulated exposure to the meme token BONK via a structure governed under the U.S. Investment Company Act of 1940.

Rather than investing directly in spot BONK tokens in all cases, the ETF framework may use a combination of derivatives, cash-like assets, or a Cayman Islands-based subsidiary to satisfy regulatory requirements. The aim is to balance providing crypto exposure with compliance under current U.S. securities law. Offers for shares in the funds are expected to come via private placement memorandums or other disclosure documents.