21Shares files SEC trust for ONDO, the RWA infrastructure token – the first public fund on Ondo Chain linked to the CME CF benchmark. According to the standard setup, the fund will be serviced by Coinbase Custody and excludes participation in airdrops, staking, or derivative usage.
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Trust Backed Directly by ONDO – Now in SEC’s Hands
21Shares Ondo Trust has officially filed an S-1 registration form with the U.S. Securities and Exchange Commission to launch an exchange-traded fund backed by ONDO. This is the first public trust from 21Shares based exclusively on the infrastructure of Ondo Chain – a network focused on real-world asset tokenization.
The trust will offer common shares whose price will be directly tied to the value of ONDO in U.S. dollars, measured through the CF Benchmarks index.
All ONDO used by the fund will be held through Coinbase Custody under a custodial agreement. The fund’s sponsor – 21Shares US LLC – will not engage in staking, trading, or any other form of ONDO utilization. The fund excludes investor access to Ondo Chain, offering only indirect market exposure through exchange-traded shares. Direct ownership of ONDO by fund investors is not provided for, nor is the option to convert shares back into tokens.
All share redemptions and creations are only possible in baskets via authorized participants. Upon redemption, ONDO may be delivered in kind or through the ONDO Counterparty at equivalent value. The fund also explicitly states it will not participate in airdrops or similar token distributions, even if they are available to ONDO holders.
21Shares Ondo Trust positions itself as not being an investment company within the meaning of the Investment Company Act of 1940, is not subject to CEA regulation, and does not act as an investment adviser.
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Conclusion
The registration of 21Shares Ondo Trust with the SEC highlights not only that major players are seeking opportunities beyond Bitcoin and Ethereum, but also growing institutional interest in RWA. The goal is to provide a traditional structure with regulator-compatible access to RWA infrastructure, without significant operational risks or direct interaction with a decentralized network.
We will observe how the SEC processes these new structures and what opportunities it may offer to crypto investors in blockchain and DeFi.
