Crypto asset manager 21Shares has submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission seeking approval to launch the 21Shares Ondo Trust, a physically backed exchange-traded fund that would hold Ondo Finance’s native ONDO tokens. According to the filing dated 22 July, the proposed ETF would mirror the CME CF Ondo Finance-Dollar Reference Rate to track ONDO’s market price. Coinbase Custody Trust Company is listed as the fund’s custodian, with all tokens to be stored in segregated cold-wallet accounts. If cleared by the SEC, the vehicle would give traditional investors exposure to Ondo without managing digital wallets. The application arrives as regulators weigh a series of spot crypto ETF proposals; the Ondo Trust cannot begin trading until the SEC declares the registration effective.