Canary Capital Group has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to apply for the launch of an exchange-traded fund (ETF) tracking PEPE coin (PEPE).

The proposed Canary PEPE ETF directly holds Ethereum (ETH) based meme coins, similar to the existing spot ETF structure.

According to the filing, the Canary PEPE ETF sells or redeems shares in units of 10,000 baskets. The prospectus does not specify the listing exchange, price calculation criteria, or digital asset custodian.

The investment objective of the trust is to provide exposure to the price of the PEPE coin ('PEPE') held by the trust, and it provides an amount after deducting the trust management costs and other debts. – Report content

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A portion of the trust's assets is held in ETH, up to a maximum of 5%, for transaction fee payments on the Ethereum network. The asset management company emphasized that this ETF does not "hold ETH for investment purposes."

Carnery submitted an S-1 for the MOG coin (MOG) ETF in November 2025, in addition to PEPE, and has also applied for various funds including Fuzzy Penguins (PENGU) and Excella (AXL).

Currently, the only meme coin ETF traded in real-time in the United States is Dogecoin (DOGE). Three spot funds listed by Grayscale, 21Shares, and Bitwise are listed on the New York Stock Exchange (NYSE) and Nasdaq.

However, demand is very low. According to SoSoValue data, as of April 8, the net inflow for the three combined funds is only $7.64 million, and the daily trading volume slightly exceeds $209,000.

This news had little impact on the PEPE price. The meme coin was trading around $0.0000035 at the time of the report.

This token has fallen more than 4.8% in the last 24 hours. Broad geopolitical uncertainty is putting pressure on risk assets.

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