Canary Capital has Submit a registration statement For the Canary PEPE ETF, a proposed exchange-traded fund designed to give investors direct exposure to PEPE through a traditional brokerage account.
The filing, made on April 8, says the fund will hold spot PEPE, calculate net asset value using a pricing benchmark built from major PEPE trading venues, and issue shares in 10,000 stock baskets.
The prospectus positions PEPE as a highly speculative asset whose value is based primarily on online popularity, cultural significance and social sentiment rather than the obvious utility of blockchain. It says PEPE is an ERC-20 token that launched on Ethereum in April 2023, and notes that the trust may hold up to 5% of assets in ETH initially to cover network transaction fees associated with PEPE transfers.
Canary’s structure mirrors the now familiar instant crypto ETF template. The fund will hold the underlying token directly, avoid derivatives and leverage, and use a custodian to protect assets, with the caveat that investors may lose their entire investment.
The filing also underscores that PEPE spot markets are relatively new and largely unregulated, leaving the product vulnerable to volatility, manipulation concerns, custody risks, and Ethereum network disruption.
What makes the filing notable is that meme coin ETFs are no longer theoretical. Grayscale’s Dogecoin product is already on the US market. The March 2026 prospectus supplement and annual report show that the Grayscale Dogecoin Trust ETF trades under the ticker GDOG on NYSE Arca, with shares listed on November 24, 2025.
BONK has also already entered the filing path, but through a different structure. Tuttle Capital filed for the Tuttle Capital Bonk Income Blast ETF in September 2025, and separate SEC filings show that the Tuttle Capital 2X Long Bonk Daily Target ETF was also included in the previous leveraged cryptocurrency ETF registration pool.
Tuttle also sought approval for several leveraged cryptocurrency ETFs tied to tokens, including TRUMP and MELANIA, part of a broader push to test how far crypto ETF covers can be pushed.
