Canary Advances PEPE ETF Filing With Cboe Listing Plan

Canary Capital Group filed a pre-effective amendment to its Form S-1 registration statement for a PEPE exchange-traded fund with the U.S. Securities and Exchange Commission on Oct. 2. The filing details the proposed fund and confirms that its shares are expected to list on the Cboe BZX Exchange.

The Canary PEPE ETF would hold PEPE, the memecoin associated with the Pepe the Frog internet character. Its investment objective would be to track the market price of PEPE held by the trust, less operating expenses.

The fund’s net asset value would be calculated using the CoinDesk PEPE Benchmark Rate 60m NY Rate, maintained by CoinDesk Indices. Canary Capital Group would sponsor the fund, and BitGo Bank & Trust, N.A. would custody its PEPE.

CSC Delaware Trust Company would serve as trustee. U.S. Bancorp Fund Services would act as transfer agent, and U.S. Bank N.A. would hold the fund’s cash. The trust would be organized as a Delaware statutory trust, with shares issued in baskets of 10,000. The filing does not identify a ticker symbol.

Canary Chief Executive Steven McClurg signed the amendment. The filing advances the registration process but does not constitute SEC approval. The fund cannot sell shares until the SEC declares its registration statement effective.

The filing describes the proposed shares as speculative securities and warns that investors could lose money. Listed risks include sharp price fluctuations, concentrated PEPE ownership and the effect of community sentiment on the token’s value. The trust would not be registered under the Investment Company Act of 1940, so investors would not receive the protections provided by that law.

The PEPE application is part of Canary Capital’s filings for exchange-traded products tied to alternative cryptocurrencies. The firm has previously filed for a Pudgy Penguins, or PENGU, ETF and submitted a final prospectus for an ETF linked to staked TRON, or TRX.