Canary Capital Updates PEPE ETF Registration, Targets Cboe BZX Listing

Canary Capital Group LLC advanced its proposed PEPE exchange-traded fund on Oct. 2 by submitting a pre-effective amendment to the fund's Form S-1 registration statement with the U.S. Securities and Exchange Commission. The revised filing details how the Canary PEPE ETF would hold PEPE Coin, the token associated with the Pepe the Frog meme, and states that the shares are expected to be listed on the Cboe BZX Exchange. The registration amendment leaves the ticker symbol blank, indicating it has not yet been assigned. According to the filing, the trust's investment objective is to track the price of PEPE Coin held by the fund, net of operating expenses. Net asset value would be calculated using the CoinDesk PEPE Benchmark Rate 60m NY Rate, a benchmark administered by CoinDesk Indices. Canary Capital Group LLC is named as sponsor. BitGo Bank & Trust, N.A. is designated to custody the fund's PEPE. CSC Delaware Trust Company would serve as trustee, U.S. Bancorp Fund Services as transfer agent, and U.S. Bank N.A. as cash custodian. Shares would be created and redeemed in baskets of 10,000. The fund is structured as a Delaware statutory trust, and the amendment was signed by Canary Chief Executive Steven McClurg. The PEPE filing extends Canary's ETF push beyond bitcoin and ether. The firm has previously filed for a Pudgy Penguins (PENGU) ETF and separately submitted a final prospectus for a staked TRON (TRX) ETF. The amendment comes as issuers continue exploring exchange-traded products tied to altcoins and memecoins after the SEC cleared the first group of leveraged bitcoin and ether ETPs. Outside the ETP market, PEPE has also been adopted in niche use cases, including acceptance for deposits at a small number of online crypto casinos. BlockchainReporter's coin-based crypto casino lists include a dedicated PEPE page identifying platforms that support the token. The filing includes prominent risk disclosures, describing the shares as speculative securities and warning that an investment in the trust involves significant risk. Because the trust is not registered under the Investment Company Act of 1940, investors would not receive the protections provided under that law. Canary's amendment is a step toward the SEC declaring the registration statement effective, not a signal of approval. The fund cannot offer or sell shares until effectiveness is granted. The prospectus also highlights PEPE's potential for sharp price swings and cites risks including volatility, concentrated ownership and dependence on community sentiment.