Canary Capital has filed an amended registration statement for an exchange-traded product that would hold PEPE Coin. The October 2 document describes the proposed fund’s structure, service providers and risks, but it remains a preliminary prospectus. Shares cannot be sold until the registration statement becomes effective.
The filing identifies the vehicle as the Canary PEPE ETF and says its shares are expected to trade on Cboe BZX, subject to notice of issuance. No ticker has been assigned in the document. Those details describe the intended listing, not a completed launch or a finding by the Securities and Exchange Commission that the product is suitable for investors.
How the trust would track PEPE
The trust’s objective is to provide exposure to the price of PEPE held by the fund, minus operating expenses and other liabilities. Its net asset value would use the CoinDesk PEPE Benchmark Rate 60m NY Rate. According to the prospectus, that benchmark is a 60-minute time-weighted average derived from executed trades on selected PEPE trading platforms.
Canary Capital Group would sponsor the trust. BitGo Bank & Trust would hold its PEPE, while U.S. Bank would act as cash custodian. CSC Delaware Trust Company is named as trustee, and U.S. Bancorp Fund Services would handle administration, accounting and transfer-agent duties.
Creation and redemption activity would occur in baskets of 10,000 shares. Authorized participants could use cash or PEPE under the process described in the filing. Retail investors would trade individual shares through brokers on the exchange rather than creating or redeeming baskets directly. The market price could therefore move above or below the per-share value of the trust’s PEPE.
The filing gives investors several cautions
The prospectus calls the shares speculative and warns that an investor could lose the entire investment. It also says the trust would not be registered under the Investment Company Act of 1940, so shareholders would not receive the protections that apply to funds registered under that law. The sponsor is not registered as an investment adviser for this product, and the trust is not described as a commodity pool regulated by the Commodity Futures Trading Commission.
PEPE introduces risks beyond ordinary exchange trading. The document discusses sharp price changes, limited history, concentrated ownership, market manipulation, cybersecurity failures and dependence on digital-asset trading venues. Investors would receive price exposure through shares, not direct control of the tokens held in custody.
The amendment fills in operational details, but several launch terms remain incomplete. The ticker is blank, the fee table contains placeholders and the prospectus is still marked subject to completion. The proposed annual sponsor fee is also blank, so the current draft does not state the fund’s full recurring charge. The filing should be read as a proposal moving through registration, with its mechanics and risk disclosures now available for review.
Adapted from Canary Capital Amends PEPE ETF Filing, Sets Out Cboe BZX Listing.