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A PEPE-tracking exchange-traded fund (ETF) has been filed by Canary Capital, adding another crypto product to its expanding lineup and reflecting the memecoin’s gradual move into mainstream financial channels.
On Wednesday, Canary Capital submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC) for its proposed Canary PEPE ETF. The fund is intended to track the performance of Pepe (PEPE), with the trust’s holdings maintained by a designated custodian.
The filing says the ETF would give institutional investors direct exposure to PEPE through a traditional brokerage account.
Canary Capital also noted that the ETF trust could allocate up to 5% of its assets to Ether (ETH) to cover transaction fees on the Ethereum network.
In the filing, Canary Capital described PEPE as a memecoin based on Pepe the Frog, launched in April 2023. It said PEPE has a total supply exceeding 420 trillion tokens and that its value is driven largely by online popularity, cultural trends, and social sentiment rather than clearly defined blockchain utility.
The filing states that the ERC-20 token’s market value is roughly 9% that of Dogecoin, the largest memecoin by market capitalization.
Grayscale Investments’ Dogecoin ETF debuted in November but did not meet early expectations. Bloomberg analyst Eric Balchunas projected at least $12 million in first-day trading volume, while the fund generated about $1.41 million on launch day.
Canary Capital already offers several crypto ETFs tracking assets including XRP, Litecoin, Hedera, and SUI. The firm has continued expanding its lineup with niche products, including a filing in November 2025 to launch an ETF tied to MOG Coin, a memecoin ranked 428th by market capitalization—well behind PEPE, which is around 53rd.
Canary’s proposed ETF comes as PEPE has fallen nearly 88% from its December 2024 all-time high of $0.00002803, according to CoinGecko.
Etherscan data cited in the filing shows there are currently 513,392 holders of the PEPE token. Canary Capital also warned that ownership is highly concentrated, stating that as of January 2026, the ten largest wallet addresses controlled roughly 41% of the total circulating supply.

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