Canary Capital Files First Spot ETF for Trump’s Meme Coin

Crypto fund manager Canary Capital has filed to launch the first U.S. spot exchange-traded fund (ETF) tied directly to President Donald Trump’s meme coin, TRUMP, marking a Wall Street first.

Key Takeaways:

• Canary Capital has filed for the first U.S. spot ETF directly backed by Trump’s meme coin under the Securities Act of 1933.
• Analysts doubt SEC approval due to the absence of TRUMP futures, though a diversified ETF remains possible.
• If approved, the ETF would mark a historic first for a sitting president’s personal crypto project amid volatile token performance.

The filing, submitted Tuesday, differs from earlier attempts by other ETF providers, which structured their proposals under the Investment Company Act of 1940.

Those applications would have invested in offshore subsidiaries holding TRUMP tokens alongside safer assets such as U.S. Treasuries.

Notably, Canary’s application was filed under the Securities Act of 1933, meaning the Canary TRUMP Coin ETF would be backed entirely by reserves of TRUMP tokens held under regulated custody.

ETF experts quickly questioned the likelihood of approval.

Bloomberg’s Eric Balchunas noted that spot ETFs typically require a futures market for the underlying asset to trade for at least six months before the SEC signs off.

No such TRUMP futures products currently exist. Still, Balchunas suggested TRUMP could eventually appear in a diversified ETF filed under the 1940 Act.

I don't know how this gets through tho bc you need to have futures for at least 6mo on an exchange. That doesn't exist as far as I can see. Alt, I could see it in a 40 Act product.

The SEC’s review of the application comes as the agency faces unusual circumstances. Since January, the regulator has been seen as taking a softer approach to crypto under Trump’s leadership.

In February, Republican SEC commissioner Hester Peirce remarked that the TRUMP token likely fell outside the SEC’s jurisdiction.

Soon after, the commission declared that all meme coins were not securities, placing them beyond its direct oversight.

If approved, Canary’s product would be the first ETF in U.S. history linked directly to a sitting president’s personal crypto project.

Analysts say such a move would cement meme coins as part of mainstream financial markets while raising unprecedented questions about political influence over financial regulation.

The TRUMP token itself has endured steep volatility, plunging over 70% since its January debut.

Despite that decline, analysts predict the SEC will approve at least some spot meme coin ETFs before the end of the year, though the regulator has delayed final decisions on several recent applications.

Canary’s filing underscores how quickly meme tokens are moving from internet subculture into regulated financial products.

A wave of asset managers filed updated paperwork for spot XRP ETFs on Friday, signaling a renewed push to secure approval from the SEC.

Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree all submitted amendments for their proposed spot XRP ETFs.

While the SEC has yet to approve any spot XRP ETF, the filings suggest that firms are responding to ongoing regulatory feedback.

As reported, Grayscale is pushing ahead with its bid to launch a Dogecoin exchange-traded fund, revealing the ticker “GDOG” in its latest US Securities and Exchange Commission filing.

The company said Friday it plans to rename its existing Grayscale Dogecoin Trust to the Grayscale Dogecoin Trust ETF.

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