Canary Capital has officially requested approval from the Securities and Exchange Commission (SEC) for a unique financial product: a TRUMP-themed memecoin Exchange Traded Fund (ETF). The initial filing, submitted on August 26th, uses an S-1 registration statement.
The application for the “Canary Trump Coin ETF” distinguishes itself from earlier attempts by competitors like Tuttle Capital and Rex Osprey. Instead of employing the N-1A investment company registration form, Canary Capital chose Form S-1, as defined under the Securities Act of 1933.
The crucial difference lies in the registration form. S-1 forms are typically used by businesses to register ETFs that directly mirror the real-time price movements of underlying assets. Conversely, N-1A forms are designed for investment firms establishing mutual funds.
This strategic choice by Canary Capital frames their product as a more conventional ETF, rather than an investment company-style fund. The S-1 registration provides the necessary framework for traditional ETF operations, while adhering to all applicable securities laws and regulations.
Previously, Rex Osprey submitted initial N-1A statements in January for their proposed TRUMP ETF. Tuttle Capital followed with proposals for leveraged funds encompassing a range of memecoins, featuring TRUMP and MELANIA tokens. Tuttle later amended its applications in July, with a target launch date of July 16th.
Latest ETF Push
Public records indicate that Canary Capital formally established the “Canary Trump Coin ETF” as a Delaware-based entity on August 13th. This preceded the official SEC filing by approximately two weeks.
Incorporating in Delaware is a common practice before launching an ETF, indicating a strong, institutional-level commitment to the chosen product structure.
The TRUMP coin ETF request represents the latest component of Canary Capital’s overall cryptocurrency ETF strategy.
Just prior, on August 25th, the company filed paperwork for a “Canary American-Made Crypto ETF” designed to invest in digital assets with strong links to the United States.
The planned fund will track the Made-in-America Blockchain Index, focusing on cryptocurrencies originating in the US, tokens created within the country, and blockchain networks operating primarily from within the United States.
According to CoinGecko estimates, crypto assets with US origins constitute a significant market, valued at over $520 billion. This encompasses notable projects such as XRP, Solana, Cardano, Chainlink, Stellar, Avalanche, Hedera, and Sui.
The American-Made ETF also intends to generate supplementary income through active participation in network validation processes, specifically through staking and transaction confirmation.