The proposed Canary Trump Coin ETF was detailed in an S-1 registration statement filed with the Securities and Exchange Commission (SEC) on Tuesday. The filing essentially outlines a trust that would hold TRUMP directly, with its shares trading on a national exchange.

The fund’s objective, like the spot BTC and ETH ETFs, is to basically track the performance of the digital asset, measured by a benchmark index, minus its expenses. It explicitly states that the investment in the meme coin TRUMP is highly speculative and shareholders could lose their entire investment.

The 47th U.S. President, Donald Trump, launched his meme coin on Jan. 17, 2025 and it was soon followed by the MELANIA meme coin. The latest Canary filing is not alone in seeking to capitalize on the U.S. President’s meme coin notoriety. A collaboration between Rex Shares and Osprey Funds shows the two firms filed for similar TRUMP-focused ETFs this year, signaling a race to bring the product to market.

The Canary filing extensively details significant risks, noting TRUMP’s value is driven primarily by “online popularity, cultural relevance, and social sentiment” rather than technological utility. It warns that the coin’s market is new, volatile, and largely unregulated, exposing investors to potential fraud and security breaches.

If approved, the TRUMP ETF would provide investors with a way to gain exposure to the volatile cryptocurrency through a traditional brokerage account without the technical challenges of direct ownership. TRUMP is down 3.3% this week and more than 88% below its all-time price high.

It’s traded between $8.07 and $8.40 per TRUMP coin over the last day.

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