 
 
Brentwood, Tennessee-based Canary Capital is seeking the U.S. Securities and Exchange Commission’s permission to list and trade a spot exchange-traded fund (ETF) holding the TRUMP Coin (TRUMP), a Solana-based meme cryptocurrency linked to President Donald J. Trump.
Although other ETF issuers, including Osprey Funds and Rex Shares, have filed to list TRUMP ETFs in recent months, those applications were filed with the Securities and Exchange Commission under the Investment Company Act of 1940. This means that they would not provide direct exposure to the meme coin itself, but rather invest in a Cayman Islands subsidiary holding TRUMP and U.S. Treasuries.
In contrast, the proposed Canary Trump Coin ETF was filed under the Securities Act of 1933 — meaning that if approved, the fund would be directly exposed to the president’s token.
“The Trust provides investors with the opportunity to access the market for TRUMP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding $TRUMP directly,” the filing reads.
The President debuted the meme cryptocurrency in January, just days before he returned to the Oval Office. It’s currently ranked 77th by market capitalization, having dipped 88.5% from its Jan. 19 historic peak of $73.43, the day before Trump’s inauguration, according to crypto data provider CoinGecko.
 
Pundit Questions If TRUMP Coin ETF Gets Approved
Canary Capital’s filing represents a daring move to introduce one of the most politically-linked meme tokens to Wall Street. A second filing, called the 19b-4 and filed by the listing exchange, is needed before the Canary Trump Coin ETF can go through the SEC’s approval process.
In a Tuesday X post, Bloomberg’s senior ETF analyst Eric Balchunas questioned whether the product “gets through” because, normally, a non-security asset underlying a spot exchange-traded fund must be first traded as a futures ETF on an exchange for at least six months.
“That doesn’t exist as far as I can see,” Balchunas said, adding that TRUMP could eventually exist in a more diversified ETF offered by Canary via the 1940 Company Act.
Canary’s filing comes as the SEC is weighing dozens of crypto ETF proposals amid a more friendly crypto regulatory landscape under the Trump administration. Following the success of spot Bitcoin and Ether ETFs, many other funds have been proposed, including Ripple’s XRP, Solana, Dogecoin, and Chainlink.
Recently, firms have also been updating their proposals to include in-kind creations and redemptions — a mechanism deemed more tax-efficient and more appealing to institutional investors.
Source: https://zycrypto.com/canary-capital-first-in-line-to-file-for-spot-trump-meme-coin-etf/