Canary Capital Group LLC on 26 August filed a Form S-1 with the U.S. Securities and Exchange Commission seeking permission to launch the Canary TRUMP Coin ETF, a fund that would track the spot price of President Donald Trump’s namesake memecoin, TRUMP. If cleared, it would be the first U.S. exchange-traded product offering investors direct exposure to the token through a traditional brokerage account. The proposal differs from prior TRUMP-linked funds submitted by Tuttle Capital and a joint Osprey Funds-Rex Shares venture, which used the Investment Company Act of 1940 and planned to hold the asset via an offshore subsidiary. Canary instead relies on the Securities Act of 1933, meaning the ETF would hold TRUMP tokens in custody and reflect their daily U.S.-dollar price performance without leverage or diversification. Regulatory approval is far from certain. Bloomberg ETF analyst Eric Balchunas noted that the SEC typically insists on at least six months of trading in related futures contracts before allowing a spot product, and no TRUMP futures currently exist. The agency, however, declared in February that memecoins are not securities, a stance that could ease one hurdle even as questions persist over market integrity and custody. TRUMP was launched three days before the January inauguration and has shed more than 70% of its value since its initial surge, underscoring the volatility investors would face. Canary’s filing arrives amid a broader wave of crypto-asset ETF applications—from Solana to Dogecoin—testing the SEC’s more permissive posture toward digital tokens under the Trump administration.