The Chicago Board Options Exchange (CBOE) has submitted Form 19b-4 to the SEC for the launch of a new exchange-traded fund (ETF) called CANARY PENGU ETF. If approved, it will become the second ETF in history focused on memecoins and the first to include NFTs.
The fund combines the $PENGU token and the Pudgy Penguins NFT collection, offering institutional access to two of the biggest trends in the crypto market, memes and non-fungible tokens.
Form 19b-4 officially starts the SEC review process. Until now, only Dogecoin had reached the ETF registration stage. The new product from Canary Capital will include assets from the Solana ecosystem, marking the first time a Solana memecoin is introduced via a regulated investment fund.
If approved by the SEC, CANARY PENGU would become a unique tool for investors, combining exposure to both memecoins and NFTs in a single asset.
Memecoin Competition Reaches a New Level
Currently, Grayscale, Bitwise, and 21Shares are preparing their own Dogecoin-based ETFs, but none of them have included NFTs in their filings. The CBOE and Canary Capital application marks the first attempt to merge both sectors.
The fund aims to give investors exposure to digital assets through a traditional, regulated vehicle. This could signal a potential expansion of what the SEC deems permissible within the digital asset space.
According to the official filing [SR-CboeBZX-2025-081], the fund will track the PENGU & Pudgy Penguins Index developed by Vinter. The valuation of the ETF will be based on market data aggregated from both centralized and decentralized exchanges.
The ETF’s structural overview highlights that assets were selected based on transparency, liquidity, and market representativeness. Canary Capital will serve as the fund manager, while Brown Brothers Harriman will act as the calculation agent.
Why This Matters
CBOE has officially brought memecoins and NFTs into the ETF approval process, something previously considered nearly impossible. This is the first initiative to simultaneously feature Solana tokens, memecoins, and NFTs within a single investment product that has reached the SEC review stage.
The SEC has not yet issued a decision, but the mere submission of a 19b-4 filing for such a product already sets a precedent.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
