Crypto fund manager Canary Capital has filed to launch the first U.S. exchange-traded fund (ETF) tied directly to MOG Coin, a memecoin on the Ethereum network. This marks Canary’s first foray into launching a fund to track the price of a memecoin.

The investment firm formally submitted S1 registration with the US SEC on Wednesday, seeking approval for the ETF.

The filing described MOG as a “memecoin,” adding that the ETF may hold up to 5% of its holdings in Ether for transaction costs, since MOG is dependent on the Ethereum network.

As the U.S. government shutdown seems to be ending, the SEC is expected to re-engage on digital asset ETFs. Particularly, a handful of XRP-linked ETFs are set to hit the trading floor, said ETF expert Nate Geraci.

In September, the regulator cleared the clouds to dozens of new spot ETFs tied to cryptos, including Solana and Dogecoin. Canary has filed for several different types of crypto ETFs, including two that launched last month, tracking Litecoin and HBAR. The company is set to list another ETF tracking the price of XRP this week.

Canary Capital’s new MOG ETF, coming at the brink of the SEC opening the door for crypto ETFs, has attracted widespread community attention on the memecoin.

Launching an ETF for a coin powered by community vibes—not real utility— underscores how memecoins are inching closer to the world of regulated finance.

One crypto investor wrote on X that not even Pepe has an ETF. “MOG is at a position close to 200 of the crypto market cap. I don’t think people understand.”

It is noteworthy that MOG Coin isn’t listed on Binance yet, but is listed on the spot market on Coinbase. The Canary MOG ETF filing also mentions that the memecoin is “driven primarily by online popularity, cultural relevance and social sentiment, rather than by underlying technological utility.”