Canary Capital is asking for the U.S. Securities and Exchange Commission's approval to list an exchange-traded fund that tracks the spot price of the popular PEPE memecoin, according to a filing from Wednesday.

The firm filed an S-1 application with the SEC. Last year, Canary also filed an application to list a fund tracking the price of MOG, another, lesser-known memecoin. The firm also filed for the first-ever Pengu ETF.

After the successful launch of major ETFs that track the price of top cryptocurrencies like Bitcoin and Ethereum, issuers are testing the limits of what type of funds the more crypto-friendly SEC will approve.

On Wednesday, Morgan Stanley launched a spot Bitcoin ETF, which will compete with BlackRock's leading BTC fund.

Canary said in the filing that PEPE launched in April 2023, and there is a total supply of more than 420 trillion tokens. The firm also says the memecoin has no utility.

PEPE has a market cap of $1.5 billion and was trading hands at $0.0000036 as of 5:49 p.m. ET, according to The Block Price Page.