The Chicago Options Exchange submitted a 19b-4 application for the Canary PENGU ETF to the SEC.

Gate News bot reported that according to CoinGape, in a filing submitted to the SEC, the Chicago Board Options Exchange (CBOE) announced its intention to list and trade shares of the Canary PENGU ETF. The commission currently needs to decide whether to approve this fund, which will provide investors with the opportunity to invest in the PENGU meme coin and Pudgy Penguin NFTs.

This application was submitted two months after Canary Capital filed the S-1 application for the meme coin ETF. The fund will hold PENGU, Pudgy Penguin NFT, SOL, and ETH. Specifically, the fund will invest 80% to 95% of its total assets in PENGU and 5% to 15% of its total assets in NFT.

However, Canary Capital expects that at least 95% of the total assets of the fund will hold PENGU and Pudgy Penguin NFT. At the same time, since PENGU and NFT are tokens on the Solana and Ethereum networks respectively, the asset management company pointed out that it may be necessary to hold SOL or ETH to pay for network fees.

In addition, since the NFT market auctions with ETH, Canary may need to convert cash into ETH to purchase NFTs. Similarly, when the trust sells NFTs, the proceeds may also be paid in ETH. Canary Capital only intends to hold the amount of SOL and ETH necessary to purchase or sell PENGU tokens and Pudgy Penguin NFTs.

PENGU is the second meme coin to submit a 19b-4 application to the US SEC after Dogecoin. Canary is the only asset management company that has submitted a PENGU ETF application. On the other hand, Grayscale, Bitwise, and 21Shares have all submitted DOGE ETF applications.