# Form S-1 Canary PENGU ETF

Source: https://www.streetinsider.com/SEC+Filings/Form+S-1+Canary+PENGU+ETF/24527617.html

## Comments

**macbudkowski.eth**: oh wow, that's an exotic ETF. but as a PENGU holder, I'm pretty happy :) 

**timdaub.eth**: Btw how is this legal? My basic understanding how being traded on Wall Street is that you need to have some kind of intrinsic value for your company to get a securities ticker, or not? What entitlements do PENGU holders get? Are they getting cash flows etc.? Is there a legal right for that?

**macbudkowski.eth**: If you hold a Penguin NFT, you can do deals with brands (it's facilitated by the Pudgy team) so they put your Penguin on e.g., soap and you get some small % of the revenue. PENGU AFAIK is just a memecoin.

This ETF is supposed to own NFTs too, so maybe that's how they got around it?

**timdaub.eth**: Sorry man but nobody cares about putting this shit on a soap

**macbudkowski.eth**: Actually companies do and pay people for that because Penguins have a very dedicated community and went beyond crypto - from plushies in Walmart, through emojis up to GIFs that are being used by my non-crypto friends.

A month ago or so I literally applied with my Lil Pudgy via Overpass because a body lotion company was looking for Penguins to put on their products.