The PEPE exchange-traded fund is designed with direct exposure to tokens

It is planned that the PEPE exchange-traded fund will follow a typical creation and redemption process, where shares are issued or redeemed in batches of 10,000 shares. The underlying PEPE assets will be securely stored with an approved custodian, reflecting the increasing institutional nature of digital asset management.

The PEPE exchange-traded fund relies on Ethereum infrastructure
PEPE is defined in the file as an ERC-20 token built on the Ethereum network, launched in April 2023. Interestingly, the ETF supporting PEPE can invest up to 5% of its assets in Ethereum (ETH) to cover transaction fees when transferring PEPE across the blockchain. This indicates that the PEPE exchange-traded fund will focus on PEPE but will still somewhat depend on Ethereum infrastructure.