Canary Capital is taking the ETF playbook deeper into meme-coin territory. The asset manager has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed Canary PEPE ETF, a fund designed to hold PEPE directly while maintaining a small ETH (CRYPTO: $ETH) balance strictly to cover network fees and transaction costs.

What gives the filing more shape is what it says about where issuer appetite is moving. Crypto ETFs have already expanded well beyond bitcoin-only exposure, but a PEPE filing pushes that logic toward a part of the market that has traditionally been treated as more speculative than…