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Canary Capital is pushing further into niche crypto territory with a new filing for a spot ETF tied to the memecoin Pepe, signaling that the race to bring increasingly speculative digital assets into the ETF wrapper is heating up.

The asset manager submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC) on Wednesday for the CANARY PEPE ETF, which would directly track the token’s price by holding PEPE in custody. The filing also noted that up to 5% of the fund’s assets may be allocated to Ethereum (ETH) to cover transaction fees on the Ethereum network.

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The move comes despite PEPE’s volatile…