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Proposals for exchange-traded funds tied to Avalanche, Sui, and Bonk move beyond the market’s largest-cap tokens and test the U.S. Securities and Exchange Commission’s tolerance for higher volatility and thinner liquidity. Issuers targeting these assets must address concerns around reliable price discovery, depth across spot markets, and the robustness of market surveillance arrangements intended to detect manipulation. Custody, concentration, and index methodology become central, especially for a memecoin like BONK compared with platform tokens such as Avalanche and Sui. Broader inclusion would widen investor access but elevates questions about suitability and protections for mainstream buyers. The filings underscore a push to expand crypto-linked ETF menus while navigating regulatory risk.