TL;DR
- Canary Capital files an SEC update for its SUI ETF, to be listed on Nasdaq as $SUIS.
- The fund will hold physical SUI tokens and integrate staking to generate yield.
- Custody will be managed by BigTru Trust, with daily NAV based on a CoinDesk index.
Canary Capital has submitted an updated filing to the U.S. Securities and Exchange Commission (SEC) for its SUI-based exchange-traded fund (ETF), with plans to list the product on the Nasdaq Stock Market under the ticker $SUIS. The amendment, dated December 19, 2025, outlines key details including fees, custody structure, staking mechanism, and daily operations.
The ETF is designed to provide direct exposure to the market price of SUI, the native token of the Sui blockchain. Unlike financial products that rely on futures or synthetic contracts, the $SUIS fund will hold physical SUI tokens, aiming to track the asset’s market value while accounting for operational expenses.
Staking to Be Integrated Into Fund Operations
The filing confirms that staking will form part of the ETF’s internal structure, marking a rare feature among traditional exchange-traded funds. The Canary Staked SUI ETF will participate in Sui’s proof-of-stake (PoS) network, allowing the fund to earn rewards for validating transactions.
According to the SEC document, staking rewards may be reinvested or managed at the sponsor’s discretion, depending on operational requirements. The structure aims to increase the fund’s total value while maintaining full exposure to the underlying asset.
“Staking rewards may be reinvested or retained depending on operational needs,” the filing states, summarizing the fund’s approach to yield management.
Daily NAV and Custody Framework
The ETF will calculate its Net Asset Value (NAV) each trading day, using the CoinDesk SUI USD CFIX Index as its pricing benchmark. The index aggregates data from multiple platforms to produce a representative market value for the SUI token.
Digital asset custody will be handled by BigTru Trust Company, named as the official custodian in the filing. Meanwhile, UMB Bank, N.A. will manage the fund’s cash operations and banking functions, ensuring traditional financial oversight alongside digital asset management.
Legal Structure and Offering Process
The Canary Staked SUI ETF will not be registered under the Investment Company Act of 1940 and will operate without an investment adviser. Instead, it will follow the model used by commodity and crypto funds that hold physical assets. Shares of the fund will be created and redeemed in batches of 10,000 units, known as baskets, through authorized participants.
The latest filing is classified as a post-effective amendment under Rule 462(c), meaning it is not a new registration but rather an update reflecting the fund’s finalized structure and offering framework.
Previously known as the Canary SUI ETF, the fund has been renamed Canary Staked SUI ETF to emphasize its integration of staking functionality. The product combines direct digital asset exposure with yield generation, offering investors a traditional investment vehicle with blockchain-native returns under a regulated U.S. market structure.
