- Cboe BZX files to list SUI ETF, offering direct exposure to the SUI token.
- The ETF uses cold storage custody and tracks price via CoinDesk’s SUI index.
- Trust structure includes staking rewards, excludes forks, and airdrops from NAV.
Cboe BZX Exchange has filed to list and trade the Canary SUI ETF under Rule 14.11(e)(4) governing Commodity-Based Trust Shares. The SUI ETF aims to provide regulated exposure to SUI, the native token of the decentralized proof-of-stake SUI blockchain.
ETF Filing Targets SUI Exposure Through Regulated Trust Structure
Marty Party posted the report on X, confirming the Cboe BZX proposal filed on April 7, 2025, under the Securities Exchange Act of 1934. The ETF, structured as a Commodity-Based Trust Share, is backed by Canary Capital Group LLC as sponsor. The Trust was established as a Delaware statutory trust and operates as a C corporation.
The ETF aims to track SUI’s price using the CoinDesk SUI USD CCIX 60-minute NY Rate, updating data every 15 seconds. CSC Delaware Trust Company serves as trustee, and all SUI holdings will be stored in cold storage by a third-party custodian. The custodian uses segregated addresses and tracks holdings on both blockchain and internal records.
Each share reflects a fractional interest in the Trust’s assets, which include SUI, cash, or instruments maturing within three months. Creation and redemption occur in 10,000-share blocks using only cash, with no SUI interaction by participants. The Trust will perform staking via reliable providers, while ignoring airdrops and forks in NAV calculations.
SUI ETF Framework Mirrors Spot Bitcoin and Ethereum Structures
The Trust avoids registration under commodity pool or investment company classifications, aligning with recently approved spot crypto ETFs. It emphasizes arbitrage-driven price correction, 24/7 trading, and secure custodial handling to address SEC market integrity requirements. All NAV and intraday values will be posted publicly through Canary Capital and trading platforms.
Real-time valuation updates, pricing history, and discount/premium charts will offer transparency for institutional and retail investors. ETF pricing data will be distributed via CTA feeds and global crypto platforms. Trading may be halted if NAV or IIV data becomes unavailable to prevent exposure to market irregularities.
Surveillance will be conducted by FINRA under a regulatory agreement with Cboe BZX. Market Makers must disclose related accounts and make records available when requested. Information circulars will outline risks, redemption rules, and investor protection requirements.
