SEC Reviews Canary Staked SEI ETF for Trading Debut
Published Date: 9/11/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the new Canary Staked SEI ETF, a fund based on commodities, starting soon. This change affects investors looking for fresh ways to invest in commodity-based assets and could open up new opportunities in the market. The SEC is reviewing the proposal and inviting public comments before giving the green light.
Analyzed Economic Effects
7 provisions identified: 4 benefits, 3 costs, 0 mixed.
New SEI-based ETF for U.S. Investors
The Cboe BZX Exchange filed to list the Canary Staked SEI ETF, which would let U.S. investors buy shares that seek to track the SEI token (measured by the CoinDesk SEI USD CCIX 60 min NY Rate). The Registration Statement was filed April 30, 2025, and the Trust was formed April 23, 2025.
Creation/Redemption Risks for Authorized Participants
The Trust issues and redeems Creation Baskets in blocks of 10,000 Shares. For cash creations and redemptions, authorized participants are responsible for the dollar cost difference between the SEI price used to calculate NAV (as of 4:00 p.m. ET) and the price at which the Trust actually buys or sells SEI.
ETF May Stake SEI and Earn Rewards
The Trust may stake all or a portion of its SEI through staking providers and would receive staking rewards, which may be treated as income to the Trust. The Trust will not include incidental rights like forks or airdrops in NAV.
Daily NAV and 15-Second IIV Transparency
The Trust's NAV will be calculated once daily as of 4:00 p.m. ET using the Pricing Benchmark (CoinDesk SEI USD CCIX 60 min NY Rate). An Intraday Indicative Value (IIV) will be published every 15 seconds during regular trading hours (9:30 a.m. to 4:00 p.m. ET), and the Trust will publish daily holdings and other information on its website.
Cold Storage Custody and Segregation
The Custodian will hold the Trust's SEI in segregated cold storage addresses separate from other customers and will safeguard the private keys; the Custodian will not withdraw, loan, hypothecate, pledge or encumber the Trust's SEI without the Trust's instruction.
Trading Halts if Pricing Data Interrupted
The Exchange may halt trading in the Shares if the IIV or the Pricing Benchmark value is not being disseminated as required, and will halt trading no later than the next trading day if the interruption persists. Trading may also be halted if trading in underlying SEI is not occurring or other unusual conditions arise.
Incidental Rights Not Included in NAV
The Trust will disclaim and will not take into account any incidental rights or assets (for example, rights or assets resulting from forks or airdrops) when determining NAV.
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