Canary Funds has filed an amended S-1 with the U.S. Securities and Exchange Commission, revealing the confirmed lineup for its upcoming American-Made Crypto ETF. The product tracks the CoinDesk Made-in-America Index, an index built around crypto assets with U.S.-based foundations, teams or mining activity. The updated filing provides the clearest picture yet of what assets will be included when the ETF launches.
What the Updated Filing Reveals
The amended filing, submitted on December 1, outlines how the ETF will operate, its regulatory classification and the assets it intends to hold. The CoinDesk Made-in-America Index now reflects the SEC’s new generic listing standards, which restrict the types of crypto assets that can be included in exchange-listed portfolios. As a result, the index now features only assets that meet those tightened requirements.
As of November 26, the index includes eight cryptocurrencies: HBAR, AVAX, BTC, LINK, LTC, SOL, XLM and XRP. Each asset is weighted by market capitalization but cannot exceed a 20 percent allocation, with a minimum floor of one percent.
Why These Specific Assets Are Included
CoinDesk Indices selected assets that demonstrate a verifiable connection to U.S. operations. Qualifying characteristics include a U.S.-based management team, headquarters, foundation or, in the case of proof-of-work tokens, at least 25% of blocks mined by U.S. operators. The index also excludes memecoins and tokens that cannot clear the exchange’s listing criteria, narrowing the pool significantly.
This framework allowed large-cap assets like Bitcoin, Solana, XRP and Avalanche to remain in the index, while others previously considered did not qualify under the new rules.
How the ETF Will Work
According to the filing, the American-Made Crypto ETF will operate as an exchange-traded product listed on Cboe BZX under the ticker MRCA. It will issue and redeem shares in large blocks through authorized participants. These participants will deliver either cash or crypto to acquire baskets of shares, and redemptions will be processed similarly.
Index Objective and Secondary Staking Rewards
The ETF’s primary objective is to mirror the performance of the Made-in-America Index. A secondary objective, noted in the filing, is to capture network rewards, such as staking or transaction validation income, when available on supported assets. This is not guaranteed but could offer an additional source of yield.
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