Canary Capital has submitted an amended S-1 filing to the Securities and Exchange Commission (SEC) for its American-Made Crypto ETF, finalizing the fund’s constituent cryptocurrencies. The ETF, which tracks the CoinDesk Made-in-America Index, will include eight digital assets that meet the SEC’s new generic listing standards: Hedera (HBAR), Avalanche (AVAX), Bitcoin (BTC), Chainlink (LINK), Litecoin (LTC), Solana (SOL), Stellar (XLM), and XRP (XRP).
The filing marks a significant development in the cryptocurrency ETF landscape, as it represents one of the first multi-asset crypto ETFs to advance under the SEC’s recently approved generic listing standards for digital assets.
🚨 @CanaryFunds has filed an amended S-1 for its American-Made Crypto ETF, confirming its constituents.
— TaTa ◕_◕ (@hbarTaTa) December 2, 2025
The ETF tracks the CoinDesk Made-in-America Index, which now only includes assets that meet the new generic listing standards 👀
As of Nov 26, 2025 the index includes:… pic.twitter.com/ISLxeAIe8l
Understanding the Generic Listing Standards
The SEC approved generic listing standards for crypto ETFs in September 2025, creating a more streamlined path for exchanges to list cryptocurrency-backed products. These standards allow exchanges to list commodity-based exchange-traded products, including those holding cryptocurrencies, without requiring the SEC’s individual review for each new fund.
Under the new framework, cryptocurrencies must meet specific criteria to qualify for inclusion in ETFs. These criteria include having established futures markets that have traded for more than six months, sufficient liquidity, and meeting other regulatory requirements. This change has dramatically reduced the timeline for bringing new crypto ETFs to market.
SEC Chairman Paul Atkins explained the rationale behind the generic listing standards when they were approved: “By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets.” This regulatory shift has encouraged ETF issuers like Canary Capital to develop more diverse crypto investment products.
The Made-in-America Index Composition
According to the amended S-1 filing, Canary’s ETF tracks the CoinDesk Made-in-America Index, which focuses on cryptocurrencies with strong U.S. connections. The constituent assets are weighted by market capitalization, with a 20% cap per individual asset and a 1% minimum weight requirement. This structure prevents any single cryptocurrency from dominating the fund while ensuring smaller assets maintain meaningful representation.
The inclusion of these eight specific cryptocurrencies reflects their compliance with the generic listing standards as well as their connection to American markets. The Made-in-America concept aligns with increasing political and regulatory focus on domestic cryptocurrency development and adoption.
Canary Capital has positioned the ETF as a way for investors to gain exposure to a diverse basket of U.S.-connected digital assets through a regulated investment vehicle. The fund’s structure provides investors with a simplified approach to crypto investing without the complexity of managing multiple individual cryptocurrency holdings.
Market Impact and Investment Outlook
The American-Made Crypto ETF represents part of a broader trend toward more specialized cryptocurrency investment products. Following the success of single-asset ETFs for Bitcoin and Ethereum, the market has been anticipating multi-asset funds that provide broader exposure to the cryptocurrency ecosystem.
ETF analysts have noted that such specialized crypto funds are likely to continue emerging as issuers look for differentiated offerings in an increasingly competitive market. Bloomberg ETF analyst James Seyffart previously commented on the generic listing standards: “This is the crypto ETP framework we’ve been waiting for. Get ready for a wave of spot crypto ETP launches in coming weeks and months.”
For investors, the American-Made Crypto ETF offers several potential advantages, including professional management, simplified tax reporting compared to direct cryptocurrency ownership, and exposure to multiple digital assets through a single security. The fund also provides a regulated alternative to directly purchasing and securing cryptocurrencies, which many traditional investors find challenging.
The Future of Multi-Asset Crypto ETFs
Canary Capital’s American-Made Crypto ETF signals a significant shift in how investors can access the cryptocurrency market. With the SEC’s generic listing standards now in place, we can expect to see more thematic and specialized crypto ETFs entering the market in the coming months.
Steve McClurg, CEO of Canary Capital, has indicated that the firm has “filed everything that falls under the generic listing standards” and will now focus on managing existing products while awaiting changes in how the SEC treats crypto ETFs.
As the cryptocurrency ETF landscape continues to evolve, investors should stay informed about the criteria used to select assets for these funds and understand how regulatory developments may affect their performance and availability. The growing range of cryptocurrency ETFs ultimately provides investors with more options for incorporating digital assets into their portfolios through familiar, regulated structures.
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