Sui ETF Explained: GSUI, SUIS and TSUI, Fees, Staking and Flows
Three US spot Sui ETFs listed in February 2026: Canary SUIS (0.75%), Grayscale GSUI (0.35%), 21Shares TSUI (0.30%). All three stake, and no aggregator tracks their flows.
TL;DR. Three spot Sui ETFs trade in the US, all listed within a week of each other in February 2026: Canary SUIS (Nasdaq, 18 February, 0.75% fee), Grayscale GSUI (NYSE Arca, 18 February, 0.35%) and 21Shares TSUI (Nasdaq, 24 February, 0.30%). Every one of them stakes at least part of its SUI, something a Bitcoin fund can't do. They are small: GSUI reported $30.4m of net assets at 31 March 2026, SUIS $20.5m and TSUI $16.4m at 16 September 2026. No flow aggregator covers SUI, so the daily series on this site is built from issuer disclosures, and for two of the three funds it only begins on 21 August 2026.
What a spot Sui ETF is
A spot Sui ETF is a US-listed trust that holds SUI, the native token of the Sui blockchain, and issues shares against it. You buy the share in a brokerage account. The trust keeps the tokens with a qualified custodian, stakes some or all of them, and the value of the SUI (plus whatever staking reward the sponsor doesn't keep) shows up in the share price.
Mechanically it's the same product as a spot Bitcoin ETF. Authorised participants create shares when the fund trades rich to its holdings and redeem when it trades cheap; those creations and redemptions are the "flows" on the Sui ETF flow tracker. Two investors swapping shares on Nasdaq don't move that number. Bitcoin ETF versus spot Bitcoin covers the wrapper's trade-offs, and they carry over unchanged.
Legally, none of the three is a 1940-Act fund. They're commodity-style trusts registered under the Securities Act: no independent board, no diversification rules, none of the protections of an ordinary mutual fund. Each prospectus says so on the first page.
What Sui is, in one section
Sui is a layer-1 blockchain built by Mysten Labs, founded by engineers from Meta's abandoned Diem stablecoin project. Mainnet launched on 3 May 2023. Two design choices set it apart from Ethereum-style chains.
The first is Move, the language Mysten's founders originally wrote at Meta. Move treats a digital asset as a resource that can be moved between owners but not copied or silently destroyed, which closes off a category of smart-contract bugs Solidity leaves open.
The second is the object model. Ethereum keeps one global state that every transaction competes to update. Sui stores each coin, NFT and contract resource as a separate object with its own owner, so a transaction touching only your own objects skips global consensus and runs in parallel. Shared-object transactions go through Mysticeti, Sui's DAG-based consensus, with finality well under a second.
The SUI token pays gas, secures the network through staking, and carries governance weight. Supply is capped at 10 billion. Staking Rewards showed roughly 70% of supply staked and a reward rate near 1.5% in mid-September 2026, with SUI trading around $0.73. That reward rate matters more for these ETFs than it sounds.
The three US tickers
| Ticker | Issuer | Exchange | First trading day | Sponsor fee | Staking | Custodian(s) |
|---|---|---|---|---|---|---|
| SUIS | Canary Capital | Nasdaq | 18 Feb 2026 | 0.75% | 100% staked via Luganodes and Everstake | BitGo Trust, Gemini Trust |
| GSUI | Grayscale | NYSE Arca | 18 Feb 2026 | 0.35% | A portion staked; sponsor and providers keep up to 23% of gross rewards | Coinbase Custody |
| TSUI | 21Shares | Nasdaq | 24 Feb 2026 | 0.30% | 70–90% staked; rewards paid quarterly in cash | Anchorage, BitGo, Coinbase Custody International |
Sources: Nasdaq listing circular for SUIS, Grayscale's 10-Q for the March 2026 quarter, and the Canary and 21Shares fund pages on 16 September 2026. Staking and custody terms change; check the current prospectus.
Canary SUIS: first out, most expensive
Canary filed its S-1 in March 2025 and got to market first. The Nasdaq circular set the first trading day as 18 February 2026; the fund page lists inception as 17 February, when the seed shares were created. Canary charges 0.75%, two and a half times the cheapest rival, and stakes the entire portfolio through Luganodes and Everstake. On 16 September 2026 the page showed $20.5m of net assets, a NAV of $18.15, and a staking yield of 1.73% gross against 1.56% net, the clearest published number for what staking adds after providers take their cut.
Grayscale GSUI: the converted trust
GSUI is the oldest vehicle of the three. Grayscale opened the Sui Trust to accredited investors as a private placement on 1 August 2024, quoted it over the counter in November 2025, and uplisted it to NYSE Arca on 18 February 2026 as the Grayscale Sui Staking ETF. That's GBTC's path, compressed from a decade into eighteen months. The uplisting cut the sponsor fee from 2.5% to 0.35%, waived entirely until 18 May 2026 or $1bn of assets, whichever came first; the waiver has expired. Staking began on listing day. The March-quarter 10-Q shows $30.4m of net assets and 34.7m SUI held, with Coinbase Custody as custodian.
21Shares TSUI: cheapest, and pays cash
21Shares listed TSUI on Nasdaq on 24 February 2026 at 0.30%, the lowest fee in the group. It stakes 70% to 90% of holdings and, unlike the other two, pays staking rewards to shareholders quarterly in cash rather than letting them accrue in the NAV. Custody is split across Anchorage Digital Bank, BitGo and Coinbase Custody International. On 16 September 2026 the fund had 1.17m shares outstanding, a NAV of $14.02 and $16.4m of assets. 21Shares had already listed a 2x leveraged Sui product in December 2025; that's a derivatives fund and belongs in a different conversation.
Why all three exist at once
Until September 2025 every spot crypto ETF needed its exchange to file a Rule 19b-4 petition and wait for the SEC to change its listing standards one product at a time; Bitcoin's took over a decade. On 17 September 2025 the SEC approved generic listing standards for commodity-based trust shares on Nasdaq, NYSE Arca and Cboe. An asset trading on a surveillance-shared market, or underlying a CFTC-regulated futures contract for six months, can now be wrapped without a bespoke rule change.
That's why Hyperliquid got three funds in May 2026, as covered in Hyperliquid ETF explained, and why Sui got three in seven days. The full roster is in the 2026 crypto ETF list.
The staking difference, and why the yield is smaller than advertised
A Bitcoin ETF holds an asset that produces nothing, so the fee is pure drag. A Sui ETF holds a proof-of-stake token, and staking it earns more SUI. That reward can offset some or all of the sponsor fee, which is why the headline expense ratio alone is a poor way to rank these three.
The catch is the size of the reward. Launch coverage in February quoted Sui staking yields near 7%. The network doesn't pay that. Staking Rewards showed about 1.5% in September 2026, Canary's page showed 1.73% gross and 1.56% net, and 21Shares' European Sui ETP showed a 30-day yield of 0.91%. Sui's reward is a shrinking protocol subsidy plus transaction fees, spread across roughly 70% of a 10 billion supply that's already staked, so the reward per token is thin.
On a 1.6% net reward:
| Fund | Sponsor fee | Share staked | Reward to fund (approx.) | Net carry before price |
|---|---|---|---|---|
| SUIS | 0.75% | 100% | ~1.6% | ~+0.8% |
| GSUI | 0.35% | "a portion"; up to 23% of gross kept by sponsor and providers | ~1.2–1.4% if most is staked | ~+0.9% |
| TSUI | 0.30% | 70–90% | ~1.1–1.4%, paid in cash | ~+0.9% |
The approximations are ours and the inputs move daily. What the table shows is that the 45 basis point gap between SUIS and TSUI narrows once Canary's decision to stake everything is counted, and that none of these is a yield product. Staking roughly covers the fee and not much more, a different picture from the Hyperliquid funds in staking inside a Hyperliquid ETF.
Staking also adds risks a Bitcoin fund doesn't carry: validator slashing, an unbonding delay that can slow redemptions if too many holders leave at once, and unsettled tax treatment of rewards at the fund level. TSUI's quarterly cash payment is a taxable event in a brokerage account. How the SEC's view changed is in the Ethereum ETF staking explainer.
What the flows show, and what they can't yet
Here's the honest state of the data. Farside, CoinGlass and SoSoValue publish daily flows for Bitcoin, Ethereum, Solana, XRP and Hyperliquid funds. None covers SUI. There's no third-party series to cross-check against, so the numbers on the Sui ETF flow page come from what the issuers publish each day: shares outstanding and NAV per share, or the count of SUI in the trust. That works differently for each fund:
- GSUI is complete. Grayscale publishes a daily file with shares outstanding, NAV and market price for every trading day since the 2024 private placement. Our series starts on 18 February 2026, the first day with a listed market price, so pre-listing creations by accredited investors aren't counted as ETF flow.
- SUIS and TSUI are incomplete. Neither Canary nor 21Shares publishes a downloadable history or discloses a wallet address that could be read from the chain. Their series begins on 21 August 2026, when this site started taking daily snapshots of the fund pages. Anything earlier would have to come from quarterly 10-Q filings, which give quarter-end totals, not days.
So from listing to late August, the asset-level SUI flow on this site is really the GSUI flow; from 21 August it's all three. We'd rather say that plainly than backfill a number nobody can verify. Through 19 August 2026 the GSUI-only series summed to about +$7.8m of net creations, small enough that one institutional order would dominate the chart.
Reading the daily figure follows the same rules as any spot fund: positive means net creations, negative means net redemptions, weekends are blank. The mechanics are in how to read Hyperliquid ETF flows, and every point transfers.
Outside the US: the European ETPs
Europe had physically backed Sui products long before Nasdaq did:
| Product | Issuer | Listing | Launched | Fee | Staking |
|---|---|---|---|---|---|
| 21Shares Sui Staking ETP (ASUI) | 21Shares | SIX Swiss Exchange, Euronext Amsterdam and Paris | 9 July 2024 | 2.50% | Yes, accrued daily to NAV |
| VanEck Sui ETN (VSUI) | VanEck Europe | Euronext Amsterdam and Paris | 13 November 2024 | 1.50% | Not stated in launch materials |
ASUI held $44.8m on 16 September 2026, larger than any of the three US funds that day, and charges more than eight times what TSUI does. That's the Bitcoin pattern repeating: European ETPs launched first and expensive, US listings came later and set the fee floor. Whether a US investor can buy ASUI or VSUI depends on the broker; EU retail investors face the opposite problem with the US funds, which lack PRIIPs documents.
Who these funds are for
The wrapper earns its fee in three situations: money in an IRA or 401(k), where the ETF is the only way to hold SUI; a mandate that permits listed securities and forbids self-custodied tokens; and investors who don't want to run a wallet, pick a validator and reconcile staking rewards at tax time. For that the fund charges 30 to 75 basis points a year.
Against it: you trade only during US market hours while SUI trades around the clock, you give up part of the staking reward, you can't use the tokens on Sui itself, and a fund holding $16m to $30m can swing to a premium or discount on a thin day. Check the spread and the premium to NAV before placing a market order.
And be clear about the asset. SUI traded at $0.72 on the day SUIS and GSUI listed, per CoinDesk, and near $0.73 seven months later. The wrapper doesn't reduce that risk. It changes who holds the keys.
Which of the three
A full side-by-side is coming separately. The short version: TSUI is cheapest and the only one paying rewards in cash; GSUI has the longest record and the most complete public data; SUIS stakes the most and charges the most. Liquidity is thin in all three, so the spread on the day you trade may matter more than the fee.
FAQ
Is there a Sui ETF in the US?
Yes, three spot funds: Canary SUIS (Nasdaq, first traded 18 February 2026, 0.75% fee), Grayscale GSUI (NYSE Arca, 18 February 2026, 0.35%) and 21Shares TSUI (Nasdaq, 24 February 2026, 0.30%). All three hold SUI directly and stake some or all of it.
Which Sui ETF has the lowest fee?
21Shares TSUI at 0.30%, ahead of Grayscale GSUI at 0.35% and Canary SUIS at 0.75%. Each fund stakes a different share of its SUI and keeps a different cut of the reward, so the net cost gap is narrower than the headline fees suggest.
Do Sui ETFs pay staking rewards?
All three stake. SUIS and GSUI let net rewards accrue in the fund’s NAV. TSUI stakes 70% to 90% of holdings and pays rewards to shareholders quarterly in cash. At network reward rates near 1.5% in September 2026, the reward roughly offsets the sponsor fee rather than producing meaningful income.
Why is the Sui staking yield so much lower than the 7% quoted at launch?
Sui’s reward comes from a protocol subsidy that shrinks as supply enters circulation, plus transaction fees, spread across roughly 70% of a 10 billion token supply that is already staked. Staking Rewards showed about 1.5% in September 2026 and Canary’s own page showed 1.73% gross.
Why do other sites not show Sui ETF flows?
Farside, CoinGlass and SoSoValue have not added the asset. This site computes Sui flows from issuer disclosures: Grayscale’s daily file gives GSUI a complete history from listing, while SUIS and TSUI are tracked from 21 August 2026, when daily snapshots of their fund pages began.
Sources and further reading
- Grayscale Sui Staking ETF, Form 10-Q for the quarter ended 31 March 2026 (fee, waiver, staking, custodian, net assets) — sec.gov.
- Nasdaq listing circular, Canary Staked SUI ETF anticipated to begin trading 18 February 2026 — nasdaqtrader.com.
- Canary Capital, SUIS fund page: fee, staking providers, custodians, NAV and net assets — canaryetfs.com.
- 21Shares, TSUI fund page and launch release of 24 February 2026 — 21shares.com.
- Grayscale, GSUI launch release of 18 February 2026 — globenewswire.com.
- Sui documentation on validators and staking rewards — docs.sui.io.
- Daily data: Sui ETF flows tracker. Internal: Hyperliquid ETF explained, new crypto ETFs of 2026.
