The Canary Staked TRX ETF (TRXS) launched Sept. 9 on Cboe BZX Exchange, the first US-listed fund to pair TRX exposure with staking rewards. The fund stakes at least 90 percent of its TRX holdings and folds the resulting yield into net asset value, creating a new regulated channel for institutional TRX exposure.
Canary Capital's TRXS, the first US staked TRX ETF, began trading Sept. 9 on Cboe BZX, with at least 90 percent of holdings staked for yield.
"The launch of the Canary Staked TRX ETF demonstrates the growing recognition of the TRON network as critical infrastructure for the global digital economy," Justin Sun, TRON founder, said. The product provides access to a network "already powering real-world financial activity at scale," he added.
The fund stakes substantially all its TRX through designated providers, with aggregate staking fees capped at 20 percent of rewards, leaving 80 percent with the trust. The annual sponsor fee is 1.10 percent of TRX holdings, accrued daily and payable monthly in TRX or cash. BitGo Bank & Trust serves as TRX custodian, while U.S. Bank handles cash custody and U.S. Bancorp Fund Services provides administration and transfer-agent services.
TRX had a market capitalization of roughly $32.1 billion at the time of the announcement, ranking eighth among cryptocurrencies. Rewards retained by the trust are included in daily net asset value calculations, allowing staking income to compound within the fund rather than being distributed separately. The trust is not registered under the Investment Company Act of 1940 and does not hedge against declines in the TRX price.
Canary CEO Steven McClurg tied the product to TRON's role in stablecoin settlement. "As stablecoin adoption continues to grow globally, TRON has become a critical piece of the infrastructure powering digital asset payments and settlement," he said.
TRON processed $2.1 trillion in USDT transfers during the second quarter of 2026, according to an Aug. 10 Messari report. The blockchain's stablecoin market capitalization reached $89.2 billion in the quarter, with USDT accounting for $87.9 billion, or 98.5 percent of the total. Average daily USDT transfer volume rose 4.3 percent quarter-over-quarter to $22.8 billion.
Staking on TRON requires freezing tokens, and the prospectus notes a 14-day unfreeze period. That lockup is an operational feature of the network, separate from the ability of TRXS shares to trade during exchange hours. Creation and redemption are designed in baskets of 10,000 shares and may be settled in cash or TRX, with an affiliate of the sponsor indicating intent to purchase 10,000 seed shares at $25 each.
TRXS joins Canary's lineup of crypto ETFs tracking XRP, Litecoin and Hedera's HBAR. The staking structure differentiates it from proposed BNB ETFs from VanEck and Grayscale, which kept staking outside their main launch structures. Bitwise also filed with the SEC in December 2025 for 11 single-asset crypto ETFs, including a TRX product using a different hybrid structure that allocates up to 60 percent to direct token holdings.
The first test after the debut is creations, redemptions and assets under management, not the opening print. If authorized participants create shares against underlying TRX, the trust becomes a marginal buyer of the token and a participant in TRON staking. If creations stall, the product remains a ticker with limited economic effect on TRX. TRX was trading near $0.3345 on Sept. 8, according to CoinGecko data, with the fund's net staking income versus its 1.10 percent fee drag only visible once the trust publishes holdings and performance data.
This article is for informational purposes only and does not constitute investment advice.
