Canary Capital Launches First U.S. Spot Staked TRX ETF on Cboe BZX Exchange

Canary Capital Group LLC has officially launched the Canary Staked TRX ETF, trading under the ticker TRXS, marking a significant milestone as the first U.S. exchange-traded fund to offer direct spot exposure to TRX, the native token of the Tron blockchain. The ETF commenced trading on the Cboe BZX Exchange on September 9.

This innovative fund not only holds TRX but also stakes more than 90% of its holdings, integrating the yield generated from staking back into its daily net asset value (NAV). BitGo serves as the digital asset custodian, while U.S. Bank manages cash services. Staking is facilitated through various providers, including Luganodes, which helps mitigate counterparty risk.

Unlike traditional funds that distribute staking rewards separately, the Canary Staked TRX ETF absorbs these rewards into its NAV, allowing for a compounding effect on the per-share value over time without triggering taxable distribution events.

Fee Structure and Regulatory Journey

The fund charges a 1.10% annual sponsor fee, with aggregate staking fees capped at 20% of the rewards generated, retaining the remaining 80% for NAV growth. This fee structure is higher than many competing crypto ETFs, particularly those focused on Bitcoin, which have seen fee reductions below 0.25%.

The launch of the ETF follows a lengthy regulatory process, initiated with an S-1 registration statement filed in April 2025. This process involved extensive discussions with the SEC regarding the fund's staking component.

Tron’s Growing Institutional Relevance

As of the ETF's launch, TRX had a market capitalization of approximately $32.17 billion. Justin Sun, the founder of Tron, emphasized that this ETF provides a new avenue for institutional investors—such as pension funds and family offices—to gain exposure to TRX without needing to navigate cryptocurrency exchanges or self-custody solutions.

Tron has established itself as a leading blockchain network for stablecoin transactions, processing around $5.6 trillion in USDT transfers year-to-date and supporting over $94 billion in circulating Tether. This ETF launch reflects the increasing recognition of Tron as critical infrastructure for the global digital economy.

Latest Developments on Canary Staked TRX ETF

• Launch Date: September 9, 2026
• ETF Ticker: TRXS
• Investment Focus: Exposure to the spot price of TRX and earning additional TRX through staking in the TRON network.
• TRON Network Significance: Supports over $94 billion in circulating Tether (USDT) and processes approximately $5.6 trillion in USDT transfers year-to-date.
• Governance: Managed by TRON DAO, which focuses on decentralizing the internet through blockchain technology.
• Investor Access: Aims to broaden access to blockchain infrastructure beyond Bitcoin and Ethereum.
• Performance Metrics: As of September 2026, TRON has over 403 million user accounts and more than 15 billion transactions recorded.