Canary Capital has brought the first exchange-traded fund combining direct holdings of Tron’s TRX token with on-chain staking rewards to U.S. markets. Shares of the Canary Staked TRX ETF began trading on September 9 under the ticker TRXS on the Cboe BZX Exchange.

The product gives brokerage-account investors a regulated path to TRX without requiring them to hold the token themselves or manage staking mechanics. It is structured as a commodity-based exchange-traded product whose primary goal is to track the value of its TRX holdings after expenses, while a secondary objective is to generate additional TRX through participation in the network’s proof-of-stake process.

Structure and Staking Details

Under normal conditions the sponsor expects to stake at least 90 percent of the trust’s TRX. Aggregate staking fees are capped at 20 percent of rewards generated, so the trust retains the remaining 80 percent. Those retained rewards are incorporated into the fund’s daily net asset value rather than paid out as separate distributions.

Investors pay an annual sponsor fee of 1.10 percent of TRX holdings. The fee accrues daily and is payable monthly in either TRX or cash. Canary has agreed to cover ordinary operating expenses up to $200,000 per year. An affiliate of the sponsor committed to purchase 10,000 seed shares at $25 each to launch the fund.

BitGo Bank & Trust serves as custodian for the TRX tokens. U.S. Bank handles cash, while U.S. Bancorp Fund Services provides administration, accounting and transfer-agent services. Shares are created and redeemed in blocks of 10,000 and may settle in cash or in-kind TRX.

Market Context and Network Activity

At the time of the launch TRX carried a market capitalization of approximately $32 billion, ranking it eighth among cryptocurrencies. Price reaction to the listing news remained modest, with the token trading near $0.34 and posting gains of less than 2 percent in the surrounding sessions.

Tron has established itself as a major venue for stablecoin transfers. In the second quarter the network processed $2.1 trillion in USDT transfers. Its overall stablecoin market capitalization reached $89.2 billion, of which USDT accounted for nearly the entire amount. Average daily USDT transfer volume stood at $22.8 billion.

Broader Product Line and Distinctions

TRXS expands Canary Capital’s existing suite of cryptocurrency ETFs, which already includes funds tracking XRP, Litecoin and Hedera’s HBAR. The inclusion of staking distinguishes the Tron product from some other proposed altcoin funds that have kept staking outside their initial structures.

The ETF should not be confused with Tron Inc., a separate U.S. operating company that trades on Nasdaq under the ticker TRON. That firm previously operated under a different name and later adopted a TRX treasury strategy. Ownership of TRXS shares confers no equity interest in Tron Inc., the Tron DAO or the underlying protocol.

Canary first filed its registration statement for the staked TRX product in April 2025. Subsequent amendments detailed the ticker, exchange listing, custody arrangements and staking terms. A pre-effective amendment filed in August set the stage for the September 9 debut.

The listing arrives as U.S. access to TRX has widened through restored spot trading on certain platforms, regulated futures contracts and institutional staking services offered by qualified custodians. TRXS provides the first listed vehicle that packages both price exposure and staking economics inside a single exchange-traded product available through conventional brokerage accounts.