Canary Capital’s staked Tron ETF to list on Cboe September 9

Canary Capital is about to do something no US fund manager has pulled off before: launch an ETF that gives investors exposure to Tron’s TRX token while simultaneously staking the underlying assets for yield. The fund, trading under the ticker TRXS, is scheduled to begin trading on the Cboe BZX Exchange on September 9.

The product essentially lets traditional brokerage account holders earn staking rewards from Tron’s proof-of-stake network without ever touching a crypto wallet.

How the staking mechanics work

Under normal market conditions, the ETF will stake at least 90% of its TRX holdings. Staking service fees are capped at 20% of rewards, meaning 80% of net staking income flows directly into the trust’s net asset value. Investors don’t receive staking rewards as separate distributions. Instead, the value accrues within the fund itself, boosting the per-share price over time.

Canary Capital will charge a 1.10% annual sponsor fee, payable monthly in either TRX or cash. For context, most spot Bitcoin ETFs in the US charge between 0.19% and 0.25%, though those products don’t offer any staking component.

The custody arrangement splits responsibilities between two entities. US Bank handles cash custody, while BitGo Bank & Trust manages the actual TRX holdings.

Why this matters for the ETF landscape

Several asset managers have filed applications for single-asset ETFs tracking altcoins like BNB, but most remain stuck in the SEC’s review pipeline.

The S-1 amendment filed on August 19 laid out the fund’s structure in detail, suggesting the regulatory conversations had progressed well beyond the exploratory phase.

Justin Sun, the founder of the Tron network, publicly confirmed the TRXS listing details on September 8, one day before trading begins. At the time of the announcement, TRX was trading near $0.34, with its 50-day exponential moving average providing technical support around $0.33.

Several Ethereum ETF issuers have expressed interest in adding staking to their existing products but have so far been unable to secure approval. TRXS could inadvertently become the precedent that unlocks staking across the entire US crypto ETF market.

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