Canary Capital Launches First Spot TRX ETF with Staking in the U.S.

Canary Staked TRX ETF began trading on Cboe under the ticker TRXS.
The fund charges an annual fee of 1.1% and allocates about 90% of its assets to staking.
The custodian for digital assets is BitGo, and the staking provider is Luganodes.

Canary Capital announced the launch of the Canary Staked TRX ETF, the first exchange-traded product in the U.S. that combines direct exposure to TRX with income generation from staking. On September 9, 2026, the fund started trading on Cboe BZX under the ticker TRXS.

The primary investment objective of the fund is to track the value of TRX held in its balance sheet, net of expenses and liabilities. Additionally, the structure allows participation in the Delegated Proof-of-Stake (DPoS) mechanism of the TRON network, with the rewards earned being included in the net asset value (NAV) rather than paid out separately to shareholders.

According to Canary Capital, at the time of launch, the net assets of TRXS amounted to $50.25 million. The fund held approximately 148.4 million TRX, and the number of shares issued reached 2.01 million. The NAV at launch was $25 per share.

Canary charges an annual sponsor fee of 1.1% on the fund's assets. This fee is accrued daily and paid monthly in TRX or cash.

Additionally, up to 20% of the rewards earned from staking are allocated to pay for the services of the staking provider, custodian, and sponsor. According to the prospectus, at the time of launch, Canary expects this share to be exactly 20%, meaning about 80% of the rewards will remain within the fund.

Under normal conditions, the manager intends to allocate at least 90% of the TRX held by the fund to staking. The product page of Canary indicates that at the start, this share was indeed 90%, with Luganodes acting as the validator operator.

The company has not yet published the gross and net staking yield figures, as these are calculated based on the results of the previous quarter, which the recently launched fund does not have yet.

Custodial services for digital assets are provided by BitGo, while cash is held by U.S. Bank National Association. The administrator is U.S. Bank Global Fund Services. The CoinDesk Tron Benchmark Rate is used to determine the NAV.

A unique feature of the structure is the TRX unlock period after staking. According to the documents, it is 14 days. To manage the corresponding liquidity risk, Canary may leave a portion of the tokens unstaked, particularly to service redemptions and cover fund expenses.

Canary Capital CEO Stephen McClurg linked the product launch to TRON's role in stablecoin settlements. According to the executive, investors are increasingly paying attention not only to digital assets but also to blockchain networks that enable real use cases for cryptocurrencies. The company stated that over $94 billion USDT is on TRON, and the volume of stablecoin transfers since the beginning of the year has reached approximately $5.6 trillion.

Bloomberg Intelligence analyst James Seyffart also noted the upcoming launch. He wrote that the staking TRON ETF from Canary Capital is hitting the market under the ticker TRXS.

Similar information was previously published by ETF analyst Henry Jim. However, neither Seyffart nor his colleague Eric Balchunas provided a public assessment of the expected inflows to the fund at the time of writing.

One of the factors that could limit the product's appeal remains the cost of ownership. The 1.1% fee for TRXS is significantly higher than several other American cryptocurrency products with staking. Specifically, it is nearly four times higher than the fee for Grayscale's staking fund on Hyperliquid and considerably higher than the rates of some products on Ethereum and Solana.

At the same time, the built-in staking mechanism could be an advantage for TRXS for investors looking to gain exposure to TRX through a traditional brokerage account without having to self-custody tokens, manage private keys, and interact with validators.

The coin itself reacted positively to the news. The asset is trading at $0.339 at the time of preparing this material.