Canary TRX ETF TRXS to Launch on Cboe

The Canary Staked TRX ETF is expected to begin trading on Cboe BZX on Wednesday under the ticker symbol TRXS. This listing provides U.S. investors with a regulated way to gain exposure to the TRX token through an exchange-traded product. The market noted this listing date following the effective preliminary prospectus submitted on August 19. TRXS is a commodity-based exchange product rather than an equity share of a company. The fund aims to track the price of the TRX portfolio it holds and seeks additional returns through staking, with the sponsor intending to stake at least 90% of the TRX, with a fee cap of 20% on rewards. Investors will pay an annual fee of 1.1% based on their TRX holdings, calculated daily and payable monthly in TRX or cash. Canary has agreed to cover daily operating costs up to $200,000 per year. BitGo Bank & Trust will be responsible for token custody, U.S. Bank will handle cash management, and U.S. Bancorp Fund Services will manage administration and transfers. Shares will be created and redeemed in batches of 10,000. Tron founder Justin Sun announced the listing on X on Tuesday, emphasizing that TRXS should not be confused with the independent company Tron Inc. listed on Nasdaq, which has the ticker symbol TRON.

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