Canary Capital launches first staked TRON ETF in the US

Canary Capital has introduced the first staked TRON exchange‑traded fund (ETF) in the United States, trading under the ticker TRXS on Cboe. The product offers traditional‑brokerage investors exposure to TRX, the native token of the TRON network, while automatically reinvesting staking rewards into the fund’s net asset value.

Fund structure and fees

TRXS holds substantially all of its TRX assets and participates in TRON’s proof‑of‑stake mechanism. Staking rewards are retained by the trust, with up to 20 % of rewards taken as fees; the remaining 80 % is added to the daily NAV. The fund charges an annual sponsor fee of 1.10 % of its TRX holdings, accrued daily and payable in TRX or cash.

Custody and administration

BitGo Bank & Trust serves as the custodian for the TRX holdings, while U.S. Bank handles cash. Administrative, accounting, and transfer‑agent services are provided by U.S. Bancorp Fund Services.

TRON network activity supporting the launch

• TRON processed $2.1 trillion in USDT transfers in Q2 2026.
• Stablecoin market cap on TRON reached $89.2 billion, with USDT accounting for $87.9 billion (98.5 %).
• Average daily USDT transfer volume rose 4.3 % quarter‑over‑quarter to $22.8 billion.
• Daily transaction count exceeded 12.5 million, with USDT alone handling 2.55 million transfers and $28.1 billion in on‑chain volume on a recent day.

Broader market context

TRX’s market capitalization is roughly $32.1 billion, placing it eighth among cryptocurrencies. Recent U.S. market developments include Binance.US resuming spot TRX trading, Bitnomial launching regulated TRX futures, and Anchorage Digital offering institutional TRX staking.

Canary Capital’s crypto ETF lineup

TRXS adds to Canary’s existing crypto ETFs that track XRP, Litecoin and Hedera’s HBAR, and follows filings for additional assets. Unlike some proposed altcoin ETFs that exclude staking, Canary integrates staking directly into the TRX fund’s investment strategy.