Canary Capital Has Launched the First US Spot TRX ETF With Staking

• Canary Staked TRX ETF began trading on Cboe under the ticker TRXS.
• The fund charges a 1.1% annual fee and stakes about 90% of its assets.
• BitGo serves as the digital asset custodian, and Luganodes is the staking provider.

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

The fund’s primary investment objective is to track the value of the TRX held on its balance sheet, net of expenses and liabilities. In addition, the structure participates in the TRON network’s Delegated Proof-of-Stake (DPoS) mechanism, and the rewards earned are reflected in net asset value (NAV) rather than paid out separately to shareholders.

According to Canary Capital data, at launch TRXS had $50.25 million in net assets. The fund held about 148.4 million TRX, and the number of shares outstanding reached 2.01 million. NAV at launch was $25 per share. 

Canary charges an annual sponsor fee of 1.1% of the fund’s assets. It accrues daily and is paid monthly in TRX or in cash. 

In addition, up to 20% of staking rewards received is allocated to pay the staking provider, custodian, and sponsor. According to the prospectus, at launch Canary expects this share to be 20%, meaning about 80% of rewards will remain within the fund. 

Under normal conditions, the manager intends to stake at least 90% of the TRX held by the fund. Canary’s product page notes that at inception this share was exactly 90%, and Luganodes acts as the validator operator. 

The company has not yet published gross and net staking yield figures — they are calculated based on the prior quarter’s results, which the newly launched fund does not yet have. 

BitGo provides digital asset custody services, while cash is held at U.S. Bank National Association. U.S. Bank Global Fund Services serves as administrator. The CoinDesk Tron Benchmark Rate is used to determine NAV.

A distinctive feature of the structure is the TRX unbonding period after staking. According to the documents, it is 14 days. To manage the associated liquidity risk, Canary may keep a portion of the tokens unstaked, including to meet redemptions and cover fund expenses.

Canary Capital CEO Steven McClurg linked the product launch to TRON’s role in stablecoin settlement. According to the executive, investors are increasingly paying attention not only to digital assets, but also to blockchain networks that enable real-world crypto use. The company said that more than $94 billion in USDT is held on TRON, and that stablecoin transfer volume since the start of the year has reached about $5.6 trillion. 

Bloomberg Intelligence analyst James Seyffart also flagged the upcoming launch. He wrote that Canary Capital’s staking TRON ETF is coming to market under the ticker TRXS. 

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

One factor that could limit the product’s appeal remains the cost of ownership. TRXS’s 1.1% fee is noticeably higher than that of a number of other US staking crypto products. In particular, it is nearly four times higher than the fee charged by Grayscale’s staking fund on Hyperliquid, and significantly above 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 who want exposure to TRX through a traditional brokerage account without self-custody, handling private keys, or interacting with validators. 

TRX itself reacted positively to the news. The asset is trading at $0.339 at the time of writing. 

As a reminder, the first multi-asset spot crypto ETF with staking launched in mid-July 2026. 

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