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Canary Capital launched the Canary Staked TRX▲$0.3220 ETF, which is the first U.S. ETF pegged to the cryptocurrency ecosystem operating on TRON. The ETF begins trading on September 9 under the ticker TRXS and seeks to provide the market with unique exposure to TRX through staking rewards.
TRXS, which is available on the Cboe, enables investors to gain exposure to TRX through traditional brokerage accounts. It eliminates the need for investors to buy the token, maintain a crypto wallet, or set up a staking infrastructure. TRXS is a token backed by TRX, which participates in the TRON proof-of-stake network.
Canary’s primary investment objective is to increase the value of TRX as measured by the value of TRX it holds minus its expenses and liabilities, and the secondary is to generate TRX through staking. The asset manager expects nearly all of its assets to opt into staking, and fees will top out at 20% of rewards.
Any residual staking reward is kept by the trust and factored into daily net asset value calculations. The TRXS also charges an annual sponsor’s fee equal to 1.10% of the trust’s TRX. BitGo Bank & Trust serves as crypto custodian and U.S. Bank as cash custodian. U.S. Bancorp Fund Services serves as administrator and transfer agent.
TRON founder Justin Sun argued the ETF launch is further evidence that blockchain technology is the infrastructure of the future global digital economy. Canary Capital CEO Justin McClurg said the investment case behind the product was also focused on the use of TRON by clients as their preferred blockchain for stablecoin payments and settlement.
Supplementing this information were network statistics from Messari, a blockchain research firm. For Q2 2026, the network showed $2.1 trillion USDT▲$0.9991 volume; a market cap of $89.2 billion for stablecoins in total, of which USDT comprised $87.9 billion or 98.5%. Volume of USDT transferred per day increased 4.3% quarter-over-quarter to $22.8 billion per day.
TRXS follows a broader US rollout of TRX access around the same time. The US resumed spot trading of TRXregulated futures trading, and Anchorage Digital launched institutional grade staking
The ETF is the most recent fund of its kind added to the Canary Capital family of single-asset crypto funds, with the firm already listing funds for XRP▲$1.13, Litecoin and Hedera’s HBAR▲$0.0730 cryptocurrency. In contrast to some competitive altcoin ETF setups, TRXS is based on a staking strategy.
Canary submitted its Form S-1 registration statement for the fund in April 2025. Amendments were made pertaining to the fund’s ticker, exchange listing, custody model, fees, and staking delegation.
TRXS gives U.S. investors a regulated, brokerage-based product that gives them exposure to the price of TRX and staking-based returns tied to the underlying asset it holds.
Source: bitcoinfoundation.org