Canary Capital announced the launch of the Canary Staked TRX ETF, which began trading on Cboe BZX on Sept. 9 under the ticker TRXS. The product gives investors direct exposure to TRX while incorporating rewards from staking on the TRON network.

Fund holdings and fees

The fund’s primary investment objective is to track the value of the TRX on its balance sheet, net of expenses and liabilities. It participates in TRON’s Delegated Proof-of-Stake mechanism, with staking rewards reflected in the fund’s net asset value rather than distributed separately to shareholders.

According to Canary Capital data, TRXS launched with $50.25 million in net assets and held about 148.4 million TRX. It had 2.01 million shares outstanding and an initial NAV of $25 per share.

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

Up to 20% of the staking rewards may be allocated to the staking provider, custodian and sponsor. The prospectus said Canary expected that share to be 20% at launch, leaving about 80% of staking rewards within the fund.

The 1.1% fee could limit the product’s appeal because it is higher than fees for several other U.S. staking crypto products. It is nearly four times the fee charged by Grayscale’s staking fund on Hyperliquid and is also significantly above rates for some Ethereum and Solana products.

Staking, custody and liquidity

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

Canary has not published gross or net staking-yield figures. Those figures are calculated using results from the previous quarter, which the newly launched fund does not yet have.

BitGo provides digital-asset custody services, while U.S. Bank National Association holds the fund’s cash. U.S. Bank Global Fund Services serves as administrator, and the CoinDesk Tron Benchmark Rate is used to determine NAV.

Staked TRX is subject to a 14-day unbonding period, according to the fund documents. To manage the related liquidity risk, Canary may leave some tokens unstaked to meet redemptions and cover fund expenses.

The staking structure could benefit investors seeking TRX exposure through a traditional brokerage account without taking custody of the asset, managing private keys or interacting directly with validators.

TRON activity and market response

Canary Capital CEO Steven McClurg linked the launch to TRON’s role in stablecoin settlement. The company said investors are increasingly considering not only digital assets but also the blockchain networks supporting real-world crypto use.

Canary said more than $94 billion in USDT is held on TRON and that stablecoin transfer volume since the start of 2026 had reached about $5.6 trillion.

Bloomberg Intelligence analyst James Seyffart also flagged the planned launch of the staking TRON ETF under the TRXS ticker. ETF analyst Henry Jim had previously published similar information. At the time of the report, neither Seyffart nor Bloomberg Intelligence analyst Eric Balchunas had publicly estimated the fund’s expected inflows.

TRX responded positively to the launch and was trading at $0.339 at the time of the report. A daily TRX/USDT chart for Binance was available through TradingView.

The TRXS launch followed the debut of the first multi-asset spot crypto ETF with staking in mid-July 2026.

Source: Incrypted