A new exchange-traded product offering US investors regulated access to Tron’s native token is scheduled to begin trading Wednesday. The Canary Staked TRX ETF, listed under the ticker TRXS on Cboe BZX Exchange, is designed to hold TRX directly while also participating in the network’s proof-of-stake process so that staking rewards can increase the fund’s holdings over time.
Unlike earlier spot crypto funds that simply track price, this vehicle aims to combine market exposure with on-chain yield.
Under ordinary conditions, the sponsor expects to stake at least 90 percent of the trust’s TRX.
Service fees on those rewards are capped at 20 percent, so the trust is structured to retain about 80 percent of net staking income.
Those rewards are not paid out as cash distributions. Instead, they are intended to remain inside the fund and lift net asset value per share.
Canary Capital Group LLC sponsors the product.
The annual sponsor fee is 1.10 percent of TRX holdings, accrued daily and payable monthly in tokens or cash.
That charge is higher than the fees on most US spot bitcoin ETFs, which typically range from about 0.19 percent to 0.25 percent, but those products do not include a staking component.
Canary has also indicated it will cover ordinary operating expenses up to $200,000 per fiscal year.
Custody is split. BitGo Bank & Trust is expected to hold the TRX, while US Bank handles cash.
Administration and transfer-agency work is assigned to U.S. Bancorp Fund Services.
Shares are expected to be created and redeemed in baskets, with transactions possible in cash or in TRX depending on the circumstances set out in the registration materials.
The filing history stretches back to April 2025, when Canary first submitted an S-1 for a staked TRX product.
Subsequent amendments added the TRXS ticker, Cboe listing plans, fee details, and staking mechanics.
An August 19, 2026 amendment laid out the structure that market participants now treat as the launch blueprint.
Bloomberg Intelligence ETF analyst Henry Jim flagged the September 9 start date after that filing.
Tron founder Justin Sun also publicly noted the Cboe listing and ticker on September 8.
TRX ranks among the larger digital assets by market value, recently cited near $32 billion and eighth among cryptocurrencies.
The Tron network is widely used for low-cost stablecoin transfers. Canary CEO Steven McClurg has framed the product as a way for traditional accounts to gain exposure to infrastructure that already supports large-scale digital payments.
Sun described the listing as a sign that the network is being treated as core financial infrastructure and as a new on-ramp for institutional investors.
Investors should distinguish TRXS from any corporate listing tied to Tron-related operating companies.
The ETF represents shares in a trust that holds TRX; it is not equity in a business that builds or governs the protocol.
Liquidity, creation-redemption activity, and the 14-day unstaking window on the Tron network will all shape how closely the product tracks spot markets in practice.
The launch expands the US crypto ETF roster beyond bitcoin and ether into an altcoin wrapper that also tries to capture protocol yield. Whether inflows follow, and whether staking inside an ETF wrapper becomes a broader template, will depend on trading, custody execution, and investor demand after the first sessions.
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