Canary Capital Launches First US Staked TRON ETF as TRX Enters Wall Street

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.