Canary Capital Debuts First US ETF That Stakes TRON's TRX Token

Canary Capital Group has launched the first exchange-traded fund in the United States that holds TRON's native token and puts those assets to work on the blockchain, a product that marks a shift in how crypto funds are designed to capture value beyond simple price movement.

The Canary Staked TRX ETF, trading under the ticker TRXS, began its market debut on Wednesday. The fund, based in Brentwood, Tennessee, seeks to track the spot price of TRX while simultaneously participating in the TRON network's delegated proof-of-stake validation process. Net staking rewards are folded into the fund's daily net asset value rather than distributed separately to shareholders.

The structure represents an evolution from conventional spot crypto ETFs. Investors are not merely wagering that TRX will appreciate; they are gaining exposure to the economic output of a blockchain that has become a major conduit for stablecoin transfers. The trade-off is cost. The fund's annual sponsor fee is set at 1.10% of its TRX holdings, and staking fees can take a slice of the rewards generated, meaning shareholders will not pocket the full yield that a direct staker might earn.

That fee structure is the price of convenience. TRXS gives investors a brokerage-based route to TRX without requiring them to hold the token directly, manage wallets, or navigate the technical mechanics of staking. The fund's custodian for TRX is BitGo Bank & Trust, while U.S. Bank handles cash. U.S. Bancorp Fund Services provides administrative, accounting, and transfer-agent services. The product is listed on Cboe.