Canary Capital has signaled that its proposed Canary Staked TRX ETF is “coming soon,” pointing to an amended registration statement filed with the U.S. Securities and Exchange Commission on Aug. 19. The filing adds key operating details for the planned product, including its ticker, fee structure, custody arrangements and staking design.

The proposed exchange-traded fund would trade under the ticker TRXS and is intended to give investors exposure to TRX through standard brokerage accounts while also participating in staking on the Tron network. Even so, the registration statement remains preliminary, and there is still no confirmed launch date or SEC effectiveness notice.

Filing adds structure for the proposed fund

According to the amended S-1, TRXS is expected to seek a listing on Cboe, subject to regulatory and operational requirements. The prospectus says the trust would issue and redeem baskets of 10,000 shares, with transactions able to take place in cash or in TRX depending on the circumstances described in the filing.

The amendment also sets the annual sponsor fee at 1.10% of the trust’s TRX holdings. That fee would accrue daily and could be paid monthly in either TRX or cash. Canary may choose to waive part of the fee, but the filing says it is not required to do so.

Staking is central to the ETF design

A notable feature of the proposed product is that Canary expects to allocate substantially all of the trust’s TRX to staking. The filing says staking fees would not exceed 20% of the rewards generated, leaving the trust with the remaining 80% under the current structure.

Those staking fees would be shared among the staking provider, Canary and the custodian. Any rewards received by the fund would be reflected in its daily net asset value calculations, according to the prospectus.

Custody and pricing arrangements named

The filing identifies BitGo Bank & Trust as custodian for the fund’s TRX, while U.S. Bank would serve as cash custodian. U.S. Bancorp Fund Services would handle administrative, accounting and transfer-agent functions for the trust.

For valuation, the fund would use the CoinDesk Tron Benchmark Rate supplied by CoinDesk Indices to calculate net asset value. The prospectus also notes that shares could trade at a premium or discount to the value of the underlying TRX.

What is still unresolved

Canary first submitted the fund’s Form S-1 in April 2025, and later amendments added the TRXS ticker, the plan to list on Cboe, the named service providers, the staking terms and the final sponsor fee. But the latest amendment does not mean the product has been approved.

The prospectus states that neither the SEC nor any state securities regulator has approved or disapproved the securities, or passed on the accuracy of the filing. It also warns that the trust would not be registered under the Investment Company Act of 1940, meaning investors would not receive some protections that apply to registered investment companies.

For now, the next confirmed step is SEC effectiveness and completion of the remaining regulatory and operational conditions needed before trading can begin. Until then, Canary’s “coming soon” message reflects the sponsor’s expectations rather than a fixed launch schedule.

Source: crypto.news