Canary Capital has launched the Canary Staked TRX ETF, a U.S.-listed exchange-traded product that combines direct exposure to TRX with staking income. The fund began trading on Cboe BZX on September 9, 2026, under the ticker TRXS.

According to the launch details, the product is the first U.S.-listed instrument built around spot TRX holdings while also participating in TRON staking. Rather than distributing staking proceeds separately, the fund folds those rewards into its net asset value.

How the fund is structured

TRXS is designed to track the value of the TRX it holds on its balance sheet, after expenses and liabilities, while taking part in TRON’s Delegated Proof-of-Stake system. The fund’s performance therefore depends not only on the market price of TRX but also on the staking rewards generated by the tokens it commits to the network.

Canary said those rewards will be reflected in the ETF’s NAV instead of being paid out directly to shareholders. To calculate that NAV, the fund uses the CoinDesk Tron Benchmark Rate as its pricing reference.

Launch size, holdings, and fees

At launch, the ETF reported about $50.25 million in net assets. It held roughly 148.4 million TRX and had 2.01 million shares outstanding, with a launch NAV of $25 per share.

The sponsor fee is set at 1.1% annually on the fund’s assets. That charge accrues daily and is paid monthly, either in TRX or in cash. Canary also disclosed that as much as 20% of staking rewards may be used to compensate the staking provider, custodian, and sponsor, leaving about 80% of those rewards inside the fund under normal arrangements.

Staking operations and service providers

Under normal market conditions, Canary intends to stake at least 90% of the TRX held by the ETF. Luganodes is serving as validator operator for the staking activity.

The broader operating stack includes BitGo as digital asset custodian, U.S. Bank National Association as the holder of cash balances, and U.S. Bank Global Fund Services as the fund administrator. Canary noted that some tokens may remain unstaked to help manage liquidity needs such as redemptions and operating expenses.

Liquidity constraints and market context

The staking structure comes with a 14-day unbonding period for TRX after it has been staked, a factor that can affect how quickly assets become available. Keeping a portion of the holdings unstaked is one way the manager can address that timing issue when meeting redemptions or covering fund costs.

TRX was trading around $0.339 at the time of writing, after rising on the news. The launch comes after the mid-July 2026 introduction of a spot multi-asset crypto ETF that also included staking, suggesting issuers are expanding the range of U.S.-listed crypto products that incorporate on-chain yield mechanics.

Source: incrypted.com