Canary Capital’s staked TRX exchange-traded fund is expected to begin trading on Cboe’s BZX exchange on September 9 under the ticker TRXS, creating a regulated route for U.S. brokerage investors to gain exposure to Tron’s TRX token.

If trading starts as expected, TRXS would become the first U.S.-listed fund to offer staked exposure to TRX. Tron founder Justin Sun highlighted the planned listing on X, while Bloomberg Intelligence ETF analyst Henry Jim had earlier pointed to the launch date using an August 19 pre-effective prospectus amendment filed by Canary.

Launch date follows earlier regulatory filings

Canary first filed for a staked TRX product in April 2025. The SEC then acknowledged the related Cboe BZX listing-rule filing in May 2025, but that step did not by itself authorize the fund to operate.

The source filing cited by Henry Jim was a pre-effective prospectus amendment dated August 19. As described there, the trust still required the registration statement to become effective before the product could fully launch.

How the fund is designed to work

The filing describes TRXS as a commodity-based exchange-traded product rather than an equity stake in a company. Its purpose is to track the value of the TRX held by the trust and to seek additional TRX through staking.

Under the fund’s stated plan, at least 90% of the trust’s TRX would normally be staked. Staking fees are capped at 20% of the rewards, leaving the trust with the remaining 80%. Investors would pay an annual sponsor fee of 1.10% of their TRX holdings, calculated daily and paid monthly in either TRX or cash.

Canary also said it would cover ordinary operating expenses up to $200,000 a year. BitGo Bank & Trust is listed as custodian for the TRX, U.S. Bank is responsible for cash custody, and U.S. Bancorp Fund Services handles administration and transfer functions.

Creation, redemption and seed capital

According to the prospectus amendment, fund shares are created and redeemed in blocks of 10,000. Those transactions can be settled in either cash or TRX, a structure that may matter for how closely the ETF tracks its underlying holdings.

An affiliate of the sponsor has said it will purchase 10,000 seed shares at $25 each to support the launch.

Separate from Tron Inc. and muted token reaction

The ETF should not be confused with Tron Inc., a separate U.S. operating company trading on Nasdaq under the ticker TRON. That company was formerly SRM Entertainment and changed its ticker on July 17, 2025 after adopting a TRX treasury strategy. It has reported treasury holdings of more than 712 million TRX.

Holding TRXS would not give investors ownership in Tron Inc., the Tron DAO, or the Tron protocol. The source article also noted that ETF prices can diverge from token prices because of fees, creation and redemption frictions, staking liquidity, and any premium or discount to net asset value.

Despite the attention around the planned listing, TRX itself showed little immediate response. The token was cited near $0.3379 on Tuesday, up roughly 0.4%, with a market capitalization of about $32 billion, ranking eighth by CoinMarketCap’s measure.

What comes next

The next confirmed step is the expected start of trading on Cboe BZX on Wednesday under the symbol TRXS. If the launch proceeds on schedule, the product will mark the first U.S.-listed staked TRX fund available through standard brokerage channels.

Sun also used the moment to promote separate news involving Tron Inc., saying the company had been added to the Russell 2000, Russell 2500 and Russell 3000 indexes. That development, however, is distinct from the ETF and does not change what TRXS represents.

Source: Cryptopolitan