Canary Capital launches first U.S. Staked TRX ETF

Canary Capital has launched the Canary Staked TRX ETF (ticker: TRXS) on the Cboe BZX, marking the first U.S.-listed exchange-traded product specifically tied to the TRON network. The fund is designed to provide investors with exposure to the spot price of TRX, the native utility token of the TRON blockchain, while simultaneously generating additional TRX through participation in the network’s delegated proof-of-stake validation process.

Under normal market conditions, the fund intends to stake at least 90% of its TRX holdings. The net staking rewards, after accounting for service fees, will be reflected in the fund’s net asset value (NAV) rather than being paid out as direct distributions. BitGo Bank & Trust will serve as the digital-asset custodian, while U.S. Bank will manage cash custody and fund administration.

Industry analysts note that while the ETF offers a regulated way to access TRON’s ecosystem—which is a major infrastructure for stablecoin settlements—investors may face a liquidity mismatch. While ETF shares can be traded during market hours, unstaking TRX on the TRON network currently requires a 14-day period. The launch follows a growing trend of integrating staking rewards into traditional brokerage-accessible crypto products.