Canary Capital launches first U.S. Tron ETF

Canary Capital has launched the Canary Staked TRX ETF (NYSEMKT: TRXS), the first U.S.-listed exchange-traded fund dedicated exclusively to the Tron (TRX) digital asset. Since its debut on September 8, the fund has rapidly accumulated $50.3 million in assets under management as of September 16.

The ETF aims to provide investors with direct exposure to Tron while utilizing a proof-of-stake approach. By validating transactions on the Tron network, the fund seeks to earn additional TRX through staking, handling the technical process on behalf of its investors.

The fund carries an annual management fee of 1.1%, which is higher than the category average of 0.83%. The Tron network is noted for its high throughput and low transaction costs, particularly in the settlement of stablecoin transactions involving Tether (USDT).