Canary Capital Debuts First US Spot TRX ETF With Staking

Canary Capital launched the TRXS ETF on the Cboe BZX Exchange on September 9, marking the first US-based spot TRX fund. The fund provides direct exposure to the native token of the Tron blockchain and stakes more than 90% of its holdings to increase its daily net asset value.

The fund utilizes BitGo as the digital asset custodian and U.S. Bank for cash services. To manage counterparty risk, staking is handled by multiple providers, including Luganodes. Staking rewards are not paid out separately but are absorbed into the NAV to compound the per-share value.

Canary Capital charges an annual sponsor fee of 1.10%, payable in TRX or cash. Staking fees are capped at 20% of the rewards, while the remaining 80% is retained by the trust for NAV accretion. The fund's registration process began with an S-1 filing in April 2025.

At the time of launch, TRX had a market capitalization of approximately $32.17 billion. Additionally, in the second quarter of 2026, the Tron network processed around $2.1 trillion in USDT transfers. Justin Sun stated that the ETF allows pension funds and family offices to gain TRX exposure via traditional brokerage rails.