The First U.S. Spot Staked $TRX ETF is now live

Canary Capital Lists First U.S. Staked TRX ETF on Cboe

@CanaryFunds has officially launched the Canary Staked TRX ETF, trading under the ticker $TRSX on Cboe BZX Exchange. The fund debuted on September 9, giving investors spot exposure to Tron's $TRX alongside staking rewards. It marks a milestone as the first exchange-traded fund in America offering staked exposure to TRON's native digital asset.

The fund seeks to provide exposure to the spot price of TRX, the native utility token of the TRON blockchain network, while also earning additional TRX through participation in TRON's delegated proof-of-stake validation process, with net staking rewards reflected in the fund's net asset value.

Under normal circumstances, the fund expects to stake at least 90% of its holdings. Staking rewards are returned to the trust, increasing the amount of TRX represented by each share over time. According to the SEC filing, 80% of staking rewards accrue to the fund after a 20% staking fee. The ETF also charges a 1.10% annual sponsor fee.

A New Model for Yield-Bearing Crypto Funds

What sets TRXS apart from a standard spot product is the staking feature. The fund is designed to hold TRX and lock most of it into Tron's proof-of-stake system to earn rewards. Those returns are not paid out as cash but remain inside the fund and lift its net asset value, giving shareholders price exposure plus a share of network yield without the need for wallets or validator setup.

Tron is widely used for stablecoin transfers and hosts the largest supply of USDT, the biggest dollar-pegged token by market capitalization. TRX has a market capitalization of around $32.1 billion, making it the eighth-largest cryptocurrency by market cap.

"The Canary Staked TRX ETF brings investors exposure to one of the world's largest blockchain settlement networks through a registered exchange-traded structure, while also enabling investors to benefit from potential staking rewards," said Steven McClurg, CEO of Canary Capital.

The structure is not without risk. The filing warns that the fund is not registered under the Investment Company Act of 1940, meaning investors lack some protections available through registered investment companies. Staking rewards can also fluctuate depending on network conditions.

Sources:
Canary Capital official press release via OpenPR
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