Canary Capital launched the Canary Staked TRX ETF, trading under the ticker TRXS, on the Cboe BZX Exchange on September 9, 2026. The product aims to provide regulated market access to TRON's native token while automatically collecting staking rewards from the network.
TRXS is described as the first US-listed exchange-traded product to offer direct TRX exposure combined with staking rewards. The fund holds TRX directly rather than tracking the token through derivatives.
How the ETF operates
Under normal conditions, TRXS targets staking approximately 90% of its eligible TRX holdings. The remaining portion stays unstaked to provide liquidity for day-to-day operations. Staking rewards accrue directly to the fund's net asset value, meaning share prices grow as staking income accumulates rather than being paid out separately.
The fund charges an annual sponsor fee of 1.10% to cover custody, staking, and administrative costs. Staking reward fees are capped at 20%, allowing the fund to retain 80% of staking earnings.
Access and timing
TRON DAO and founder Justin Sun marked the listing by ringing Cboe's closing bell in Chicago on September 29, 2026. At the time of TRXS's debut, TRX carried a market capitalization of around $32.1 billion. The TRON network supports over $94 billion in circulating USDT and has processed trillions in transfer volume.
This is not TRX's first regulated listing. In June 2026, TRX was listed on Bitnomial, an exchange regulated by the CFTC. The ETF represents a further step by packaging TRX into a product that integrates with standard brokerage accounts alongside stocks and bonds.
Institutional considerations
The primary impact is on accessibility. Many institutions and investment advisors face compliance rules that restrict direct cryptocurrency holdings, but an exchange-listed fund fits within existing regulatory frameworks.
The staking feature differentiates TRXS from a passive price tracker, creating an income-generating component. However, the 1.10% sponsor fee and 20% staking reward cut both reduce net returns, and TRX remains a volatile cryptocurrency asset regardless of the regulated structure.
