Canary Capital is about to do something no US fund manager has pulled off before: launch an ETF that gives investors exposure to Tron’s TRX token while simultaneously staking the underlying assets for yield. The fund, trading under the ticker TRXS, is scheduled to begin trading on the Cboe BZX Exchange on September 9.
The product essentially lets traditional brokerage account holders earn staking rewards from Tron’s proof-of-stake network without ever touching a crypto wallet.
How the staking mechanics work
Under normal market conditions, the ETF will stake at least 90% of its TRX holdings. Staking service fees are capped at 20% of rewards, meaning 80% of net staking income flows directly into the trust’s net asset value. Investors don’t receive staking rewards as separate distributions. Instead, the value accrues within the fund itself, boosting the per-share price over time.
Canary Capital will charge a 1.10% annual sponsor fee, payable monthly in either TRX or cash. For context, most spot Bitcoin ETFs in the US charge between 0.19% and 0.25%, though those products don’t offer any staking component.
