Canary Capital’s Canary Staked TRX ETF began trading on Cboe on September 9 under the ticker TRXS, becoming the first U.S.-listed exchange-traded fund to combine direct exposure to TRON’s native token with built-in staking rewards.

The product gives investors a brokerage-based way to access TRX without holding the token directly or managing the technical process of staking. Alongside Ethereum staking ETFs, products with built-in yield add a feature that spot Bitcoin ETFs do not offer.

波场TRX ETF将在2026年9月9日在美国芝加哥交易所上市，这是波场生态即TRON在美国纳斯达克上市后二次上市，ETF代码为TRXS，波场生态形成以上市公司与ETF的双轮驱动！$TRX $TRON $TRXS pic.twitter.com/JzE8WzwvYH — H.E. Justin Sun (@justinsuntron) September 8, 2026

波场TRX ETF将在2026年9月9日在美国芝加哥交易所上市，这是波场生态即TRON在美国纳斯达克上市后二次上市，ETF代码为TRXS，波场生态形成以上市公司与ETF的双轮驱动！$TRX $TRON $TRXS pic.twitter.com/JzE8WzwvYH

— H.E. Justin Sun () September 8, 2026

The fund’s primary objective is to track the value of its TRX holdings after expenses and liabilities. Its secondary objective is to earn additional TRX through staking.

At the time of the report, BTC was trading at $79,150, up 1.5% over the previous 24 hours. TRX was priced at $0.339, representing a 0.2% increase over the same period.

How TRXS’ Staking Economics Work

Staking fees are capped at 20% of the rewards generated, leaving the trust with the remaining 80%. Rather than distributing those rewards separately to shareholders, the trust includes the retained rewards in its daily net asset value. Staking income therefore becomes part of the fund’s value.

Canary charges an annual sponsor fee equal to 1.10% of the fund’s TRX holdings. The fee accrues daily and may be paid monthly in either TRX or cash. The fund does not guarantee a fixed return because its value is affected by TRX prices, expenses, liabilities and staking rewards. The fund’s ongoing economics will therefore be reflected through the interaction of TRX exposure, staking rewards, sponsor fees and other liabilities in its net asset value.

Custody, Administration and Canary’s ETF Lineup

BitGo Bank & Trust serves as custodian for the fund’s TRX, while U.S. Bank manages its cash. US Bancorp Fund Services is responsible for administration, accounting and transfer-agent duties.

TRXS expands Canary Capital’s existing ETF lineup, which includes funds tracking XRP, Litecoin and Hedera’s HBAR. Canary originally submitted the fund’s Form S-1 registration statement in April 2025. Subsequent amendments added the ticker, exchange, custody arrangements, staking structure and other operating terms.

TRON’s Stablecoin Activity

First-ever Tron ETF comes out tomorrow starring Jeff Bridges. "It's Biodigital jazz, man" — Eric Balchunas (@EricBalchunas) September 8, 2026

First-ever Tron ETF comes out tomorrow starring Jeff Bridges. "It's Biodigital jazz, man"

— Eric Balchunas (@EricBalchunas) September 8, 2026

TRON founder Justin Sun said the launch gives institutional investors another way to access a network used for financial activity. Canary Capital CEO Steven McClurg connected the product to TRON’s role in stablecoin payments and settlement and said the asset manager sees investor interest in blockchain networks as well as in the digital assets operating on them.

According to an August 10 report from Messari, TRON processed $2.1 trillion in USDT transfers during the second quarter of 2026. The network’s stablecoin market capitalization reached $89.2 billion during the quarter, with USDT accounting for $87.9 billion, or 98.5%, of the total.

Average daily USDT transfer volume rose 4.3% from the previous quarter to $22.8 billion. By early August, TRON had surpassed 15 billion transactions since its launch, while daily activity exceeded 12.5 million transactions. These figures provide context for Canary’s characterization of TRON as a significant part of the stablecoin ecosystem.

Source: https://99bitcoins.com/news/altcoins/bitcoin-etf-news-trxs-etf-tron-staking/