Canary Capital Launches First US Spot Staked TRX ETF Under Ticker TRXS

Canary Capital has launched the first US spot exchange-traded fund offering staked exposure to TRX, the native token of the TRON blockchain, under the ticker TRXS on Cboe BZX. The fund began trading on September 9, giving American investors regulated access to both TRON’s spot price and the staking rewards generated by the network’s delegated proof-of-stake validation.

TRXS holds TRX directly, with BitGo acting as digital asset custodian and U.S. Bank handling cash services. According to the fund’s structure, more than 90% of its TRX holdings are staked, with the resulting rewards rolled directly into the fund’s net asset value rather than distributed separately — meaning investors capture the yield simply by holding the shares. The fund charges a 1.10% sponsor fee, notably higher than the fees charged by most spot Bitcoin ETFs already trading in the US.

Canary Capital CEO Steven McClurg framed the launch as an entry point into one of crypto’s largest but least-covered settlement networks. “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,” McClurg said. TRON currently hosts the largest circulating supply of Tether’s USDT stablecoin of any blockchain, with more than $94 billion in USDT issued on the network — a scale that underpins Canary’s pitch that TRON’s utility extends well beyond TRX’s own price action.

The product is structured as an exchange-traded product rather than a fund registered under the Investment Company Act of 1940, meaning it doesn’t carry the same regulatory protections as more conventional ETFs and mutual funds. Canary’s own risk disclosures describe the fund as subject to a high degree of risk and heightened volatility, and not suitable for investors unable to absorb a total loss.

The launch continues a wave of single-asset staked crypto ETFs reaching the US market beyond Bitcoin and Ethereum, following similar staked products tied to Solana and other proof-of-stake networks earlier in the year. For TRON specifically, a regulated staking vehicle offers institutional investors a way to gain exposure without directly managing validator delegation or custody themselves — the operational friction that has kept many traditional funds on the sidelines of proof-of-stake assets.

Whether investor demand matches the ambition of the launch remains to be seen. Spot ETFs tied to smaller-cap, single-purpose networks have shown mixed early trading volumes compared to their Bitcoin and Ethereum counterparts, and TRXS’s above-average fee could work against it if flows are thin in the fund’s first weeks.

Cryptocurrency investments, including staked ETF products, carry significant price and structural risk and are not suitable for all investors. This article is not investment advice. Curious how staking and delegated proof-of-stake actually work under the hood? Coin680’s Bitcoin Academy breaks down the fundamentals.