The Canary Staked TRX ETF is expected to begin trading on Cboe’s BZX exchange on Wednesday, September 9, under the ticker TRXS. Tron founder Justin Sun promoted the listing on September 8, calling it a new regulated route for U.S. brokerage investors to gain exposure to Tron’s TRX token.
The fund is structured as a commodity-based exchange-traded product, not as equity in any company. It is designed to track the price of TRX held by the trust while earning additional TRX through staking. Under normal conditions, the sponsor plans to stake at least 90% of the trust’s TRX, with staking fees capped at 20% of rewards, leaving the trust with the remaining 80%.
Investors will pay an annual sponsor fee of 1.10% of their TRX holdings, calculated daily and generally paid monthly in TRX or cash. Canary has also agreed to cover ordinary operating expenses up to $200,000 per year. BitGo Bank & Trust holds the TRX tokens, while U.S. Bank handles cash and U.S. Bancorp Fund Services manages administration and transfers. Shares are created and redeemed in groups of 10,000, settled in either cash or TRX. An affiliate of the sponsor has committed to buying 10,000 seed shares at $25 each to help launch the fund.
The TRXS product is separate from Tron Inc., a U.S. operating company trading on NASDAQ under the ticker TRON. Tron Inc. was previously SRM Entertainment and switched its ticker on July 17, 2025, after adopting a TRX treasury strategy. The company has reported treasury holdings above 712 million TRX and was recently added to the Russell 2000, Russell 2500 and Russell 3000 indexes. Justin Sun framed that index inclusion as a boost to institutional access.
Despite the positive news, TRX showed only a modest immediate reaction. The token was trading near $0.3379 on Tuesday, up about 0.4%, with a market cap around $32 billion. The fund’s launch was first reported by Bloomberg Intelligence ETF analyst Henry Jim, who pointed to a pre-effective prospectus amendment Canary Capital filed on August 19. Canary first filed for the staked TRX product in April 2025, and the SEC acknowledged the related Cboe BZX listing-rule filing in May 2025.
