U.S. investors can now buy and hold TRON’s TRX in a brokerage account while also getting exposure to staking rewards. Canary Capital’s Canary Staked TRX ETF began trading on Cboe on Wednesday, becoming the first U.S. fund to combine spot TRX exposure with rewards from the network’s delegated proof-of-stake system.
A 1.10% sponsor fee puts it above the products cited as peers
The fund lists a 1.10% sponsor fee. Unchained reported in June that Grayscale set a 0.29% fee for its Hyperliquid staking ETF, and in July that Morgan Stanley launched ether and solana products at 0.14%. On that comparison, Canary’s fee is close to four times the first and nearly eight times the second.
Staking yield is not available yet
Disclosures for TRXS show the fund has $50.25 million in net assets and stakes 90% of that amount through validator operator Luganodes. Both net staking yield and gross staking yield are currently listed as unavailable.
That appears to reflect the fund’s age rather than a missing disclosure. The product defines net staking yield against the previous quarter, and it was incepted on Sept. 8. Investors are paying the sponsor fee from day one, but the fund cannot yet quantify the return it is built to deliver.
Rewards are reflected in NAV, not paid out as income
The filing says staking rewards do not reach shareholders as income distributions. Instead, they accrue into the fund’s daily net asset value after staking fees are deducted. Those fees are shared among the sponsor, the staking providers, and the custodians, reducing what remains in the fund.
BitGo Trust Company serves as custodian for the TRX, and U.S. Bank administers the fund. The trust is not registered under the Investment Company Act of 1940, which means it does not carry the protections that apply to mutual funds and conventional ETFs.
Canary is pitching Tron as payments infrastructure
Canary is framing the network less as a token bet and more as payments infrastructure. In the announcement, Canary Capital CEO Steven McClurg said, 「As stablecoin adoption continues to grow globally, TRON has become a critical piece of the infrastructure powering digital asset payments and settlement.」
The company said Tron supports more than $94 billion in circulating Tether and has moved roughly $5.6 trillion of it this year.
TRX price and market capitalization cited in the report
TRX traded at about $0.34 on Wednesday, giving it a market capitalization near $32 billion, according to the report.