Canary Staked TRX ETF (TRXS) is launching an exchange‑traded product that holds TRX and lists its Shares on Cboe BXZ, offering continuous primary issuance and redemption in 10,000‑Share Baskets. The Trust seeks to track the price of TRX held, less expenses and liabilities, while earning additional TRX via staking on the Tron Network.
Under normal circumstances the Sponsor expects to stake at least 90% of the Trust’s TRX through third‑party Staking Providers, with all TRX (including staked TRX) held in cold storage by BitGo Bank & Trust, N.A. TRXS charges a 1.10% Sponsor Fee based on TRX holdings; staking rewards are subject to aggregate Staking Fees capped at 20%, so the Trust currently expects to retain 80% of staking rewards.
The Trust is not registered under the 1940 Act, is not a commodity pool, and investors do not receive those regulatory protections. The prospectus highlights material risks, including extreme TRX price volatility, evolving regulation, private‑key and custody risks, staking and liquidity constraints (including a 14‑day unbonding period), possible NAV–market price premiums/discounts, and uncertainty around grantor‑trust tax treatment.
Canary Staked TRX ETF (TRXS), a Delaware statutory trust, has filed a pre-effective amendment to its Form S-1 for a continuous primary offering of an indeterminate number of Shares of an exchange‑traded product designed to hold and stake TRX. The Shares are expected to list on Cboe BXZ Exchange under the ticker “TRXS.” The Trust’s primary objective is to provide exposure to the price of TRX it holds, and secondarily to earn additional TRX via a Sponsor‑administered staking program on the Tron Network, with NAV set daily at 4:00 p.m. ET by reference to the CoinDesk Tron Benchmark Rate. Under normal conditions the Sponsor anticipates staking at least 90% of TRX, while charging a 1.10% annual Sponsor Fee on TRX Holdings and up to 20% of staking rewards as Staking Fees, leaving the Trust with the balance. The Trust is not registered under the Investment Company Act of 1940, is expected to be treated as a grantor trust for U.S. tax purposes, and is designated an emerging growth company, using reduced reporting requirements.