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TRX Canary's Pledged TRX ETF is about to be listed on Cboe's BZX Exchange
Canary's Pledged TRX ETF (trading code: TRXS) is expected to begin trading on Cboe's BZX Exchange on Wednesday. Tron founder Sun Yuchen released news about the listing on the X platform on Tuesday. This move provides a compliance channel for U.S. brokerage investors to hold Tron's TRX tokens.
The listing path and background of TRX tokens
Tron founder and CEO Sun Yuchen released multiple news on September 8, announcing that Cboe BZX will allow trading of TRX ETFs starting from Wednesday with the trading code TRXS. The day before, Bloomberg Smart ETF analyst Henry Jim first reported the listing date and pointed out that Canary Capital had filed a pre-effective prospectus amendment on August 19.
Canary submitted the first application to pledge TRX products as early as April 2025, and received the SEC confirmation of documents related to the Cboe BZX listing rules in May 2025. However, just confirming the 19b-4 notice is only one step in the process, and the validity order of the registration statement will still need to be awaited before the fund can be fully operational.
According to the August 19 filing, TRXS is a commodity-based exchange-traded product and is not a stake in any company. Its main function is to track the price of the TRX it holds and try to obtain additional TRX revenue through pledge. Typically, the promoter plans to pledge at least 90% of the TRX in the trust, but the pledge fee is limited to 20% of the reward, so the trust retains the remaining 80% of the proceeds. Investors are required to pay 1.10% of the value of their TRX positions annually Sponsorship fee, which is calculated daily and paid monthly. You can choose to pay in TRX or cash. In addition, Canary agreed to bear up to $200,000 a year in daily operating costs.
In terms of custody, BitGo Bank is responsible for keeping TRX tokens, Bank of America handles fund settlement, and Bank of America's fund services department is responsible for administrative management and transfer operations. ETF shares are created and redeemed in groups of 10,000 shares, and can be settled in cash or TRX. The promoter's affiliated company has said it will purchase 10,000 seed shares at $25 per share to help the fund launch smoothly.
Differences between TRXS and Tron Inc. stocks
It should be noted that TRXS should not be confused with Tron Inc. The latter is an independent company operating in the United States with the ticker symbol TRON and was once traded on Nasdaq. The company, formerly known as SRM Entertainment, changed its Nasdaq trading symbol on July 17, 2025 due to its adoption of the TRX Treasury strategy. Currently, the company has reported holding more than 712 million TRXs.
Sun Yuchen also announced that Tron Inc. has been included in the Russell 2000, Russell 2500 and Russell 3000 Index, which he believes will increase institutional investors 'participation in the project. However, purchasing the trust will not give investors access to Tron Inc., Equity in Tron DAO or the agreement itself. Due to factors such as creation and redemption friction, fees, pledge liquidity, and net worth premiums or discounts, equity prices may deviate from token prices, as does ETF prices.
Despite the positive news, the TRX token itself has not experienced significant fluctuations. As of Tuesday, TRX's price was approximately US$0.3379, an increase of approximately 0.4%, and its market value was approximately US$32 billion, ranking eighth in the CoinMarketCap rankings.
