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TRX Canary launches an ETF linked to TRX, opening a new layout in the U.S. market.
According to The Block, on Wednesday, September 9, Canary's ETF linked to TRX was officially unveiled in the United States, with the trading code TRXS. The launch of the fund marks the emergence of a strategic U.S. listed fund in the market with TRX asset exposure as its core and pledging most of its positions on the Tron network.
Launch trading on the Cboe BZX Exchange
According to the fund prospectus filed with the U.S. Securities and Exchange Commission (SEC), TRXS shares will be traded on the Cboe BZX Exchange under the code "TRXS".
The net value of the fund is determined based on the CoinDesk Tron benchmark rate of 60m NY Rate. This benchmark provides a reference for calculating the net value of the fund, while ETF shares are listed and traded separately under the TRXS code.
Beyond mere price exposure: pledge strategies become core
The launch of this product provides U.S. market participants with a listing tool linked to the Tron network native token TRX. However, its structural design is not limited to mere price exposure.
Canary said in the prospectus that the ETF aims to provide TRX exposure while earning additional TRX revenue by pledging on the Tron network. Under normal circumstances, funds are expected to pledge at least 90% of their positions.
This configuration is at the heart of the structure described in the prospectus: the fund is designed to combine TRX positions with the pledge economics of the network. The prospectus expresses the 90% ratio as an expected goal under normal conditions, rather than an unconditional commitment, which does not guarantee that every token held by the fund will always be in a pledged state.
This distinction is critical for TRXS because its stated goals include both token exposure and additional TRX generated through pledge. Therefore, investors evaluating the fund need to comprehensively consider the disclosed pledge method and the benchmark used to calculate the net value.
Disclaimer : This article is for reference only and does not constitute legal, tax, investment, financial or other advice.
