The first TRON ETF in the United States was pledged to be listed, with a management fee rate of 1.10

The first pledged wavefield ETF in the United States starts trading at a 1.10% rate

It is reported that the first pledged wavefield (Tron) ETF in the United States has started trading, with its sponsorship rate of 1.10%. This rate is much higher than the rate level of existing similar pledged funds on the market. If the news is confirmed, this will be the first time that US-listed products have combined spot TRX exposure with on-chain pledges.

The Canary Pledged TRX ETF was officially launched

According to Unchained reports, the Canary Pledged TRX ETF (code: TRXS) will start trading on the Cboe Exchange on September 9, 2026, and is known as the first U.S. spot TRX fund to support pledge functions. The report also pointed out that the establishment date of the fund is September 8, 2026. As of the time of writing, the issuer's official page is inaccessible, so these release details still belong to news reports rather than confirmed issuer disclosures.

Related reports show that the fund's sponsorship rate is 1.10%, its net assets are approximately US$50.25 million, and 90% of its positions are pledged through Luganodes. It should be noted that these data are only media reports and have not been independently verified; details such as fee benchmarks, any exemptions, and total pledge deductions remain unclear.

In addition, the report stated that the trust was not registered under the Investment Company Act of 1940, which means it did not have the protection mechanisms enjoyed by regulated investment companies. Due to the lack of available prospectus or exchange orders, this structural detail should be regarded as attributed reporting rather than a given fact.

Wavefield ETF rates vs. competing products

The 1.10% rate is at a high level in the expanding U.S. pledge product sector. According to Unchained in July, Morgan Stanley's Ethereum and Solana ETP (codes MSSE and MSOL, respectively) rates were both 0.14%, the lowest of the two products. There were also reports that the Grayscale Hyperliquid pledged ETF had a rate of 0.29%, but disclosures to the competitor were not directly verified.

Assuming that US$10,000 of assets are held constant, the annual fee is approximately US$110 based on an annual asset base rate of 1.10%; in comparison, Morgan Stanley's 0.14% rate only generates an expense of approximately US$14. It should be emphasized that this is a hypothetical explanation based on reported rates, not a performance comparison, and that these funds hold different underlying assets and have different structures.

This difference in rates highlights a broader theme for Wall Street's entry into supporting pledged funds: As more issuers add on-chain rewards to packaged products, there is a significant divergence between established issuers with head fees in price competition and new single-asset participants. This also echoes the design debate on the pledge mechanism seen in the Ethereum pledge layer reinforcement efforts, reflecting the gradual maturity of the product category.

What should investors pay attention to in addition to headline rates

Sponsorship rates alone cannot determine total costs or expected returns. Reward processing methods, custody arrangements, any additional pledge deductions and possible de-pledge restrictions will affect the net economic benefit, and this information is not currently provided in a verifiable form.

Changing pledge returns do not guarantee that fees will be offset, nor will it prevent the price of the underlying token from falling. On September 9, the price of TRX was US$0.3384, which fell by about 0.11% in 24 hours. The market value was close to US$32.1 billion, and the average daily trading volume was approximately US$322 million. On the same day, the "Fear and Greed Index" showed market sentiment at 66, in the "greedy" range.

Before considering specific data for any particular fund as final conclusions, investors should look for official prospectus and exchange confirmation documents, as the rates, total assets and pledge terms are based on second-hand reports that fail to corroborate with issuer documents.

Disclaimer : This article is for reference only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Be sure to conduct independent research before making a decision.