Canary Capital launches its first pledged TRON ETF in the United States

Canary Staked TRX ETF officially launched on the U.S. market under the TRXS code.

Canary Capital launched the first pledged TRX exchange-traded fund (ETF) with the code TRXS. The listing of this product marks that investors can indirectly hold and obtain TRON's native token TRX and its pledge proceeds through traditional financial market channels.

According to the latest report, the fund is scheduled to start trading on Wednesday, September 9, becoming the first pledged ETF linked to TRON. Unlike traditional products that only hold basic cryptocurrency, TRXS aims to earn additional TRX rewards by participating in the wavefield's proof-of-stake (PoS) system. Canary Capital's latest registration documents show that the fund's primary investment goal is to track the value of its TRX holdings after deducting fees and liabilities; a secondary goal is to earn additional tokens through pledges.

Pledge income mechanism and fee structure

Canary Trust is expected to pledge most of its TRX assets. The maximum pledge fee is set at 20% of the reward generated, and the remaining 80% belongs to the trust. These rewards retained by the trust will be included in the calculation of daily net asset value (NAV), making pledge income a part of the fund's value rather than being allocated separately.

In addition, the August document will put the fund's annual sponsorship The fee is set at 1.10% of the value of its TRX position. This fee is accumulated daily and can be paid monthly using TRX or in cash. In terms of custody arrangements, BitGo Bank Trust was designated as the custodian of the fund's TRX assets, while U.S. Bank handled the cash portion. U.S. Bancorp Fund Services provides administrative, accounting and transfer agency services.

TRXS is listed on the Cboe Exchange, providing investors with an investment path based on brokerage accounts without the need to directly hold tokens or manage complex pledge technical processes.

Wave field stablecoin ecological support investment value

Canary Capital CEO Steven McClurg linked the product to Wave field's role in stablecoin payments and settlements, pointing out that the network handles large amounts of USDT transaction data. "As stablecoins continue to gain popularity around the world, wavefields have become critical infrastructure driving digital asset payments and settlements," McClurg said. He added that asset managers believe investors are increasingly focusing on the blockchain network behind crypto activity, rather than just the digital assets themselves.

On-chain data provides strong support for this view. According to a report released by Messari on August 10, in the second quarter of 2026, Wave Field processed USDT transfers worth US$2.1 trillion. During this period, the total market value of the blockchain's stablecoin reached US$89.2 billion, of which USDT accounted for US$87.9 billion, accounting for 98.5% of the total. Average daily USDT transfers increased by 4.3% from the previous quarter to reach US$22.8 billion.

As of early August, since its launch, the wavefield has exceeded the 15 billion transaction mark. At that time, the daily active transaction volume exceeded 12.5 million, and on preceding day alone, USDT recorded 2.55 million transfers and US$28.1 billion in on-chain transactions.

TRX's market performance has also attracted much attention. At the time of the announcement, TRX had a market value of approximately US$32.1 billion, ranking eighth in the cryptocurrency market according to price data from The Block. TRON founder Sun Yuchen said that the launch of the Canary Pledged TRX ETF shows that the industry is increasingly recognizing wavefields as a key infrastructure for the global digital economy. The product provides institutional investors with a way to access a network that is already operating in large-scale real-world financial activities.

Expand the crypto ETF product line

The addition of TRXS has enriched the series of cryptocurrency investment products launched by Canary Capital in the past year. The asset manager has launched ETFs that track cryptocurrencies such as XRP, Litecoin and Hedera (HBAR), and has submitted product applications for several other digital assets.

Canary's decision to include a pledge strategy in TRXS is different from the structure of some other altcoin ETFs. For example, the BNB exchange-traded fund update document proposed by VanEck and Grayscale excludes pledges from its main issuance structure, while Canary retains pledges as part of the TRX fund's investment strategy.

Other fund managers have also expressed strong interest in TRX. Bitwise filed applications with the U.S. Securities and Exchange Commission (SEC) in December 2025 for 11 single-asset crypto ETFs, including one product linked to TRX. Bitwise's proposed strategy uses a different structure, allowing up to 60% of assets to directly hold the underlying cryptocurrency, with the remaining exposure allocated through associated exchange-traded products or derivatives. In contrast, Canary's TRXS directly holds TRX and uses these positions to participate in the network's pledge process, and the resulting rewards are included in the trust's net asset value.