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TRX Canary Capital submits final prospectus for TRXS ETF to push product towards listing
On September 8, Canary Capital submitted a final prospectus for the Canary Staked TRX ETF (exchange-traded fund), making this proposed exchange-traded product a critical step towards official listing under the trading code "TRXS". According to the document, trading will begin after receiving the issuance notice, which means that it has not yet been established that a public trading has begun.
Trust structure: combination of direct positions and pledge proceeds
According to a Rule 424(b)(3)-form prospectus filed with the U.S. Securities and Exchange Commission (SEC), the trust will hold TRX tokens and seek exposure to fluctuations in the token's price after deducting operating expenses and other liabilities. The second goal is to earn additional TRX tokens by participating in the Tron network's pledge process.
Under normal market conditions, the trustee expects to pledge at least 90% of the TRX in the trust. According to the prospectus, the total fees charged by the custodian, pledge providers and trustees are expected to account for 20% of the pledge rewards, with the remaining 80% belonging to the trust. This structure means that investors not only need to pay attention to the price changes of the underlying token, but also need to consider other complex factors.
Thedocument lists a number of risks that may affect pledge results, including validator performance, slashing, redemtion-related liquidity conditions, and possible changes in Tron network rules. At the same time, the document clearly states that there is no guarantee that the trust will generate profits.
Custody arrangements and net worth calculation basis
BitGo Bank & Trust was designated as the custodian of the digital asset trust, while U.S. Bank was responsible for cash custody and fund administration functions. The product's net asset value (NAV) will be referenced to the CoinDesk Tron benchmark rate of 60m NY Rate, a time-weighted pricing benchmark compiled from qualified trading platform data.
This product will create and redeem shares in a basket form of 10,000 shares in groups. As an affiliated company of the trustee, Canary Capital Group expressed its intention to purchase 10,000 seed shares at a price of US$25 per share, and the proceeds are expected to be converted into a TRX injection trust based on the benchmark price on the date of purchase.
The listing date has not yet been confirmed, and non-regulated investment funds
Although the prospectus states that TRXS shares are expected to be listed on the designated Cboe exchange, this expectation still depends on the release of the issuance notice and the first trading day is not specified. Therefore, this filing marks a phased step in the product launch process rather than evidence that marketing activities have been completed.
This structure will provide investors with another way to access the Tron ecosystem through regulated markets. Previously, Tron had also tried to enter the U.S. market through a reverse merger deal involving SRM Entertainment. However, the trust is not registered under the Investment Company Act of 1940, and the prospectus warns that holders will not be able to enjoy the protections enjoyed by investors in investment funds protected by the law.
