Canary’s Staked TRX ETF is expected to begin trading on Cboe BZX on Wednesday under the ticker TRXS, according to the fund’s disclosed launch plan and public comments from Tron founder Justin Sun on Tuesday.

The product is structured to give U.S. investors exchange-traded exposure to TRX, the native token of the Tron network, through a regulated listing venue. The filing referenced in the launch coverage said the effective preliminary prospectus was submitted on August 19, with the market subsequently focusing on Wednesday as the expected first trading date.

TRXS is described as a commodity-based exchange product rather than an equity share in an operating company. The fund aims to track the value of the TRX portfolio it holds while adding yield through staking. According to the disclosed terms, the sponsor intends to stake at least 90% of the fund’s TRX holdings and limits its fee take from staking rewards to 20%.

Investors are set to pay an annual fee of 1.1% based on TRX holdings, calculated daily and payable monthly in TRX or cash. Canary has also agreed to cover daily operating costs up to $200,000 per year. BitGo Bank & Trust is listed as the digital asset custodian, U.S. Bank as the cash manager, and U.S. Bancorp Fund Services as the administrator and transfer agent.

The share creation and redemption process will use blocks of 10,000 shares. Sun separately said the ETF’s ticker, TRXS, should not be confused with Nasdaq-listed Tron Inc., which trades under the symbol TRON. That distinction could be important for investors navigating two similarly branded but separate market products.

Why It Matters

The launch broadens the range of crypto exposure available through U.S. exchange-traded products beyond the largest tokens and adds a staking component that remains relatively uncommon in listed wrappers. That combination puts attention on whether regulated packaging can expand access to token ecosystems that have so far had more limited institutional entry points.

It also matters for market structure. A listed TRX product with third-party custody, banking, and fund administration brings a more formal access route for investors that cannot or do not want to hold tokens directly. If the structure operates smoothly, it could strengthen the case for additional token-based exchange-traded products with on-chain yield features.