Canary Capital filed a final prospectus on Sept. 8 for the Canary Staked TRX ETF, moving the proposed exchange-traded product toward a listing under the ticker TRXS. The filing says trading is expected subject to a notice of issuance, so it does not establish that public trading has already begun.
The Rule 424(b)(3) prospectus filed with the U.S. Securities and Exchange Commission says the trust will hold TRX and seek exposure to the token’s price after operating expenses and other liabilities. Its secondary objective is to earn additional TRX by participating in the Tron network’s staking process.
TRXS combines direct holdings with staking
The sponsor anticipates staking at least 90% of the trust’s TRX under normal circumstances. Aggregate fees charged by the custodian, staking provider and sponsor are expected to equal 20% of staking rewards, leaving the trust with the other 80%, according to the prospectus.
That structure introduces considerations beyond changes in the underlying token’s price. The document lists validator performance, slashing, liquidity around redemptions and possible changes to Tron’s network rules among the risks that could affect staking results. It also says there is no assurance the trust will generate a profit.
BitGo will custody the trust’s TRX
BitGo Bank & Trust is named as the digital-asset custodian, while U.S. Bank will handle cash custody and fund administration functions. Net asset value will reference the CoinDesk Tron Benchmark Rate 60m NY Rate, a time-weighted pricing benchmark assembled from eligible trading platforms.
The product will create and redeem shares in baskets of 10,000. Canary Capital Group, an affiliate of the sponsor, expressed an intention to purchase 10,000 seed shares at $25 each, with the proceeds expected to be contributed in TRX based on the benchmark price on the purchase date.
The filing stops short of confirming a trading date
The prospectus says TRXS shares are expected to list on the named Cboe exchange, but it makes that expectation subject to a notice of issuance and does not specify a first trading day. The filing is therefore a dated step in the product’s launch process rather than evidence of completed market activity.
The structure would create another regulated-market route for exposure to Tron, which has also pursued U.S. market access through a reverse-merger transaction involving SRM Entertainment. However, the trust is not registered under the Investment Company Act of 1940, and the prospectus warns that holders will not receive the protections afforded to investors in funds registered under that law.
