TRON Goes Wall Street: Canary Proposes Staked TRX ETF on Cboe

On May 13, 2025, the Cboe BZX Exchange filed with the SEC to list and trade shares of the Canary Staked TRX ETF, the first ETF tied to TRON (TRX) that includes a staking component. 

According to the filing, the fund will: 

• Track the price of TRX
• Accumulate staking rewards
• Offer regulated access to TRX for public investors.

The Canary Staked TRX ETF, managed by Canary Capital Group, has been filed for listing under BZX Rule 14.11(e)(4) as a commodity-based trust. This structure means the fund will not be classified as an investment company under the Investment Company Act of 1940 and will not be considered a commodity pool, placing it outside CFTC oversight.

The fund will hold TRX in cold storage with a third-party custodian. Assets will be maintained separately from other client funds using segregated addresses, verifiable on the Tron blockchain. Control of the private keys will remain exclusively with the custodian.

You might also like: SEC Postpones Decision on ARK and VanEck’s Spot Ethereum ETF

A portion of the fund’s TRX may be staked through authorized providers, enabling the ETF to earn staking rewards, which will be treated as income. However, forks, airdrops, and other incidental assets will be excluded from the fund’s NAV and will not be accepted.

Canary has previously submitted ETF filings for other altcoins as part of a broader strategy that combines passive asset exposure with participation in PoS-based yield generation. The TRX ETF is the latest addition to this growing product suite.

Fund Structure and Listing Mechanics

• The Canary Staked TRX ETF is structured as a Delaware Statutory Trust and managed by CSC Delaware Trust Company. 
• It is classified as a Commodity-Based Trust Share, meaning it is not treated as an investment company or a commodity pool.
• TRX will be held in cold storage by a third-party custodian. 
• Staking rewards earned through authorized providers will be included in the fund’s asset calculations.
• Each share of the ETF represents a proportional interest in the TRX holdings and fiat reserves. 
• Shares can be created and redeemed in blocks of 10,000 units (Creation Baskets), with all transactions settled in cash. 
• Authorized participants will deliver fiat, which will be used to purchase TRX and deposit it into the trust.

The fund uses an index-based valuation model, with daily NAV calculations and TRX prices tracked via a real-time benchmark index.

TRX Eyes the Exchange: A First Step Toward Institutional Access

The filing for the Canary Staked TRX ETF marks the first move toward a regulated investment vehicle that combines TRX price exposure with staking-based yield. 

The move expands access to Tron’s native token via traditional brokerage platforms and helps to legitimize Proof-of-Stake (PoS) assets within publicly traded funds.

Related: What Is Liquid Staking? Benefits and Risks Explained

The integration of staking into the ETF structure positions TRX as an attractive option for institutional investors seeking both price exposure and passive yield within a transparent, regulated environment. As a result, the fund could become a new source of demand for TRX, potentially boosting its market cap and liquidity.

Amid the broader trend of tokenization and growing interest in alternative blockchains, Tron, backed by a stable ecosystem and active DeFi tools, has a key opportunity to reach new audiences. Approval of the filing could serve as a catalyst for network growth and expanded market infrastructure around TRX.