First US Staked Tron ETF Debuts at a 1.10% Fee, Well Above Rival Staking Funds

US investors can now hold Tron’s TRX in a brokerage account and earn staking rewards on it. Canary Capital began trading the Canary Staked TRX ETF on Cboe on Wednesday, the first US fund to pair spot TRX exposure with the network’s delegated proof-of-stake rewards. It charges more than comparable products, and the yield it is built to deliver is not yet measurable.

The fund lists a 1.10% sponsor fee. Unchained reported in June that Grayscale set 0.29% for its Hyperliquid staking ETF, and in July that Morgan Stanley launched ether and solana products at 0.14%. Canary’s fee is close to four times the first and nearly eight times the second.

TRXS holds $50.25 million in net assets and stakes 90% of them through the validator operator Luganodes, the fund discloses. Both its net and gross staking yields are listed as unavailable. That is a function of age rather than disclosure: the fund defines net staking yield against the previous quarter, and it was incepted on Sept. 8. Investors pay the sponsor fee from the first day for a return the fund cannot yet quantify.

The rewards do not reach shareholders as income. They accrue into the daily net asset value, after staking fees that are shared among the sponsor, the staking providers and the custodians and that reduce what is left. BitGo Trust Company custodies the TRX; U.S. Bank administers the fund. The trust is not registered under the Investment Company Act of 1940, so it does not carry the protections that apply to mutual funds and conventional ETFs.

Canary is selling the network as payments plumbing rather than a bet on a token. “As stablecoin adoption continues to grow globally, TRON has become a critical piece of the infrastructure powering digital asset payments and settlement,” Canary Capital CEO Steven McClurg said in the announcement. The company says Tron carries more than $94 billion in circulating Tether and has moved roughly $5.6 trillion of it this year.

TRX traded at about $0.34 on Wednesday, giving it a market capitalization near $32 billion.

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