tl;dr
Cboe BZX Exchange has filed with the SEC to list the Canary Staked TRX ETF, the first US spot Tron ETF offering staking rewards. The fund, sponsored by Canary Capital, will hold TRX tokens and stake a portion to generate rewards (~4.6% APR) that fund the NAV. It will track the CoinDesk TRX USD CCIX ...
Cboe BZX Exchange has filed with the SEC to list the Canary Staked TRX ETF, the first US-based spot Tron ETF offering staking rewards. This innovative fund, sponsored by Canary Capital, aims to provide investors exposure to TRX’s spot price while earning yield through delegated proof-of-stake rewards, currently estimated around 4.6% APR.
The ETF will hold TRX tokens and stake a portion of them via trusted providers, with all staking rewards flowing back to the trust to fund the net asset value (NAV). It tracks the CoinDesk TRX USD CCIX index, which aggregates TRX spot trades across major venues and updates every 15 seconds. NAV will be calculated daily at 4 P.M. ET. The shares will be created and redeemed in 10,000-share baskets for cash only, with BitGo serving as the custodian.
Cboe argues that the ETF does not require a surveillance-sharing agreement with regulated markets because of TRX’s decentralized and liquid global market, which benefits from continuous trading, high arbitrage activity, and lack of centralized pricing. These features help deter manipulation, supporting investor protections.
This filing represents a significant milestone, potentially marking the first US-listed crypto ETF to include native staking. Unlike Ethereum-based ETFs approved in 2024 which excluded staking amid regulatory uncertainty, the Canary Staked TRX ETF tests whether delegated proof-of-stake tokens can fit into public fund structures. The proposal does not specify ticker symbols or staking providers but confirms all staking income returns to the trust and excludes claims on forked or airdropped assets.
If approved, this ETF could pave the way for similar staking-enabled products on other proof-of-stake networks like Solana, Polkadot, and Cosmos. This approach offers an attractive alternative by combining price exposure with yield generation, especially valuable in a low-interest-rate environment where investors seek income beyond capital gains. The SEC has not yet announced a decision timeline for this proposed rule change.