Cboe has filed to launch a U.S. spot exchange-traded fund (ETF) offering staking exposure to Tron’s native currency TRX, betting its decentralized design and $25 billion market can meet the U.S. Securities and Exchange Commission’s (SEC) evolving crypto standards.
Canary’s New ETF Bid: Track TRX With Built-In Staking Rewards
Cboe BZX Exchange has filed a proposal with the SEC to list shares of the Canary Staked TRX ETF, a fund designed to hold Tron’s TRX cryptocurrency while generating staking rewards. The filing argues the $25 billion TRX market’s structure and the market’s surveillance measures sufficiently guard against manipulation, mirroring recent approvals for bitcoin (BTC) and ethereum ( ETH) ETFs.
The ETF would operate under Cboe’s Commodity-Based Trust Shares rules, holding TRX in cold storage through a third-party custodian. Unlike traditional ETFs, it would use cash-only creation/redemption processes, with blocks of 10,000 shares traded based on net asset value (NAV) calculated using Coindesk’s TRX pricing benchmark.
Cboe’s 67-page SEC 19b-4 filing submission leans on the SEC’s recent acceptance of “other means” to prevent fraud in spot crypto ETFs, noting TRX’s decentralized network and 24/7 global trading reduce manipulation risks. The filing highlights Tron’s delegated proof-of-stake model as inherently resistant to single-actor control.
The exchange contends TRX’s lack of supply shocks—unlike commodities such as gold—and arbitrage-heavy markets make it less vulnerable to price distortion. It also notes the Trust will publish real-time NAV data and partner with FINRA for cross-market surveillance.
If approved, the ETF would mark the first U.S.-listed product offering staking exposure to tron ( TRX), which has no fixed supply cap. Cboe emphasized the fund’s structure avoids direct handling of TRX by authorized participants, aiming to align with SEC custody concerns.
The SEC has 45 days to approve, deny, or extend its review. The proposal arrives as regulators weigh similar crypto-based funds, testing how existing commodity ETF frameworks apply to evolving digital asset markets.
