Key facts
- Canary Capital's Staked TRX ETF has amended its S-1 filing with the US SEC.
- The ETF will have a 1.10% management fee.
- It plans to stake 90% of TRX under normal conditions.
- The Trust expects to retain 80% of TRX staking rewards after fees.
- TRON (TRX) price has risen nearly 2% in the last 24 hours.
Canary Capital has submitted an amended S-1 registration statement to the US Securities and Exchange Commission (SEC) for its proposed Staked TRX ETF, signaling potential launch in the coming weeks. The filing details a management fee of 1.10% and outlines the ETF's intention to stake approximately 90% of its TRX holdings to generate staking rewards. These rewards will be shared among the staking provider, sponsor, and custodian, with the Trust expected to retain 80% after covering staking fees, which will not exceed 20% of the rewards.
The ETF aims to provide investors with exposure to the price of TRON's native token, TRX, and its associated staking yields. It is slated to list on the Cboe BXZ Exchange under the ticker TRXS.
In parallel, the price of TRON (TRX) has seen a notable increase, surging nearly 2% over the past 24 hours to trade around $0.337. This price movement coincides with a 75% increase in trading volume and is supported by the token trading above its 50-day and 200-day simple moving averages. Analysts anticipate further upside potential, partly attributed to an upcoming major upgrade aimed at enhancing the TRON Virtual Machine's compatibility, security, and execution consistency.
Derivatives markets also indicate strong buying sentiment, with TRX futures open interest rising over 5% to $256.12 million in the last four hours. Specific exchanges like Binance saw an over 9% jump in TRX futures open interest following the ETF amendment news.