#TRXETF According to the preliminary prospectus, the proposed fund Canary will issue shares designed to provide investors with exposure to the price of tron (TRX) after deducting operating costs and other trust liabilities.

It will determine its net asset value daily at 4 PM Eastern Time using the Coindesk reference index, which aggregates spot prices from several leading digital asset platforms. The trust also intends to stake a portion of its TRX to earn rewards from the network, considering the associated liquidity and penalty risks.

Canary Capital is the sponsor, CSC Delaware Trust Company serves as the trustee, and Bitgo Trust Company will act as the custodian for holding the trust's TRX. Ownership of shares does not grant investors voting rights, and the trust will not lend or give assets as collateral or use them as collateral.

The sponsor will pay ordinary operating costs under a unified fee agreement, while extraordinary expenses will be borne by the trust. The offering will operate continuously under SEC Rule 415, with shares being created or redeemed in cash by authorized participants. Each basket will consist of a defined block of shares based on the amount of TRX attributable to each share, after deducting fees.

The trust was created as a statutory trust in Delaware on April 8 and will operate based on a trust agreement between the sponsor and the trustee. Canary has filed for spot exchange-traded funds, or ETFs, tracking SUI, LTC, PENGU (Pudgy Penguins token), HBAR, XRP, AXL, DOGE, and SOL. The company, founded by Steven McClurg—former co-founder and Chief Investment Officer of Valkyrie Funds—strives to provide institutional-level access to a wide range of digital assets.