On 9 July 2025, the United States Securities and Exchange Commission (US SEC) issued a Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to List and Trade Shares of the Canary Staked TRX ETF under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, Release No. 34-103405 (File No. SR-CboeBZX-2025-069), designating a longer period for Commission action on a proposed rule change submitted by Cboe BZX Exchange, Inc. to list and trade shares of the Canary Staked TRX ETF under BZX Rule 14.11(e)(4), governing Commodity-Based Trust Shares.
The US SEC’s order extends the time for review of a proposed rule change filed under Section 19(b)(1) of the United States Securities Exchange Act of 1934 and US SEC Rule 19b-4 thereunder. The proposal seeks approval to list and trade shares of the Canary Staked TRX ETF. Pursuant to Section 19(b)(2) of the United States Exchange Act, the US SEC has until 27 August 2025 to approve, disapprove, or institute proceedings to determine whether to approve or disapprove the proposal. The extension enables the Commission to consider the proposal and its implications more fully.
The Canary Staked TRX ETF is proposed to be listed as a Commodity-Based Trust Share under BZX Rule 14.11(e)(4). The structure implies that the ETF would hold or be linked to staked TRX (Tron tokens), potentially generating staking rewards. The proposed rule change would permit the ETF to reflect the value of TRX with a mechanism for net asset value (NAV) calculation. The proposal may involve a designated sponsor and custodian, though the current order does not elaborate on the specific mechanics or entities involved.
The US SEC invoked Section 19(b)(2) of the United States Securities Exchange Act of 1934 to extend its review period, citing the need for sufficient time to evaluate the proposed rule change and the issues raised. The order states:
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The proposal was published in the Federal Register on 29 May 2025 (90 FR 22778), under File No. SR-CboeBZX-2025-069. The Commission has not received any public comments to date. Stakeholders can continue to submit comments through the official US SEC portal referencing the same file number.
The next date for this application is 27 August 2025, by which date the US SEC must either approve, disapprove, or initiate proceedings to consider the listing.
(Source: https://www.sec.gov/files/rules/sro/cboebzx/2025/34-103405.pdf)
