Bank of Montreal's BMO InvestorLine Ends Commissions for Self-Directed Clients

The Canary Staked TRX ETF, trading on Nasdaq under the ticker TRXS, has launched as one of the first U.S.-listed exchange-traded funds designed to hold TRON's TRX token directly and pass through on-chain staking rewards, giving investors a way to gain single-asset crypto exposure inside a brokerage or IRA account without opening a crypto exchange account or managing self-custody. The fund's return engine combines TRX spot price appreciation with a staking reward stream earned by delegating a portion of holdings to validators on the TRON network, though that reward stream is reduced by the fund's expense ratio before reaching shareholders. With only 7 trading days of history and a settled close of $24.75 on September 17, 2026, TRXS is too young for a track record to matter, and the fund is positioned as a satellite holding sized at low single-digit weight at most within a diversified portfolio. Because the fund's operating fee is subtracted from staking rewards, TRXS will structurally deliver slightly less yield than buying and staking TRX directly, a tradeoff the fund offers in exchange for convenience and account eligibility. The fund also carries concentration and governance risk tied to TRON founder Justin Sun, whose active role in the network's development means the token faces headline risk that broader multi-asset crypto ETFs naturally dilute, and its tax treatment of pass-through staking distributions remains unsettled.

The Securities and Exchange Commission's Sept. 17 Innovation Exemption creates a five-year, conditional pathway for certain tokenized U.S. stocks to trade on blockchain-based Tokenized Securities Venues, a framework that could benefit Robinhood Markets. The exemption permits trading through permissioned automated market makers and liquidity pools, but requires tokenized shares to give holders the same rights and privileges as conventional shares, including dividends and voting rights, while issuers can block third-party tokenization by objecting within 30 days of receiving notice from the trading venue. Robinhood cannot simply bring its existing Stock Tokens to the United States, since the company describes them as tokenized debt securities backed 1:1 by underlying shares that provide economic exposure rather than legal or beneficial ownership and are unavailable to U.S. residents. Robinhood CEO Vlad Tenev has said the company plans to add one-for-one share redemption and voting rights after AMC CEO Adam Aron criticized the Stock Tokens for lacking traditional shareholder rights, though the SEC's allowance for issuer objections diverges from Tenev's stance. Coinbase Global is the most direct rival given its U.S. stock-trading business and international tokenized-equity efforts, while Intercontinental Exchange is developing a 24/7 digital venue for tokenized equities through the NYSE. Robinhood's first-half 2026 revenues climbed 24% year over year to $2.38 billion, earnings rose 23% to $1.00, and the company ended August with 28.6 million funded customers and $384 billion in total platform assets, up 26% year over year.