SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001999371-26-010857
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2064768/000199937126010857/canary-s1a_051526.htm

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storage. The Trust, as client of the Custodian, performs regular diligence of operational practices of the Custodian, including practices related to the allocation of assets held in cold or hot storage. Within such segregated hot and cold wallets, the Custodian has represented to the Sponsor that it keeps a substantial majority of assets in cold wallets, to promote security, while the balance of assets is kept in hot wallets to facilitate timely withdrawals. The Custodian has represented to the Sponsor that the percentage of assets maintained in cold versus hot storage including target percentages may change over time and is determined by ongoing risk analysis and market dynamics, in which the Custodian balances anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage. The Sponsor has no control over the percentage of TRX that the Custodian maintains in cold wallets versus hot wallets.

Cold
storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to
the Trust’s TRX is (are) generated and stored in an offline manner. When the Custodian transfers TRX from cold storage to
a hot wallet, it does so by sending TRX over the Tron Network. Private keys are generated on devices that are not and never have
been connected to the internet so that they are resistant to being hacked. The Custodian has multiple, redundant cold storage sites,
which are geographically distributed including sites within the United States. Cold storage locations of the Custodian are monitored
by 24x7 on-site security, video surveillance and alarms, and hardened room structures, and access to these facilities is controlled
by multi-person controls, multi-team access rules, and multi-factor authentication. The private keys related to the Trust’s
TRX are not accessible to any person or entity (including the Sponsor) except the Custodian. The Sponsor and the Trust’s
service providers will have the ability to verify the existence of the Trust’s TRX through information provided by the Custodian.

Cold
storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the private keys
on a storage device or printed medium and deleting the keys from all computers. The Custodian may receive deposits of TRX but may
not send TRX without use of the corresponding private keys. Outbound TRX transfers require cryptographic signing by the Custodian
using private keys, which are protected using high standards of physical, cyber, and operational controls.

The
Trust generally does not intend to hold cash or cash equivalents except for cash received from Authorized Participants in connection with
a creation transaction or cash held by the Trust pending distribution to Authorized Participants in a redemption transaction or payment
of Trust expenses. The Trust has entered into a custodian agreement (the “Cash Custody Agreement”) with the Cash Custodian
under which the Cash Custodian acts as custodian of the Trust’s cash. The Trust is obligated to convert any cash contributed to
TRX as soon as practicable, except to the extent necessary for a redemption transaction or to pay expenses.

The Trust may change
the custodial arrangements described in this Prospectus at any time without notice to Shareholders. To the extent a change in
custodial arrangements is deemed material by the Sponsor, the Trust will notify Shareholders in a Prospectus supplement and/or
a current report on Form 8-K or in its annual or quarterly reports.

Staked TRX

The Staking Program
will be carried out by the Sponsor, who will be responsible for selecting one or Staking Providers that operate validator nodes
for the Tron Network. Under normal circumstances, the Sponsor will seek to stake all of the Trust’s TRX through the Staking
Providers, except for TRX reserved by the Sponsor in its sole discretion to facilitate foreseeable redemption transactions, pay
Trust expenses or otherwise protect the Trust and its assets. The Trust will disclose on its website the percentage of the Trust’s
TRX that was staked as of the beginning of each trading day.

The Trust will
not have any direct contractual relationship with the Staking Providers. In determining the amount and percentage of the Trust’s
TRX to allocate to each Staking Provider, the Sponsor will consider (i) the concentration of the Trust’s TRX at each Staking
Provider, (ii) the Sponsor’s assessment of the safety and security policies and procedures of each Staking Provider, (iii)
each Staking Provider’s history of implementing similar staking programs, (iv) the technology used by each Staking Provider,
and (v) any other factor the Sponsor deems relevant in making the allocation determination. The Custodian will maintain exclusive
possession and control of the private keys associated with any staked TRX at all times.

The staking process
includes protocol-defined warm-up, activation and withdrawal periods, during which delegated TRX is temporarily locked and inaccessible.
These phases affect when TRX begins earning rewards, participates in consensus and becomes available for transfer or redelegation.

In consideration
for any staking activity in which the Trust may engage, the Trust will receive a portion of the staking rewards generated by the
Staking Program. The Trust will dedicate substantially all of the Trust’s TRX to the Staking Program.

Staking
rewards generated by the Staking Program will be subject to the Staking Fees. The Staking Fees will reduce the amount of TRX that
are received by the Trust from the Staking Program. The remainder of the staking rewards generated by the Staking Program will
be redeployed into the Staking Program, transferred out or sold in connection with the redemption of Baskets, or transferred or
sold by the Sponsor to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor. Except for TRX
reserved by the Sponsor in its sole discretion to facilitate foreseeable redemption transactions, pay Trust expenses or otherwise
protect the Trust and its assets, all staking rewards will be restaked pursuant to the Staking Program.

Pursuant
to the Staking Program, the Staking Provider will distribute earned staking rewards to the Trust’s wallet or wallets at the
Custodian on a periodic basis, generally coinciding with 4:00 p.m. E.T. on each business day the Exchange is open. Accrued
staking rewards will be included in the Trust’s daily NAV calculation.

The Sponsor
will carry out the Staking Program in accordance with the Sponsor’s liquidity risk management policy (the “Liquidity
Risk Management Policy”), which is designed to satisfy the requirements of the Exchange’s listing rules. The Liquidity
Risk Management Policy is designed to ensure that the Trust maintains sufficient liquidity to timely fulfill redemption orders
to preserve the effective and efficient arbitrage mechanism of the Trust. The Liquidity Risk Management Policy assesses the characteristics
of a protocol’s native unbonding period, the particular unbonding characteristics of the Staking Program, sources of credit,
sources of tokens, and other relevant liquidity considerations against the settlement period for any redemption of the Trust’s
shares. The Liquidity Risk Management Policy permits the Trust to maintain credit facilities to help meet redemption requests,
which may include the Sponsor’s own credit facilities to serve as a source of backup liquidity for the Trust. As of the date
of the Prospectus, no such credit facility has been entered into by the Trust. The complete Liquidity Risk Management Policy is
available on the Trust’s website at canaryetfs.com.

The Shares

The
Trust will issue Shares, which represent fractional undivided beneficial interests in and ownership of the Trust. Shares issued
by the Trust will be registered in a book entry system and held in the name of Cede & Co. at the facilities of the Depository
Trust Company (“DTC”), and one or more global certificates issued by the Trust to DTC will evidence the Shares. Shareholders
may hold their Shares through DTC if they are direct participants in DTC (“DTC Participants”) or indirectly through
entities (such as broker-dealers) that are DTC Participants.

Net Asset Value

Net
Asset Value means the total assets of the Trust including, but not limited to, all TRX and cash less total liabilities of the Trust.

The
Administrator determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practical
after 4:00 p.m. ET. The NAV of the Trust is the aggregate value of the Trust’s assets less its accrued but unpaid liabilities
(which include accrued expenses). In determining the Trust’s NAV, the Administrator values the TRX held by the Trust based
on the price set by the Pricing Benchmark as of 4:00 p.m. ET. The Administrator also determines the NAV per Share. For purposes
of the Trust’s financial statements, the Trust will utilize a pricing source that is consistent with U.S. Generally Accepted
Accounting Principles (“GAAP”), as of the financial statement measurement date, which may result in valuations that
differ from the Trust’s daily NAV calculations. The Sponsor will determine in its sole discretion the valuation sources and
policies used to prepare the Trust’s financial statements in accordance with GAAP.

Plan of Distribution