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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exchange malfunction for any reason, calculation and dissemination of the Pricing Benchmark may be delayed. Errors in Pricing Benchmark data, the Pricing Benchmark computations and/or construction may occur from time to time and may not be identified and/or corrected for a period of time or at all, which may have an adverse impact on the Trust and the Shareholders. Any of the foregoing may lead to errors in the Pricing Benchmark, which may lead to a different investment outcome for the Trust and its Shareholders than would have been the case had such events not occurred. The Pricing Benchmark is the reference price for calculating the Trust’s NAV. Consequently, losses or costs associated with the Pricing Benchmark’s errors or other risks described above will generally be borne by the Trust and the Shareholders and neither the Sponsor nor its affiliates or agents make any representations or warranties regarding the foregoing.

If the Pricing Benchmark
is not available, the Trust’s holdings may be fair valued in accordance with the policy approved by the Sponsor. If the Pricing
Benchmark is not available, or if the Sponsor determines, in its sole discretion, that the Pricing Benchmark does not reflect an accurate
TRX price, the Trust’s holdings may be “fair valued” in accordance with the valuation policies approved by the Sponsor.
Those valuation policies stipulate that when seeking to fair value TRX, the Sponsor may apply all available factors the Sponsor deems
relevant at the time of the determination, and may be based on analytical values determined by the Sponsor using third-party valuation
models. Pursuant thereto, the Sponsor expects to utilize a volume-weighted average price or volume-weighted median price of TRX provided
by a secondary pricing source (“Secondary Source”). If a Secondary Source is not available or the Sponsor in its sole discretion
determines the Secondary Sources are unreliable, the price set by the Trust’s principal market as of 4:00 p.m. ET, on the valuation
date would be considered for utilization. In the event the principal market price is not available or the Sponsor in its sole discretion
determines the principal market valuation is unreliable the Sponsor will use its best judgment to determine a good faith estimate of fair
value based upon all available factors. The Sponsor does not anticipate that the need to “fair value” TRX will be a common
occurrence.

To the extent
the valuation determined in accordance with the policy approved by the Sponsor differs materially from the actual market price of
TRX, the price of the Shares may no longer track, whether temporarily or over time, the global market price of TRX, which could
adversely affect an investment in the Trust by reducing investors’ confidence in the Shares’ ability to track the global
market price of TRX. To the extent such prices differ materially from the market price for TRX, investors may lose confidence in the
Shares’ ability to track the market price of TRX, which could adversely affect the value of the Shares. The Sponsor does not
anticipate that the need to “fair value” TRX will be a common occurrence.

The
Pricing Benchmark could fail to track the global TRX price, and a failure of the Pricing Benchmark could adversely affect the value of
the Shares.

Although the Pricing
Benchmark is intended to accurately capture the market price of TRX, third parties may be able to purchase and sell TRX on public or private
markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower than the
Pricing Benchmark price. Moreover, there may be variances in the price of TRX on the various Constituent Platforms, including as a result
of differences in fee structures or administrative procedures on different Constituent Platforms. While the Pricing Benchmark provides
a U.S. dollar-denominated composite for the price of TRX based on the volume-weighted price of TRX on certain Constituent Platforms, at
any given time, the prices on each such Constituent Platform or pricing source may not be equal to the price of TRX as represented by
the Pricing Benchmark. It is possible that the price of TRX on the Constituent Platforms could be materially higher or lower than the
Pricing Benchmark price. To the extent the Pricing Benchmark price differs materially from the actual prices available on a Constituent
Platform, or from the global market price of TRX, the price of the Shares may no longer track, whether temporarily or over time, the global
market price of TRX, which could adversely affect an investment in the Trust by reducing investors’ confidence in the Shares’
ability to track the market price of TRX. To the extent such prices differ materially from the Pricing Benchmark price, investors may
lose confidence in the Shares’ ability to track the market price of TRX, which could adversely affect the value of the Shares.

The
Sponsor can discontinue using the Pricing Benchmark and use a different pricing or valuation methodology instead.

The Sponsor,
in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark or standard other than the Pricing
Benchmark at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another
index, benchmark or standard better aligns with the Trust’s investment objectives and strategy. The Sponsor may make this
decision for a number of reasons, including, but not limited to, a determination that the Pricing Benchmark price of TRX differs
materially from the global market price of TRX and/or that third parties are able to purchase and sell TRX on public or private
markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower
than the Pricing Benchmark price. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance.
In the event that the Sponsor intends to establish the Trust’s NAV by reference to an index, benchmark or standard other
than the Pricing Benchmark, it will provide Shareholders with notice in a prospectus supplement and/or through a current report
on Form 8-K or in the Trust’s annual or quarterly reports.

The
Pricing Benchmark price used to calculate the value of the Trust’s TRX may be volatile, adversely affecting the value of the Shares.

The price of TRX
on public digital asset trading platforms has a limited history, and during this history, TRX prices on the digital asset markets more
generally, and on digital asset trading platforms individually, have been volatile and subject to influence by many factors, including
operational interruptions. While the Pricing Benchmark is designed to limit exposure to the interruption of individual digital asset trading
platforms, the Pricing Benchmark price, and the price of TRX generally, remains subject to volatility experienced by digital asset exchanges,
and such volatility could adversely affect the value of the Shares.

Furthermore,
because the number of liquid and credible digital asset trading platforms is limited, the Pricing Benchmark will necessarily be
composed of a limited number of digital asset trading platforms. If a digital asset trading platform were subjected to regulatory,
volatility or other pricing issues, the Benchmark Provider would have limited ability to remove such digital asset trading platform
from the Pricing Benchmark, which could skew the price of TRX as represented by the Pricing Benchmark. Trading on a limited number
of digital asset trading platforms may result in less favorable prices and decreased liquidity of TRX and, therefore, could have an
adverse effect on the value of the Shares.

The
Pricing Benchmark price being used to determine the NAV of the Trust may not be consistent with GAAP. To the extent that the Trust’s
financial statements are determined using a different pricing source that is consistent with GAAP, the NAV reported in the Trust’s
periodic financial statements may differ, in some cases significantly, from the Trust’s NAV determined using the Pricing Benchmark
pricing.

The Trust will determine
the NAV of the Trust on each business day based on the value of TRX as reflected by the Pricing Benchmark. The methodology used to calculate
the Pricing Benchmark price to value TRX in determining the NAV of the Trust may not be deemed consistent with GAAP. To the extent the
methodology used to calculate the Pricing Benchmark is deemed inconsistent with GAAP, the Trust will utilize an alternative GAAP-consistent
pricing source for purposes of the Trust’s periodic financial statements. Creation and redemption of Baskets, the Sponsor Fee and
other expenses borne by the Trust will be determined using the Trust’s NAV determined daily based on the Pricing Benchmark. Such
NAV of the Trust determined using the Pricing Benchmark price may differ, in some cases significantly, from the NAV reported in the Trust’s
periodic financial statements.

Risks
Related to Pricing.

The Trust’s
portfolio will be priced, including for purposes of determining the NAV, based upon the Pricing Benchmark. The price of TRX in U.S. dollars
or in other currencies available from other data sources may not be equal to the prices used to calculate the NAV.