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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the same methodology used to calculate the Pricing Benchmark. All of the Trust’s TRX, including staked TRX, will be held by the Custodian. The Pricing Benchmark The U.S. dollar value of a Basket of Shares at 4:00 p.m. ET on the trade date of a creation order is equal to the Basket Amount, which is the number of TRX required to create a Basket of Shares, multiplied by the “Benchmark Price,” which is the price of TRX on the Pricing Benchmark as of 4:00 p.m. ET. The Pricing Benchmark Price is calculated using non-GAAP methodology and is not used in the Trust’s financial statements. See “The Trust and TRX Prices—The Pricing Benchmark.” Summary of Risk Factors investment in the Trust involves risks described in the section below entitled “Risk Factors” and elsewhere in this Prospectus. Some of these risks are summarized below. Risks associated with the Tron Network and TRX

TRX
is a relatively new technological innovation with a limited history. There is no assurance that usage of the Tron Network or TRX will
continue to grow. A contraction in the use or adoption of TRX may result in increased volatility or a reduction in the price of TRX, which
could adversely impact the value of the Shares. Sales of TRX that have been newly released from escrow may cause the price of TRX to decline,
which could negatively affect an investment in the Shares. TRX markets have a limited history, TRX trading prices have exhibited high
levels of volatility, and in some cases such volatility has been sudden and extreme. Because of such volatility, Shareholders could lose
all or substantially all of their investment in the Trust. Regulation of the use of TRX and the Tron Network continues to evolve both
in the United States and in foreign jurisdictions, which may restrict the use of TRX or otherwise impact the demand for TRX. Disruptions
at digital asset trading platforms could adversely affect the availability of TRX and the ability of Authorized Participants to purchase
or sell TRX and, therefore, their ability to create and redeem Shares.

Spot
markets on which TRX trades are relatively new and largely unregulated or may not be complying with existing regulations and,
therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets
or instruments, which could have a negative impact on the performance of the Trust. Disruptions at TRX spot markets, futures markets
and in the over-the-counter (“OTC”) markets could adversely affect the availability of TRX and the ability of Authorized
Participants (as defined below) to purchase or sell TRX or TRX derivatives (or provide cash in relation thereto) and therefore
their ability to create and redeem Shares of the Trust. The loss or destruction of certain “private keys,” including
by the Custodian, could prevent the Trust from accessing its TRX. Loss of these private keys may be irreversible and could result
in the loss of all or substantially all of an investment in the Trust. Loss of private keys may also impede the Trust’s
ability to operate, including by limiting the Trust’s ability to transfer TRX in the face of a redemption request and forcing
the Trust to consider liquidation.

Risks
Associated with the Pricing Benchmark

The
failure of the Pricing Benchmark methodology to measure the actual price of TRX could have an adverse effect on the Trust and on the value
of an investment in the Trust. In addition, the price of TRX as calculated by the Pricing Benchmark methodology may differ from the price
of TRX calculated by other methodologies and the price of TRX on any single spot market.

Risks
Associated with Investing in the Trust

Shareholders
may choose to use the Trust as a means of investing indirectly in TRX. As noted, there are significant risks and hazards inherent in
the TRX market that may cause the price of TRX to fluctuate widely. Shareholders considering a purchase of Shares of the Trust
should carefully consider what percentage of their total assets should be exposed to the TRX market, and should fully understand, be
willing to assume, and have the financial resources necessary to withstand, the risks involved in the Trust’s investment
strategy, and be in a position to bear the potential loss of their entire investment in the Trust. Because the value of TRX, and
thus the value of the Shares, may be extremely volatile, Shareholders will need to monitor their
investment frequently.

In addition,
pursuant to the Staking Program administered by the Sponsor, substantially all of the Trust’s assets will be staked through
one or more 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. Staking activity comes with a risk of loss of TRX.
None of the Trust’s assets, including any staked assets, are subject to the protections enjoyed by depositors with Federal
Deposit Insurance Corporation (“FDIC”) or SIPC member institutions. The staked assets may also be subject to penalties,
which could impact earned rewards, but does not subject staked assets to risk of loss. The Trust itself will not engage in staking
activities, including the operation of a validator node. Instead, the Staking Program will be administered by the Sponsor through
service providers, including the Custodian and Staking Provider. While the Sponsor does not expect the activities of the Staking
Provider to result in reward penalties, there can be no guarantee that such penalties will not occur. Furthermore, the Custodian’s
and the Staking Provider’s liability to the Trust for the actions associated with the Staking Program is limited, and the
Custodian and the Staking Provider may lack the assets or insurance in order to support the recovery of any losses incurred. Accordingly,
there can be no guarantee that the Trust would recover any of its staked assets, or the value thereof, if it is subject validator
penalties.

In consideration
for the Staking Program, the additional TRX generated by the Staking Program will be subject to the Staking Fees shared among
the Staking Provider, the Sponsor, and the Custodian. The Staking Fees, which include any fees of the Custodian and the Staking
Provider, will not exceed [___%] of the TRX staking rewards generated by the Staking Program. The Staking Fees will reduce the
amount of TRX that are received by the Trust from the Staking Program.

There
is no assurance that the Trust will generate a profit for investors. In addition, an actual or perceived breach of the Trust’s
account with the Custodian could harm the Trust’s operations, result in partial or total loss of the Trust’s assets,
damage the Trust’s reputation and negatively affect the market perception of the effectiveness of the Trust, all of which
could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may also cease operations,
the occurrence of which could similarly result in a reduction in the price of the Shares. Any investment made in the Trust may
result in a total loss of the investment.

The
Trust’s net return will not match the performance of the Pricing Benchmark because the Trust incurs operating expenses and
other fees and liabilities, and because the Trust is expected to generate additional TRX through the Staking Program. Moreover,
the NAV of the Trust may deviate from the market price of its Shares for a number of reasons, including price volatility, trading
activity, normal trading hours for the Trust, the calculation methodology of the NAV, and/or the closing of TRX trading platforms
due to fraud, failure, security breaches or otherwise.

Shareholders
of the Trust should not expect to receive the economic benefit of any “fork” of the Tron Network or asset “air dropped”
to holders of TRX. The Sponsor will cause the Trust to irrevocably abandon any digital asset resulting from a fork in the Tron Network
(other than what the Sponsor determines to be TRX) or any air drop. If the Trust were to change this policy, the Trust would need to seek
and obtain certain regulatory approvals, including an amendment to the Trust’s registration statement of which this Prospectus is
a part and approval of an application by the Exchange to amend its listing rules.

Pricing Information Available
on the Exchange and Other Sources

The
current market price per Share (symbol: “____”) will be published continuously as trades occur throughout each trading day
on the consolidated tape by market data vendors.

The
Indicative Trust Value (the “ITV”) per Share will be published by the Exchange once every 15 seconds throughout each
trading day on the consolidated tape by market data vendors.