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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in the market price of TRX when baskets are created. The market price of TRX may therefore decline immediately after Baskets are created. Selling activity associated with sales of TRX by Authorized Participants in connection with redemption orders may decrease TRX prices, which will result in lower prices for the Shares. Decreases in TRX prices may also occur as a result of selling activity by other market participants. addition to the effect that purchases and sales of TRX by Authorized Participants may have on the price of TRX, sales and purchases of TRX by similar investment vehicles (if developed) could impact the price of TRX. If the price of TRX declines, the trading price of the Shares will generally also decline. The inability of Authorized Participants and market makers to hedge their TRX exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.

Authorized
Participants and market makers will generally want to hedge their exposure in connection with Basket purchase and redemption orders. To
the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient TRX
liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the price of TRX, wide spreads between
prices quoted on different TRX trading platforms, the closing of TRX trading platforms due to fraud, failures, security breaches or otherwise
etc.), such conditions may make it difficult to purchase or redeem Baskets or cause them to not create or redeem Baskets. In addition,
the hedging mechanisms employed by Authorized Participants and market makers to hedge their exposure to TRX may not function as intended,
which may make it more difficult for them to enter into such transactions. Such events could negatively impact the market price of Shares
and the spread at which Shares trade on the open market

Arbitrage
transactions intended to keep the price of Shares closely linked to the price of TRX may be problematic if the process for the creation
and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.

If the
processes of creation and redemption of Shares (which depend on timely transfers of TRX to and by the Custodian) encounter any
unanticipated difficulties due to, for example, the price volatility of TRX, the insolvency, business failure or interruption,
default, failure to perform, security breach, or other problems affecting the Custodian, the closing of TRX trading platforms
due to fraud, failures, security breaches or otherwise, or network outages or congestion, spikes in transaction fees demanded
by validators, or other problems or disruptions affecting the Tron Network, then potential market participants, such as the Authorized
Participants and their customers, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage
opportunity arising from discrepancies between the price of the Shares and the price of the underlying TRX may not take the risk
that, as a result of those difficulties, they may not be able to realize the profit they expect.

Alternatively, in
the case of a network outage or other problems affecting the Tron Network, the processing of transactions on the Tron Network may be disrupted,
which in turn may prevent TRX Trading Counterparties from depositing or withdrawing TRX from their custody accounts, which in turn could
affect the creation or redemption of Baskets. If this is the case, the liquidity of the Shares may decline and the price of the Shares
may fluctuate independently of the price of TRX and may fall or otherwise diverge from NAV. Furthermore, in the event that the market
for TRX should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering TRX in return for
Baskets, the price of Shares may diverge from the price of TRX.

The
use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions
by Authorized Participants intended to keep the price of the Shares closely linked to the price of TRX and, as a result, the price
of the Shares may fall or otherwise diverge from NAV.

The
use of cash creations and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution
due to potential operational issues arising from implementing a cash creation and redemption model, which involves more complex
operational steps (and therefore execution risk) than the originally contemplated in-kind creation and redemption models. Such
delays could cause the execution price associated with such trades to materially deviate from the Pricing Benchmark price used
to determine the NAV. Even though the Authorized Participant is responsible for the dollar cost of such difference in prices,
Authorized Participants could default on their obligations to the Trust, or such potential risks and costs could lead Authorized
Participants, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising
from discrepancies between the price of the Shares and the price of the underlying TRX, to elect to not participate in the Trust’s
Share creation and redemption processes. This may adversely affect the arbitrage mechanism intended to keep the price of the Shares
closely linked to the price of TRX, and as a result, the price of the Shares may fall or otherwise diverge from NAV. If the arbitrage
mechanism is not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV,
which could harm Shareholders by causing them to buy Shares at a price higher than the value of the underlying TRX held by the
Trust or sell Shares at a price lower than the value of the underlying TRX held by the Trust, causing Shareholders to suffer losses.

The
Authorized Participants serve in such capacity for several competing exchange-traded TRX products, which could adversely affect the Trust’s
operations and the secondary market for the Shares.

Only
an Authorized Participant may engage in creation or redemption transactions directly with the Trust. Some or all of the Trust’s
Authorized Participants are expected to serve as authorized participants or market makers for one or more exchange-traded TRX products
that compete with the Trust. This may make it more difficult to engage or retain Authorized Participants for the Trust. Furthermore, because
there is no obligation on the part of the Authorized Participants to engage in creation and redemption or market making activities with
respect to the Trust’s Shares, decisions by the Authorized Participants to not engage with the Trust or its Shares may result in
a decline in the liquidity of the Shares and the price of the Shares may fluctuate independently of the price of Trust’s TRX (i.e.,
at a greater premium or discount to the Trust’s NAV).

Security
threats and cyber-attacks could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the
Trust, each of which could result in a reduction in the price of the Shares.

Security
breaches, cyber-attacks, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets.
Multiple thefts of TRX and other digital assets from other holders have occurred in the past. Because of the pseudonymous nature
of the Tron Network, thefts can be difficult to trace, which may make TRX a particularly attractive target for theft. Cyber security
failures or breaches of one or more of the Trust’s service providers (including, but not limited to, the Benchmark Provider,
the Transfer Agent, the Marketing Agent, the Administrator, or the Custodian) have the ability to cause disruptions and impact
business operations, potentially resulting in financial losses, violations of applicable privacy and other laws, regulatory fines,
penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.

The
Trust and its service providers’ use of internet, technology and information systems (including mobile devices and cloud-based
service offerings) may expose the Trust to potential risks linked to cyber-security breaches of those technological or information
systems. The Sponsor believes that the Trust’s TRX held in the Trust’s account with the Custodian will be an appealing
target to hackers or malware distributors seeking to destroy, damage or steal the Trust’s TRX or private keys and will only
become more appealing as the Trust’s assets grow. While the Trust, the Sponsor and the Custodian have implemented procedures
to identify and or stop new security threats and expect to adapt to technological changes in the digital asset industry, to the
extent such efforts are unsuccessful the Trust’s TRX may be subject to theft, loss, destruction or other attack.

Additionally,
access to the Trust’s TRX could be restricted by natural events (such as an earthquake or flood) or human actions (such as a terrorist
attack). The Sponsor has evaluated the security procedures in place for safeguarding the Trust’s TRX. Nevertheless, the security
procedures cannot guarantee the prevention of any loss due to a security breach, software defect or act of God that may be borne by the
Trust.