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 beneficial interest in the Trust is divided into Shares. Each Share of the Trust represents an equal beneficial interest in the net assets of the Trust, and each holder of Shares is entitled to receive such holder’s pro rata share of distributions of income and capital gains, if any. All Shares are fully paid and non-assessable. No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor, Shareholders will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

The
Sponsor will have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders (a)
to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the
Trust as the Sponsor may from time to time determine, (b) to divide the beneficial interest in the Trust into an unlimited amount of shares,
with or without par value, as the Sponsor will determine, (c) to issue shares without limitation as to number (including fractional shares),
to such persons and for such amount of consideration, subject to any restriction set forth in the By-Laws, if any, at such time or times
and on such terms as the Sponsor may deem appropriate, (d) to divide or combine the shares into a greater or lesser number without thereby
materially changing the proportionate beneficial interest of the shares in the assets held, and (e) to take such other action with respect
to the shares as the Sponsor may deem desirable. The ownership of Shares will be recorded on the books of the Trust or a transfer or similar
agent for the Trust. No certificates certifying the ownership of Shares will be issued except as the Sponsor may otherwise determine from
time to time. The Sponsor may make such rules as it considers appropriate for the issuance of share certificates, transfer of Shares and
similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, will be conclusive
as to the identity of the Shareholders and as to the number of Shares held from time to time by each.

CONFLICTS
OF INTEREST

There
are present and potential future conflicts of interest inherent in the Trust’s structure and operation you should consider
before you purchase Shares. The Sponsor will use this notice of conflicts as a defense against any claim or other proceeding made.
If the Sponsor is not able to resolve these conflicts of interest adequately, it may impact the Trust’s ability to achieve
its investment objectives.

The
Sponsor and its affiliates engage in a broad spectrum of activities and may expand the range of services that they provide over
time. The Sponsor and its affiliates will generally not be restricted in the scope of their business or in the performance of any
such services (whether now offered or undertaken in the future), even if such activities could give rise to conflicts of interest,
and whether or not such conflicts are described herein. In the ordinary course of their business activities, the Sponsor and its
affiliates may engage in activities where the interests of the Sponsor and its affiliates or the interests of their clients conflict
with the interests of the Trust. Certain employees of the Sponsor also have responsibilities relating to the business of one or more
affiliates. These employees are not restricted in the amount of time that may be allocated to the business activities of the
Sponsor’s affiliates, and the allocation of such employees’ time between the Sponsor and its affiliates may change over
time.

addition, the Sponsor and its affiliates may also be responsible for managing other accounts in addition to the services that they provide
to the Trust, including other accounts of the Sponsor or its affiliates. Other accounts may include, without limitation, private or SEC-registered funds,
separately managed accounts, or investments owned by the Sponsor or its affiliates. Management of other accounts in addition to services
provided to the Trust can present certain conflicts of interest or the appearance thereof. The other accounts might have similar or different
investment objectives or strategies as the Trust, or otherwise hold, purchase or sell investments that are eligible to be held, purchased
or sold by the Trust, or may take positions that are opposite in direction from those taken by the Trust.

The Sponsor
and its affiliates may from time to time obtain exposure to TRX through investments in the Trust and may hold a material position
in the Trust. The Trust will not receive any of the proceeds from the resale by the Sponsor or its affiliates of these Shares,
and the sale of such Shares may impact the price at which Shareholders may be able to sell their Shares. In addition, the Sponsor
and its affiliates may have substantial direct investments in TRX outside of the Trust. The Sponsor and its affiliates are permitted
to manage such investments, taking into account their own interests, without regard to the interests of the Trust or its Shareholders.
The Sponsor and its affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem
through an Authorized Participant at any time some or all of the Shares of the Trust acquired for their own accounts. The Sponsor
and its affiliates face potential conflicts of interest in determining whether, when and in what amount to sell or redeem Shares
of the Trust. The Sponsor and its affiliates are under no obligation to consider the effect of sales or redemptions on the Trust
and other Shareholders in deciding whether to sell or redeem their Shares. The Sponsor and its affiliates may invest or trade
in digital assets for their own accounts, which activities may conflict or compete with the Trust. Additionally, the Sponsor does
not have policies and procedures requiring that personnel pre-clear trading activity in certain digital assets, including TRX.
The Sponsor may not be able to fully mitigate the risk of conflicts of interest in connection with the purchase and sale of digital
assets. There is no guarantee that every employee, officer, director, or similar person associated with the Sponsor and its affiliates
will refrain from engaging in impermissible activity in violation of their duties to the Trust and Sponsor.

The
Sponsor will have the authority to manage the operations of the Trust, and this may create or give the appearance of a conflict
with shareholders’ best interests. The Sponsor may select service providers that are affiliates, including the Custodian,
the Benchmark Provider, the Marketing Agent, and the Administrator. The Sponsor may have a conflict of interest in selecting an
affiliated service provider because doing so increases the overall revenue for its affiliates. You should be aware that there
may be less expensive service providers or parties with greater experience or expertise than the affiliates selected by the Sponsor.
Because of the Sponsor’s affiliated status, it may be disincentivized from replacing affiliated service providers. In connection
with this conflict of interest, Shareholders should understand that affiliated service providers will be compensated for providing
services to the Trust. Clients of the affiliated service providers may pay commissions at negotiated rates which are greater or
less than the rate paid by the Sponsor. The Sponsor and any affiliated service provider may, from time to time, have conflicting
demands in respect of their obligations to the Trust and, in the future, to other clients.

The
Sponsor may indemnify its officers, directors and key employees with respect to their activities on behalf of other funds, if the need
for indemnification arises. This potential indemnification could cause the Sponsor’s assets to decrease. If the Sponsor’s
other sources of income are not sufficient to compensate for the indemnification, it could cease operations, which could in turn result
in Trust losses and/or termination of the Trust.

Resolution of Conflicts Procedures

The
Trust Agreement will provide that whenever a conflict of interest exists between the Sponsor or any of its affiliates, on the one hand,
and the Trust or any Shareholders or any other person, on the other hand, the Sponsor will resolve such conflict of interest considering
the relative interest of each party (including its own interest) and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable accepted accounting practices or principles.

Issues Relating to Valuations
of Assets