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

Chunk 47 of 63
Word Count: 1377
Character Count: 8629

Document Content:

the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery and liability provisions of the 1933 Act. Dealers who are neither Authorized Participants nor “underwriters” but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(a)(3) of the 1933 Act. While the Authorized Participants may be indemnified by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or The Sponsor for their purchases of Baskets. and ________have each executed an Authorized Participant Agreement. Selling Shareholders

The Sponsor or its affiliates,
or a fund or unit investment trust for which the Sponsor or an affiliate of the Sponsor serves as sponsor or investment advisor, may purchase
Shares of the Trust through a broker-dealer or other investors, including in secondary market transactions, and because the Sponsor and
its affiliates may be deemed affiliates of the Trust, the Shares are being registered to permit the resale of these Shares by affiliates
of the Trust from time to time after any such purchase. The Trust will not receive any of the proceeds from the resale of such Shares.

Selling shareholders (each,
a “Selling Shareholder”) may sell Shares owned by them directly or through broker-dealers, in accordance with applicable law,
on any national securities exchange on which the Shares may be listed or quoted at the time of sale, through trading systems, in the OTC
market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale,
at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions,
privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by
applicable law. Selling Shareholders may redeem Shares held in Basket size through an Authorized Participant. See “Conflicts
of Interest.”

CREATION AND REDEMPTION
OF SHARES

The
Trust creates and redeems Shares from time to time, but only in one or more Baskets. Baskets are only made in exchange for delivery
to the Trust or the distribution by the Trust of the amount of TRX or cash represented by the Baskets being created or redeemed
(the “Basket Deposit”). The amount of TRX required in a Basket Deposit (the “Basket TRX Deposit”) and the
amount of cash required in a Basket Deposit (the “Basket Cash Deposit”) are based on the quantity or value of the quantity,
as applicable, of TRX or cash attributable to each Share of the Trust (net of accrued but unpaid Sponsor Fees and any accrued but
unpaid Extraordinary Expenses) being created or redeemed determined as of 4:00 p.m. ET on the day the order to create or redeem
Baskets is properly received.

Authorized
Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered
broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required
to register as broker-dealers to engage in securities transactions described below and (2) DTC Participants. To become an Authorized
Participant, a person must enter into an Authorized Participant Agreement with the Marketing Agent.

connection with a Cash Creation Order (as defined below) or Cash Redemption Order (as defined below), an Authorized Participant is responsible
for any operational processing and brokerage costs, transfers fees, network fees and stamp taxes (the “Transaction Fee”).
The Transaction Fee may be reduced, increased or otherwise changed by the Sponsor. Authorized Participants who make deposits with the
Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust
or the Sponsor, and no such person will have any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale
of Shares.

Certain
Authorized Participants and their agents and affiliates are expected to be capable of participating directly in the spot markets. Some
Authorized Participants or their agents and affiliates may from time to time buy or sell TRX and may
profit in these instances. To the extent that the activities of Authorized Participants or their agents and affiliates have a meaningful
effect on the TRX market, it could affect the price of TRX and
impact the ability of the Authorized Participants to effectively arbitrage the difference between the price at which the shares trade
and the NAV of the Trust. While the Sponsor currently expects that Authorized Participants’ and their agents’ and affiliates’
direct activities in the TRX or securities markets in connection with the creation and redemption
activities of the Trust will not significantly affect the price of TRX or the Shares, the impact of
the activities of the Trust and its Authorized Participants and their agents and affiliates on TRX or
securities markets is unknown and beyond the control of the Sponsor.

Each
Authorized Participant will be required to be registered as a broker-dealer under the 1934 Act and a member in good standing with FINRA,
or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be qualified to act as
a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants
may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures,
internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

The
following description of the procedures for the creation and redemption of Baskets is only a summary and a Shareholder should refer to
the form of Authorized Participant Agreement for more detail. A form of Authorized Participant Agreement will be filed as an exhibit to
the registration statement of which this Prospectus is a part.

Creation Procedures

any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more Baskets. For purposes of
processing creation and redemption orders, a “business day” means any day other than a day when the Exchange is closed for
regular trading. Purchase orders must be placed by the close of Regular Trading Hours on the Exchange or an earlier time as determined
and communicated by the Sponsor and its agent. A purchase order will be effective on the date it is received in good order by the Transfer
Agent (“Purchase Order Date”).

The
manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. Creation orders may be denominated
and settled in an amount of TRX (“In-Kind Creation Order”) or cash (“Cash Creation Order”). By placing
an In-Kind Creation Order, an Authorized Participant agrees to facilitate the deposit of TRX with the Custodian, either directly
or indirectly through an Authorized Participant Designee. By placing a Cash Creation Order, an Authorized Participant agrees to
facilitate the deposit of cash with the Cash Custodian. An Authorized Participant may not withdraw a creation order without the
prior consent of the Sponsor in its discretion.

Following
an In-Kind Creation Order from an Authorized Participant, the Trust’s account at the Custodian must be credited with the
required TRX by 11:00 a.m. ET on the following business day or such other time designated by the Sponsor. The Authorized Participant
or its Authorized Participant Designee will normally send the required TRX in an “on chain” transaction over the Tron
Network. Such on chain transactions are subject to the risks associated with Tron Network transactions, including the irreversibility
of transactions made in error or unavoidable delays due to Tron Network congestion. Upon receipt of the Basket TRX Deposit amount
in the Trust’s account at the Custodian, the Administrator will notify the Transfer Agent. The Transfer Agent will then direct
DTC to credit the number of Shares created to the Authorized Participant’s DTC account.