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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Indices, Inc., a Delaware corporation (the “Benchmark Provider”), publishes the Pricing Benchmark and is responsible for oversight of the Pricing Benchmark. TRX Trading Counterparties The Trust buys and sells TRX through TRX trading counterparties selected by the Sponsor. The Trust does not currently intend to engage a prime broker or other liquidity provider providing similar services. As of the date of this Prospectus, the Trust has entered into agreements with each of ____, ____, ____ and ____ to serve as a TRX trading counterparty to the Trust. Each of these TRX trading counterparties is, and any other trading counterparty the Trust places orders with in the future will be, subject to U.S. federal and/or state licensing requirements or similar laws in non-U.S. jurisdictions and maintains practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations or similar laws in non-U.S. jurisdictions. The Trust’s Fees and Expenses

The
Trust will pay the Sponsor an annual fee of ____% of the Trust’s TRX Holdings (the “Sponsor Fee”). The Trust’s
“TRX Holdings” is the quantity of the Trust’s TRX plus any cash or other assets held by the Trust represented
in TRX as calculated using the Pricing Benchmark price, less its liabilities (which include estimated accrued but unpaid fees and
expenses) represented in TRX as calculated using the Pricing Benchmark price. The Sponsor Fee is paid by the Trust to the Sponsor
as compensation for services performed under the Trust Agreement. The Administrator will calculate the Sponsor Fee in respect of
each day by reference to the prior day’s TRX Holdings. Except for periods during which all or a portion of the Sponsor Fee
is being waived, the Sponsor Fee will accrue daily in TRX and be payable monthly in TRX or cash. To the extent there are any on-chain
transaction fees incurred in connection with the transfers of TRX to pay the Sponsor Fee, the Sponsor, and not the Trust, shall
bear such fees. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated
periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation
to waive any such fees during any period not covered by the waiver.

As partial
consideration for its receipt of the Sponsor Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees
and other expenses incurred by the Trust in the ordinary course of its affairs up to $200,000 per fiscal year, excluding taxes,
but including: (i) the fees of the Trust’s third-party service providers, including, but not limited to, the Marketing Agent,
the Administrator, the Custodian, the Transfer Agent, the Cash Custodian, the Benchmark Provider, and the Trustee, (ii) the fees
and expenses related to the listing, quotation or trading of the Shares on the Exchange (including customary legal, marketing
and audit fees and expenses), (iii) legal fees and expenses incurred in the ordinary course, (iv) audit fees, (v) regulatory fees,
including, if applicable, any fees relating to the registration of the Trust and Shares, including any ongoing filings related
to the offering of Shares, under the 1933 Act or the 1934 Act, (vi) printing and mailing costs, (vii) costs of maintaining the
Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid Expense” and collectively, the “Sponsor-paid
Expenses”), provided that any expense that qualifies as an Extraordinary Expense (as defined below) will not be deemed to
be a Sponsor-paid Expense. Expenses in excess of the $200,000 cap (“Excluded Expenses”) shall be borne by the Trust
and will reduce the Trust’s NAV. The Sponsor has also assumed all fees and expenses related to the organization and offering
of the Trust and the Shares.

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 aggregate 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.

The
Trust may also incur certain extraordinary, nonrecurring expenses that are not Sponsor-paid Expenses, including, but not limited
to, brokerage and transaction costs associated with the sale or transfer of TRX, taxes and governmental charges, expenses and
costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect
the Trust, the Trust’s assets, or the interests of Shareholders, any indemnification of the Custodian or other agents, service
providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred
in connection with litigation, regulatory enforcement or investigation matters (collectively, “Extraordinary Expenses”).
To the extent on-chain transaction fees are incurred in connection with transfers or sales of TRX to pay Extraordinary Expenses
or Excluded Expenses, the Trust will bear such fees.

To the
extent it does not have cash readily available, the Sponsor will cause the transfer or sale of TRX in such quantity as may be
necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor or for payment of cash redemption
proceeds to Authorized Participants. The Trust will seek to transfer or sell TRX at such times and in the smallest amounts required
to permit such payments as they become due. With respect to transfers or sales necessary to pay Trust expenses and liabilities
that are denominated other than in TRX, the amount of TRX transferred or sold may vary from time to time depending on the actual
sales price of TRX relative to the Trust’s expenses and liabilities (e.g., if the price of TRX falls, the amount of TRX
needed to be transferred or sold to pay an expense or liability denominated in U.S. dollars will increase). To the extent the
Trust must buy or sell TRX, the Trust may do so through a third-party digital asset broker or dealer. The Sponsor will select
third party brokers or dealers that it believes have implemented adequate AML, KYC and other legal compliance policies and procedures.

Under
the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs
associated with the sale or transfer of TRX incurred in connection with the fulfillment of a creation or redemption order.

Custody of the Trust’s
Assets

The Trust’s
Custodian will maintain custody of all of the Trust’s TRX, which will be held in a segregated account in the name of the
Trust on the Custodian’s books and records. The Custodian will maintain the Trust’s TRX in segregated wallets separate
from the assets of other customers of the Custodian. A portion of the TRX is held in hot storage, which requires private keys
to be held online on the Custodian’s intranet, where they are more accessible and can be used for more efficient TRX transfers. A
majority of the TRX held by the Custodian is held in offline (“cold”) storage, and the Custodian is solely responsible
for managing the allocation of TRX in hot and cold storage and does not publicly disclose what percentage of TRX is
held in cold storage. The Trust, as client of the Custodian, performs regular diligence of operational practices of the Custodian,
including practices related to the allocation of assets held in cold or hot storage.

Within
such segregated hot and cold wallets, the Custodian has represented to the Sponsor that it keeps a substantial majority
of assets in cold wallets, to promote security, while the balance of assets is kept in hot wallets to facilitate timely withdrawals.
The Custodian has represented to the Sponsor that the percentage of assets maintained in cold versus hot storage including
target percentages may change over time and is determined by ongoing risk analysis and market dynamics, in which the Custodian balances anticipated
liquidity needs for its customers as a class against the anticipated greater security of cold storage. The Sponsor has no control
over the percentage of TRX that the Custodian maintains in cold wallets versus hot wallets.