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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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.

The
website for the Trust, canaryetfs.com, or any successor thereto, which will be publicly accessible at no charge, will contain
the following information: (a) the prior business day’s NAV; (b) the prior business day’s official closing price;
(c) calculation of the premium or discount of such Exchange’s official closing price against such NAV; (d) data in chart
form displaying the frequency distribution of discounts and premiums of the Exchange’s official closing price against the
NAV, within appropriate ranges for each of the four previous calendar quarters (or for the life of the Trust, if shorter); (e)
the Prospectus; and (f) other applicable quantitative information. The Trust will also disseminate the Trust’s holdings
on a daily basis on the Trust’s website. The NAV for the Trust will be calculated by the Administrator once a day and will
be disseminated daily to all market participants at the same time. Quotation and last sale information regarding the Shares will
be disseminated through the facilities of the consolidated tape.

Any
adjustments made to the Pricing Benchmark will be published on the Benchmark Provider’s website at https://indices.coindesk.com/ccix.

The
intra-day levels and closing levels of the Pricing Benchmark are published by the Benchmark Provider, and the closing NAV is published
by the Administrator (as defined below).

The
Shares are not issued, sponsored, endorsed, sold or promoted by the Exchange, and the Exchange makes no representation regarding the advisability
of investing in the Shares.

The
Benchmark Provider makes no warranty, express or implied, as to the results to be obtained by any person or entity from the use of
the Pricing Benchmark for any purpose. Pricing Benchmark information and any other data calculated and/or disseminated, in whole or
part, by the Benchmark Provider is for informational purposes only, not intended for trading purposes, and provided on an “as
is” basis. The Benchmark Provider does not warrant that the Pricing Benchmark information will be uninterrupted or error-free,
or that defects will be corrected. The Benchmark Provider also does not recommend or make any representation as to possible benefits
from any securities or investments, or third-party products or services. Shareholders should undertake their own due diligence
regarding securities and investment practices.

For
more information on the Pricing Benchmark and the Benchmark Provider, see “The Trust and TRX Prices” below.

The Trust’s Legal Structure

The
Trust is a Delaware statutory trust, formed on April 8, 2025, pursuant to the Delaware Statutory Trust Act. The Trust continuously issues
common shares representing fractional undivided beneficial interest in and ownership of the Trust that may be purchased and sold on the
Exchange. The Trust will operate pursuant to a Trust Agreement, as amended and/or restated from time to time (the “Trust Agreement”).
CSC Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”). The Trust is managed and
controlled by the Sponsor. The Sponsor is a limited liability company formed in the state of Delaware on September 12, 2024.

The Trust’s Service Providers

The
Sponsor

The
Sponsor, Canary Capital Group LLC, arranged for the creation of the Trust and is responsible for the ongoing registration of the
Shares for their public offering in the United States and the listing of Shares on the Exchange. The Sponsor’s principal
address is 8 Cadillac Drive, Suite 300, Brentwood, TN 37027. The Sponsor will develop a marketing plan for the Trust, will prepare
marketing materials regarding the Shares of the Trust, and will exercise the marketing plan of the Trust on an ongoing basis.
The Sponsor has agreed to pay all normal operating expenses up to $200,000 per fiscal year except for Extraordinary Expenses (defined
below) out of the Sponsor Fee.

The
Trustee

The
Trustee, CSC Delaware Trust Company, a Delaware trust company, acts as the trustee of the Trust in accordance with the Declaration of
Trust and as required by the Delaware Statutory Trust Act to create a Delaware statutory trust.

The
Administrator

Bancorp Fund Services, LLC serves as the Trust’s administrator (the “Administrator”). The Administrator’s
principal address is 615 East Michigan Street, Milwaukee, Wisconsin 53202. Under the Administration Agreement, the Administrator
provides necessary administrative, tax and accounting services and financial reporting for the maintenance and operations of the
Trust, including valuing the Trust’s TRX and calculating the NAV per Share of the Trust and the NAV of the Trust and supplying
pricing information to the Sponsor for the relevant website. In addition, the Administrator makes available the office space,
equipment, personnel and facilities required to provide such services.

The
Transfer Agent

Bancorp Fund Services, LLC serves as the transfer agent for the Trust (in such capacity, the “Transfer Agent”). The
Transfer Agent: (1) facilitates the issuance and redemption of Shares of the Trust; (2) responds to correspondence by Shareholders
and others relating to its duties; (3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust. The Trust’s
Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders
from financial firms that are authorized to purchase or redeem Shares with the Trust (“Authorized Participants”).

The
Custodian

BitGo serves as
the Trust’s Custodian. Under the Custodial Services Agreement, the Custodian is responsible for safekeeping all of the TRX
owned by the Trust. The Custodian was selected by the Sponsor. The Sponsor is responsible for opening an account with the Custodian
that holds the Trust’s TRX (the “TRX Account”), as well as facilitating the transfer or sale of TRX required
for the operation of the Trust.

The
Cash Custodian

Bank, N.A., an affiliate of the Administrator and Transfer Agent, serves as the cash custodian for the Trust (the
“Cash Custodian”). The Cash Custodian is responsible for safekeeping all cash and other non-TRX assets of the
Trust.

The
Staking Provider

The Trust’s
staking program (the “Staking Program”) will be carried out by the Sponsor, who will be responsible for selecting
one or more staking providers (each, a “Staking Provider”) that operate validator nodes for the Tron Network. Pursuant
to the Staking Program, under normal circumstances, the Sponsor will seek to stake all of the Trust’s TRX through the 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. The Trust will disclose on its website the percentage of the Trust’s
TRX that was staked as of the beginning of each trading day.

The Marketing
Agent

Paralel Distributors
LLC is the marketing agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the
marketing materials, including the Trust’s website, prepared by the Sponsor for compliance with applicable SEC and the Financial
Industry Regulatory Authority, Inc. (“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement
with the Trust. The Marketing Agent is a broker-dealer registered under the Securities Exchange Act of 1934 (the “1934 Act”)
and a member of FINRA. With the assistance of the Marketing Agent, the Sponsor will develop a marketing plan for the Trust, will
prepare marketing materials regarding the Shares of the Trust, and will exercise the marketing plan of the Trust on an ongoing
basis.

Pricing
Benchmark Services

CoinDesk
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