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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assumed all fees and expenses related to the organization and offering of the Trust and the Shares. The Trust may 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, the Trust will bear such fees.

the extent it does not have cash readily available, the Sponsor shall 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 redemption proceeds
to Authorized Participants. The Trust will not bear any costs associated with the transfer or sale of TRX to pay the Sponsor Fee.
To the extent the Trust incurs any Extraordinary Expenses, the Trust will bear the costs of any transfers or sales of TRX to pay
such expenses. The Trust will seek to transfer 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 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. When the Trust buys or sells TRX, the Sponsor seeks quotes from its
TRX trading counterparties. Such transactions are typically conducted over the counter rather than over a trading platform or
similar order matching service. The Sponsor will select third party brokers or dealers that it believes have implemented adequate
anti-money laundering, know-your-customer 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.

Termination of the Trust

The
Sponsor will notify Shareholders at least thirty (30) days before the date for termination of the Trust Agreement and the Trust if any
of the following occurs:

•	Shares are delisted from the Exchange and are not approved for listing on another
national securities exchange within five business days of their delisting;

•	180 days have elapsed since the Trustee notified the Sponsor of the Trustee’s
election to resign or since the Sponsor removed the Trustee, and a successor trustee has not been appointed and accepted its appointment;

•	the SEC determines that the Trust is an investment company under the 1940 Act, and
the Sponsor has made the determination that termination of the Trust is advisable;

•	the CFTC determines that the Trust is a commodity pool under the Commodity Exchange
Act, and the Sponsor has made the determination that termination of the Trust is advisable;

•	the Trust is determined to be a “money service business” under the regulations
promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder
or is determined to be a “money transmitter” (or equivalent designation) under the laws of any state in which the Trust operates
and is required to seek licensing or otherwise comply with state licensing requirements, and the Sponsor has made the determination that
termination of the Trust is advisable;

•	a United States regulator requires the Trust to shut down or forces the Trust to
liquidate its TRX or seizes, impounds or otherwise restricts access to the Trust Estate (as defined in the Trust Agreement);

•	any ongoing event exists that either prevents the Trust from making or makes impractical
the Trust’s reasonable efforts to make a fair determination of the price of TRX for purposes of determining the NAV of the Trust;

•	the Sponsor determines that the aggregate net assets of the Trust in relation to
the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust;

•	60 days have elapsed since DTC or another depository has ceased to act as depository
with respect to the Shares, and the Sponsor has not identified another depository that is willing to act in such capacity;

•	the Trustee elects to terminate the Trust after the Sponsor is conclusively deemed
to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or
of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; or

•	the Sponsor elects to terminate the Trust after the Trustee, Administrator
or the Custodian (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator
or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Sponsor
is engaged.

addition, the Trust may be dissolved at any time for any reason by the Sponsor in its sole discretion. In respect of termination
events that rely on Sponsor determinations to terminate the Trust (e.g., if the SEC determines that the Trust is an investment
company under the 1940 Act; the CFTC determines that the Trust is a commodity pool under the CEA; the Trust is determined to be a
money transmitter under the regulations promulgated by FinCEN; or, following a resignation by a trustee or custodian, the Sponsor
determines that no replacement is acceptable to it), the Sponsor may consider, without limitation, the profitability to the Sponsor
and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance
of the Trust relating to the determination’s triggering event, and the ability to market the Trust to investors. To the extent
that the Sponsor determines to continue operation of the Trust following a determination’s triggering event, the Trust will be
required to alter its operations to comply with the triggering event. In the instance of a determination that the Trust is an
investment company, the Trust and Sponsor would have to comply with the regulations and disclosure and reporting requirements
applicable to investment companies and investment advisers. In the instance of a determination that the Trust is a commodity pool,
the Trust and the Sponsor would have to comply with regulations and disclosure and reporting requirements applicable to commodity
pools and commodity pool operators or commodity trading advisers. In the event that the Trust is determined to be a money
transmitter, the Trust and the Sponsor will have to comply with applicable federal and state
registration and regulatory requirements for money transmitters and/or money service businesses. In each such case and in the case
of the Sponsor’s determination as to whether a potential successor trustee or custodian is acceptable to it, the Sponsor will
not be liable to anyone for its determination of whether to continue or to terminate the Trust.