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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he or she has a valid derivative action, suit or other proceeding to bring on behalf of the Trust. THE TRUST AND TRX PRICES Overview of the Trust The Trust’s primary investment objective is to seek to provide exposure to the price of TRX held by the Trust, less the expenses of the Trust’s operations and other liabilities. A secondary investment objective is for the Trust to earn additional TRX through its participation in the Staking Program (the “Staking Program”) administered by the Sponsor, in which staking rewards will be earned through the validation of transactions in the Tron network’s (the “Tron Network”) proof-of-stake (“PoS”) process. In seeking to achieve its investment objectives, the Trust will hold TRX and establish its net asset value (“NAV”) by reference to the CoinDesk TRX USD CCIXber 60m New York Rate (“Pricing Benchmark”). TRX will be the only digital asset held by the Trust.

The Sponsor believes
that the Trust will provide a cost-efficient way for investors to implement strategic and tactical asset allocation strategies that use
TRX by investing in the Shares rather than purchasing, holding and trading TRX directly. The latter alternative would require an investor
to acquire TRX by selecting a digital asset trading platform and opening an account or arranging a private transaction, and initiating
a fiat transaction to initiate or settle such acquisition. An investor would then also be required to custody such TRX by selecting a
retail or institutional custodial platform or establishing a personal computer or hardware security module-based system capable of transacting
directly on the blockchain, and incurring the risk associated with cybersecurity and maintaining a private key that is irrecoverable if
lost, among other difficulties.

The Pricing Benchmark

The net assets of
the Trust and its Shares are valued on a daily basis with reference to the Pricing Benchmark, a financial data website integrating spot
market prices from various digital asset trading platforms, that is designed to reflect the performance of TRX in U.S. dollars. The Pricing
Benchmark was created to facilitate financial products based on TRX. It serves as a once-a-day benchmark rate of the U.S. dollar price
of TRX (USD/TRX), calculated as of 4:00 p.m. ET.

The Pricing Benchmark
aggregates the trade flow of several major TRX trading venues, during an observation window between 3:00 p.m. and 4:00 p.m. ET into the
U.S. dollar price of one TRX at 4:00 p.m. ET. The Sponsor may substitute an alternative reference rate as the Benchmark if it determines,
in good faith, that such reference rate accurately reflects the market price of TRX.

The Trust uses the
Pricing Benchmark to calculate its NAV, which is the aggregate U.S. dollar value of TRX in the Trust, based on the Pricing Benchmark,
less its liabilities and expenses. “NAV per Share” is calculated by dividing NAV by the number of Shares currently outstanding.
NAV and NAV per Share are not measures calculated in accordance with GAAP.

NAV is not intended
to be a substitute for the Trust’s Principal Market NAV calculated in accordance with GAAP, and NAV per Share is not intended to
be a substitute for the Trust’s Principal Market NAV per Share calculated in accordance with GAAP.

The Sponsor,
in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark or standard other than the Pricing
Benchmark at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another
index, benchmark or standard better aligns with the Trust’s investment objectives and strategy. The Sponsor may make this
decision for a number of reasons, including, but not limited to, a determination that the Pricing Benchmark price of TRX differs
materially from the global market price of TRX and/or that third parties are able to purchase and sell TRX on public or private
markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower
than the Pricing Benchmark price. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance.
In the event that the Sponsor intends to establish the Trust’s NAV by reference to an index, benchmark or standard other
than the Pricing Benchmark, it will provide Shareholders with notice in a prospectus supplement and/or through a current report
on Form 8-K or in the Trust’s annual or quarterly reports.

[Pricing
Benchmark Methodology

The Pricing Benchmark
is calculated based on the “Relevant Transactions” (as defined below) of all of its constituent TRX trading venues (the “Constituent
Platforms”) as follows:

●	All Relevant Transactions are added to a joint list, recording the time of execution,
trade price and size for each transaction.

●	The list is partitioned by timestamp into twelve (12) equally sized time intervals
of five (5) minutes in length.

●	For each partition separately, the volume-weighted median trade price is calculated
from the trade prices and sizes of all Relevant Transactions, i.e., across all Constituent Platforms. A volume-weighted median differs
from a standard median in that a weighting factor, in this case trade size, is factored into the calculation.

●	The Pricing Benchmark is then determined by the equally weighted average of the
volume medians of all partitions.

20__, the Constituent Platforms included in the Pricing Benchmark are ____, ____ and ____.

●	____ : A U.S.-based exchange registered as an MSB with FinCEN and licensed
as a virtual currency business under the NYDFS BitLicense as well as a money transmitter in various U.S. states. Subsidiaries operating
internationally are further regulated as e-money providers (Republic of Ireland, Central Bank of Ireland) and Major Payment Institutions
(Singapore, Monetary Authority of Singapore).

●	____ : A U.S.-based exchange that is licensed as a virtual currency business
under the NYDFS BitLicense. It is also registered with FinCEN as an MSB and is licensed as a money transmitter in various U.S. states.
It is also registered with the FCA as a Crypto Asset Business.

●	____ : A U.S.-based exchange that is registered as an MSB with FinCEN in various
U.S. states, ____ is registered with the FCA as a Crypto Asset Business and is authorized by the Central Bank of Ireland as a Virtual
Asset Service Provider. ____ also holds a variety of other licenses and regulatory approvals, including from the Canadian Securities Administrators.

There may be changes
to Constituent Platforms comprising the Pricing Benchmark. Once it has actual knowledge of changes to the Constituent Platforms used to
calculate the Pricing Benchmark, or other material changes to the Pricing Benchmark calculation methodology, the Trust will notify Shareholders
in a prospectus supplement and a current report on Form 8-K or in its annual or quarterly reports.

Pricing Benchmark
data and the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website
at https://www.coindesk.com. None of the information on the Benchmark Provider’s website is incorporated by reference into this
Prospectus.

The Constituent
Platforms that contribute transaction data to the Pricing Benchmark with the aggregate volumes traded on their respective TRX-USD markets
over the preceding four calendar quarters are listed in the table below:

The Constituent
Platforms that contribute transaction data to the Pricing Benchmark with the aggregate volumes traded on their respective TRX-USD markets
over the preceding four calendar quarters are listed in the table below:

Aggregate Trading Volume of TRX-USD Markets
Pricing Benchmark Constituent Platforms

Period	____	____	____

The
market share for TRX-USD trading of the Constituent Platforms over the past four calendar quarters is shown in the table below:

TRX Trading Platform Market Share of TRX-USD
Trading

Period	____	____	____

COINDESK
DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST’S PRODUCTS. COINDESK, ITS AGENTS AND LICENSORS HAVE NO OTHER
CONNECTION TO THE TRUST’S PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST’S PRODUCTS
OR SERVICES. COINDESK, ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST’S PRODUCTS AND SERVICES.
COINDESK, ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO THE TRUST AND SHALL
NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.]

Trust Structure