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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with the Custodian in exchange for Shares of the Trust, and the Trust, through the Custodian, will deliver TRX or cash when such Authorized Participants redeem Shares of the Trust. See “The Trust and TRX Prices” for more information. Competition As of the date of this Prospectus, more than 8,000 other digital assets are actively tracked by CoinMarketCap.com, all of which have been developed since the inception of bitcoin, which is currently the most developed digital asset because of the length of time it has been in existence, the investment in the infrastructure that supports it, and the network of individuals and entities that are using bitcoin in transactions. While TRX has enjoyed some success in its limited history, the aggregate value of outstanding TRX is smaller than that of bitcoin and may be eclipsed by the more rapid development of other digital assets. Regulation of TRX and Government Oversight

digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies
(including FinCEN, SEC, CFTC, FINRA, the Consumer Financial Protection Bureau (“CFPB”), the Department of Justice,
the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, the Office of the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, the Federal Reserve and state financial
institution and securities regulators) have been examining the operations of digital asset networks, digital asset users and the
digital asset exchange markets, with particular focus on the extent to which digital
assets can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises and the safety and soundness
of exchanges or other service-providers that hold or custody digital assets for users.
Many of these state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to
investors. President Trump’s January 23, 2025 Executive Order, titled “Strengthening
American Leadership in Digital Financial Technology, aimed to reorient the federal government’s approach
to digital assets. The Executive Order emphasized the importance of the digital asset industry in innovation and economic development,
and outlined policies to support the growth and use of digital assets, blockchain technology and related technologies. President
Trump’s order also revoked former President Biden’s March 9, 2022 Executive Order, titled, “Responsible Development
of Digital Assets” and the U.S. Department of Treasury’s July 7, 2022 “Framework for International Engagement
of Digital Assets” and all policies, directives and guidance issued pursuant to those items produced by the previous administration.

On January 21, 2025,
the SEC’s acting Chairman Mark T. Uyeda announced the SEC Crypto Task Force. The task force has an objective of developing
a comprehensive and clear regulatory framework for crypto assets. Following the task force announcement, on January 23, 2025, President
Trump executed the Strengthening American Leadership in Digital Financial Technology Executive Order. On March 17, 2026, the SEC
and the CFTC jointly issued an interpretive release titled “Application of the Federal Securities Laws to Certain Types of
Crypto Assets and Certain Transactions Involving Crypto Assets.” This interpretive release established a five-category digital
asset taxonomy, including “digital commodities,” “digital collectibles,” “digital tools,” “stablecoins,”
and “digital securities.” Significantly, the interpretive release described the characteristics of a “digital
commodity” that, in the SEC’s view, is not itself a security because it does not have the economic characteristics
of a security. The interpretive release stated that digital commodities are crypto assets intrinsically linked to and deriving
their value from the programmatic operation of a functional crypto system and supply and demand dynamics, rather than from the
expectation of profits from the essential managerial efforts of others. While this interpretive release provides significant regulatory
clarity regarding the status of TRX, it is an interpretive rule and not binding law. There can be no assurance that the SEC will
not modify, supersede, or withdraw this interpretation in the future, or that a court or other regulatory body would reach the
same conclusion regarding the status of TRX.

In addition, the
previous chair of the SEC has stated that the SEC has authority under existing laws to regulate the digital asset sector, and
the SEC, U.S. state securities regulators and several foreign governments have issued warnings and instituted legal proceedings
in which they argue that certain digital assets may be classified as securities and that both those digital assets and any related
initial coin offerings are subject to securities regulations. The outcomes of these proceedings, as well as ongoing and future
regulatory actions may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or the ability
of the Trust to continue to operate. Additionally, U.S. state and federal as well as foreign regulators and legislatures have
taken action against virtual currency businesses or enacted restrictive regimes in response to adverse publicity arising from
hacks, consumer harm, or criminal activity stemming from virtual currency activity.

The
CFTC has regulatory jurisdiction over the TRX futures markets. In addition, because the CFTC has determined that TRX is
a “commodity” under the CEA and the rules thereunder, it has jurisdiction to prosecute fraud and manipulation in the
cash, or spot, market for TRX. The CFTC has pursued enforcement actions relating to fraud and manipulation involving various digital
assets and digital asset markets. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market
exchanges or transactions involving TRX that do not use collateral, leverage, or financing.

Various foreign
jurisdictions have adopted, and may continue to, in the near future, adopt laws, regulations or directives that affect the Tron
Network, TRX markets, and their users, particularly TRX spot markets and service providers that fall within such jurisdictions’
regulatory scope.

Several foreign
jurisdictions have developed varying levels of regulatory frameworks surrounding exchange-traded TRX products. There remains significant
uncertainty regarding foreign governments’ future actions with respect to the regulation of digital assets and digital asset
trading platforms. Such laws, regulations or directives may conflict with those of the United States and may negatively impact
the acceptance of TRX by users, merchants and service providers outside the United States and may therefore impede the growth or
sustainability of the Tron ecosystem in the United States and globally, or otherwise negatively affect the value of TRX held by
the Trust. The effect of any future regulatory change on the Trust or the TRX held by the Trust is impossible to predict, but such
change could be substantial and adverse to the Trust and the value of the Shares.

Not a Regulated Commodity Pool

The Trust will
not trade, buy, sell, or hold TRX derivatives, including TRX futures contracts, on any futures exchange or through bilateral
contracts. The Trust is authorized solely to take immediate delivery or, distribute, buy or sell actual TRX. The Sponsor does not
believe the Trust’s activities are required to be regulated by the CFTC under the CEA as a “commodity pool” under
current law, regulation and interpretation. A CFTC-regulated commodity pool operator will not operate the Trust because it will not
trade, buy, sell or hold TRX derivatives, including TRX futures contracts, on any futures exchange. Shareholders of the Trust will
not receive the regulatory protections afforded to investors in regulated commodity pools, nor may the COMEX division of the New
York Mercantile Exchange or any futures exchange enforce its rules concerning the Trust’s activities. In addition,
shareholders of the Trust will not benefit from the protections afforded to investors in regulated TRX futures contracts on
regulated futures exchanges.

RISK FACTORS

You should consider carefully
the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus,
as well as information found in documents incorporated by reference in this Prospectus, before you decide to purchase any Shares. These
risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report or Prospectus
supplement in the future. Neither the Trust nor the Sponsor has any current obligation to provide any periodic report or supplement to
investors and is not required to update these risk factors.

Risks Associated with TRX and
the Tron Network

The
trading prices of many digital assets, including TRX, have experienced extreme volatility in recent periods and may continue to
do so. Extreme volatility in the Future, including further declines in the trading prices of TRX, could have a material adverse
effect on the value of the Shares and the Shares could lose all or substantially all of their value.