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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the Custodian to retain possession or custody of its customers’ assets until any claims the estate may have against the customers (including the Trust) are resolved. actual or perceived business failure or interruption, default, failure to perform security breach or other problems affecting the Custodian could harm the Trust’s operations, result in partial or total loss of the Trust’s assets, damage the Trust’s reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may change the custodial arrangements described in this Prospectus at any time without notice to Shareholders. Loss of a critical banking relationship for, or the failure of a bank used by, the Trust could adversely impact the Trust’s ability to create or redeem Baskets, or could cause losses to the Trust.

The
Cash Custodian is necessary to facilitate the creation and redemption of Baskets (in exchange for cash subscriptions by Authorized Participants,
or in exchange for redemptions of Shares by Authorized Participants), and other cash movements, including in connection with the purchase
of TRX by the Sponsor to effectuate subscriptions for cash and the selling of TRX to effect redemptions for cash and, to the extent applicable,
other Trust expenses, and in extraordinary circumstances, to effect the liquidation of the Trust’s TRX. The Trust relies on the
Cash Custodian to hold any cash related to the purchase or sale of TRX. To the extent that the Trust or Sponsor face difficulty establishing
or maintaining banking relationships, the loss of the Trust’s banking partners, including the Cash Custodian, or the imposition
of operational restrictions by these banking partners and the inability of the Trust to utilize other financial institutions may result
in a disruption of creation and redemption activity of the Trust, or cause other operational disruptions or adverse effects for the Trust.
In the future, it is possible that the Trust could be unable to establish accounts at new banking partners, or that the banks with which
the Trust is able to establish relationships may not be as large or well-capitalized or subject to the same degree of prudential supervision
as the existing providers.

The
Trust could also suffer losses in the event that a bank in which the Trust holds customer cash, including the Cash Custodian, fails, becomes
insolvent, enters receivership, is taken over by regulators, enters financial distress, or otherwise suffers adverse effects to its financial
condition or operational status. Recently, some banks have experienced financial distress. If the Cash Custodian were to experience financial
distress or its financial condition is otherwise affected, the Cash Custodian’s ability to provide services to the Trust could be
affected. Moreover, the future failure of the Cash Custodian or other bank at which the Trust maintains cash could result in losses to
the Trust, to the extent the balances are not covered by deposit insurance. As a result, the Trust could suffer losses.

The
Trust is subject to risks due to its concentration of investments in a single asset class.

Unlike
other funds that may invest in diversified assets, the Trust’s investment strategy is concentrated in a single asset within a single
asset class. This concentration maximizes the degree of the Trust’s exposure to a variety of market risks associated with TRX and
digital assets. By concentrating its investment strategy solely in TRX, any losses suffered as a result of a decrease in the price of
TRX can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest
in underlying assets that were diversified.

The
lack of active trading markets for the Shares may result in losses on Shareholders’ investments at the time of disposition of Shares.

Although
Shares of the Trust are expected to be publicly listed and traded on an exchange, there can be no guarantee that an active trading
market for the Shares will develop or be maintained. If Shareholders need to sell their Shares at a time when no active market for
them exists, the price Shareholders receive for their Shares, assuming that Shareholders are able to sell them, may be lower than
the price that Shareholders would receive if an active market did exist and, accordingly, a Shareholder may suffer losses.

Several
factors may affect the Trust’s ability to achieve its investment objectives on a consistent basis.

There
can be no assurance that the Trust will achieve its investment objectives. Prospective investors should read this entire Prospectus
and consult with their own advisers before subscribing for Shares. Factors that may affect the Trust’s ability to meet its
investment objectives include: (1) Authorized Participants’ ability to purchase and sell TRX in an efficient manner to effectuate
creation and redemption orders; (2) transaction fees associated with the Tron Network; (3) the TRX market becoming illiquid or
disrupted; (4) the need to conform the Trust’s portfolio holdings to comply with investment restrictions or policies or
regulatory or tax law requirements; (5) early or unanticipated closings of the markets on which TRX trades, resulting in the inability
of Authorized Participants to execute intended portfolio transactions; and (6) accounting standards.

The
amount of TRX represented by the Shares will change over time.

Each
outstanding Share represents a fractional, undivided interest in the TRX held by the Trust. The Trust is expected to generate
income from the Staking Program on the one hand and transfers of TRX to pay for the Sponsor Fee and other liabilities on the other
hand. Therefore, the amount of TRX represented by each Share will gradually change over time, and may increase to the extent the
proceeds of the Staking Program exceed the Sponsor Fee and other expenses, and may decrease to the extent of any distributions
of Trust income. Assuming a constant TRX price, the trading price of the Shares is expected to gradually change relative to the
price of TRX as the amount of TRX represented by the Shares gradually changes.

Shareholders
should be aware that the gradual change in the amount of TRX represented by the Shares will occur regardless of whether the trading
price of the Shares rises or falls in response to changes in the price of TRX.

The
development and commercialization of the Trust is subject to competitive pressures.

The
Trust and the Sponsor face competition with respect to the creation of competing products. The Sponsor’s competitors may have greater
financial, technical and human resources than the Sponsor. Smaller or early-stage companies may also prove to be effective competitors,
particularly through collaborative arrangements with large and established companies. In addition, the timing of the Trust in reaching
the market and the fee structure of the Trust relative to similar products may have a detrimental effect on the scale and sustainability
of the Trust. The Sponsor’s competitors may be able to launch similar products to the Trust before the launch of the Trust due to,
for example, the satisfaction of all regulatory requirements required to launch before the Trust is able to do so. Accordingly, the Sponsor’s
competitors may commercialize a product involving TRX more rapidly or effectively than the Sponsor is able to, which could adversely affect
the Sponsor’s competitive position, the likelihood that the Trust will achieve initial market acceptance and the Sponsor’s
ability to generate meaningful revenues from the Trust (i.e., revenues that would commercially justify the Sponsor continuing to devote
time and resources to the operation of the Trust), which in turn could cause the Sponsor to dissolve and terminate the Trust.

addition, to the extent that the Trust incurs transaction expenses in connection with the creation and redemption process, litigation
expenses, indemnification obligations under the Trust’s service provider agreements and other Extraordinary Expenses that are not
Sponsor-paid Expenses, such expenses will be borne by the Trust. To the extent that the Trust fails to attract a sufficiently large amount
of investors, the effect of such expenses on the value of the Shares may be significantly greater than would be the case if the Trust
had attracted more assets.

The
Sponsor may need to find and appoint a replacement custodian quickly, which could pose a challenge to the safekeeping of the Trust’s
TRX.

The
Sponsor could decide to replace the Custodian as the custodian of the Trust’s TRX, or the Custodian may cease providing the
custodial services necessary for the Trust’s normal operations. For example, the Trust’s custodian may become insolvent
and enter bankruptcy or receivership proceedings, or discontinue business operations with little or no warning to the Sponsor or
the Trust. Transferring maintenance responsibilities of the Trust’s account with the Custodian to another party will likely
be complex and could subject the Trust’s TRX to the risk of loss during the transfer, which could have a negative impact
on the performance of the Shares or result in loss of the Trust’s assets.