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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any purchase order or Basket Deposit if the Sponsor determines that: ● the purchase order is not in proper form; ● the Basket Deposit delivered is not as specified by the Trust through the Sponsor and/or Transfer Agent, and the Sponsor has not consented to acceptance of an in-kind deposit that varies from the designated portfolio; ● the acceptance of the Basket Deposit would have certain adverse tax consequences to the Trust; ● the acceptance of the Basket Deposit would, in the opinion of counsel, be unlawful; ● the acceptance of the Basket Deposit would otherwise, in the discretion of the Trust or the Sponsor, have an adverse effect on the Trust or the rights of beneficial owners of the Trust; or ● there exist circumstances outside the control of the Trust, the Transfer Agent, or the Sponsor that make it impossible to process purchase orders for all practical purposes.

The Sponsor may
in its sole discretion limit the number of Shares created pursuant to purchase orders on any specified day without notice to the
Authorized Participants and may direct the Marketing Agent to reject any purchase orders in excess of such capped amount. The
Sponsor may choose to limit the number of Shares created pursuant to purchase orders when it deems so doing to be in the best
interest of Shareholders. It may choose to do so when it believes the market is too volatile to execute a TRX transaction, when
it believes the price of TRX is being inconsistently, irregularly, or discontinuously published from TRX trading venues and other
data sources, or when it believes other similar circumstances may create a scenario in which accepting purchase orders would not
be in the best interests of the Shareholders. The Sponsor does not believe that the Trust’s ability to arrive at such a
determination will have a significant impact on the Shares in the secondary market because it believes that the ability to create
Shares would be reinstated shortly after such determination is made, and any entity desiring to create Shares would be able to
do so once the ability to create Shares is reinstated. However, it is possible that such a determination would cause the Shares
to trade at premiums or discounts relative to the Trust’s NAV on the secondary market if arbitrageurs believe that there
is risk that the creation and redemption process is not available, as this process is a component of keeping the price of the
Shares on the secondary market closely aligned to the Trust’s NAV.

Neither the
Sponsor, nor the Transfer Agent, nor the Trust will be liable for the rejection of any purchase order or Basket Deposit.

Redemption Procedures

The procedures
by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets with an additional
safeguard on TRX being removed from the TRX Account at the Custodian. On any business day, an Authorized Participant may place
an order with the Transfer Agent to redeem one or more Baskets. Redemption orders must be placed by the close of Regular Trading
Hours on the Exchange or an earlier time as determined and communicated by the Sponsor and its agent. A redemption order will
be effective on the date it is received by the Transfer Agent (“Redemption Order Date”).

The manner
by which redemptions are made is dictated by the terms of the Authorized Participant Agreement. Redemption orders are denominated
and settled either in-kind (“In-Kind Redemption Order”) or in cash (“Cash Redemption Order”). By placing
a redemption order, an Authorized Participant agrees to facilitate the deposit of Shares with the Transfer Agent. If an Authorized
Participant fails to consummate the foregoing, the order will be cancelled or delayed until the required Shares have been received.
An Authorized Participant may not withdraw a redemption order without the prior consent of the Sponsor in its discretion.

Because of the
time involved in deactivating TRX from the Trust’s staking program with the Custodian and the Staking Provider, all Redemption
Orders will generally be settled on the second business day following a Redemption Order date. Authorized Participants will bear
the risk of price movement of TRX during the period between when the Redemption Order is placed and when the transaction is settled.

In the
case of an In-Kind Redemption Order, the redemption distribution from the Trust consists of a movement of TRX to the Authorized
Participant, or its Authorized Participant Designee, representing the amount of TRX held by the Trust, net of accrued expenses
and other liabilities, evidenced by the Shares being redeemed on the Redemption Order Date. In the case of a Cash Redemption Order,
the redemption distribution from the Trust consists of a transfer to the Authorized Participant of an amount of cash that is in
the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the Redemption Order Date,
as the number of Shares to be redeemed under the purchase order is in proportion to the total number of Shares outstanding on
the Redemption Order Date. With respect to either an In-Kind Redemption Order or Cash Redemption Order, the redemption distribution
due from the Trust will be delivered once the Transfer Agent notifies the Cash Custodian, the Marketing Agent and the Sponsor
that the Authorized Participant has delivered the Shares represented by the Baskets to be redeemed to the Transfer Agent’s
DTC account. If the Transfer Agent’s DTC account has not been credited with all of the Shares of the Baskets to be redeemed,
the redemption distribution will be cancelled or delayed until such time as the Transfer Agent confirms receipt of all such Shares.

placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system
to the Trust by the end of the following business day or such later time as may be agreed upon by the Authorized Participant and the Sponsor
following the Redemption Order Date. An Authorized Participant may not withdraw a redemption order without the prior consent of the Sponsor
in its discretion.

Determination of Redemption
Distribution

The
redemption distribution from the Trust will consist of a transfer to the redeeming Authorized Participant of an amount of cash that is
determined in the same manner as the determination of Basket Deposits discussed above.

Delivery of Redemption Distribution

Once
the Transfer Agent notifies the Custodian, the Cash Custodian, the Marketing Agent and the Sponsor that the Shares have been received
in the Transfer Agent’s DTC account, the Administrator instructs the Custodian to transfer cash amount from the Trust’s
Cash Custodian account to the Authorized Participant. For a Cash Redemption Order, the redemption distribution due from the Trust
will be sent by the Cash Custodian to the Authorized Participant on the following business day or such later time as may be agreed
upon by the Authorized Participant and the Sponsor, following the Redemption Order Date if, by 4:00 p.m. EST, on such business
day, the Transfer Agent’s DTC account has been credited with the Baskets to be redeemed. If the Transfer Agent’s DTC
account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution will be cancelled
or delayed until such time as the Transfer Agent confirms receipt of all such Shares.

Rejection of Redemption Orders

Redemption
orders must be made in whole Baskets. The Marketing Agent acting by itself or through the person authorized to take redemption
orders in the manner providfed in the Authorized Participant Agreement may, in its sole discretion, reject any redemption order
(1) the Sponsor determines not to be in proper form or (2) if requested by the Marketing Agent, the Authorized Participant fails
to deliver or execute supporting documentation evidencing ownership or the Authorized Participant’s right to deliver sufficient
Shares.

Suspension of Orders