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 Trust Agreement. The Trustee will have no obligation to monitor or supervise the obligations of the Sponsor, Transfer Agent, Administrator, Custodian, or any other person. Trustee’s Fee and Indemnity. The Trustee will be compensated by the Trust, out of the Sponsors Fee, for the Trustee’s fees. The Trustee will be indemnified by the Trust for any expenses it incurs that arise out of or are imposed upon or asserted at any time against it in connection with the execution or delivery of the Trust Agreement relating to or arising out of the creation, operation or termination of the Trust, or the performance of its obligations pursuant to the Trust Agreement or the transactions contemplated thereby, except to the extent that such expenses result from gross negligence, willful misconduct or bad faith of the Trustee; provided that any such indemnification will be recoverable only from the assets of the Trust.

The
Trustee and any of the officers, directors, affiliates, employees and agents of the Trustee shall be indemnified by the Trust and held
harmless against any loss, damage, liability (including liability under state or federal securities laws), claim, action, suit, cost,
expense, disbursement (including the reasonable fees and expenses of counsel generally and in connection with its enforcement of its indemnification
rights), tax or penalty of any kind and nature whatsoever, to the extent arising out of, imposed upon or asserted at any time against
such indemnified person in connection with the execution or delivery of the Trust Agreement, the performance of its obligations under
the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated therein; provided, however,
that (i) the Trust shall not be required to indemnify any such indemnified person for any such expenses which are a result of the willful
misconduct, bad faith or gross negligence related to the express duties of the Trustee and (ii) any such indemnification will be recoverable
only from the assets of the Trust; provided however that, to the extent that the Trust has not satisfied such indemnification obligation
by the sixtieth (60th) day following written demand therefor, the Sponsor shall indemnify and hold the Trustee harmless from and against
any such amounts. As security for any amounts owing to the Trustee under the above-referenced indemnity, the Trustee shall have a lien
against the Trust property. The obligations of the Trust to indemnify such indemnified persons under the Trust Agreement shall survive
resignation or removal of the Trustee and the termination of the Trust Agreement.

The Administrator

Under
the Administration Agreement, the Administrator provides necessary administrative, tax and accounting services and financial reporting
for the maintenance and operations of the Trust. In addition, the Administrator makes available the office space, equipment, personnel
and facilities to provide such services. The Administrator will also facilitate the instruction to transfer TRX required for the operation
of the Trust.

The Custodian

The
Custodian is responsible for safekeeping all of the TRX owned by the Trust. The Custodian was selected by the Sponsor. The Sponsor
has responsibility for opening the Trust TRX Account with the Custodian. In addition, the Custodian facilitates the transfer of
TRX required for the operation of the Trust upon instructions from the Sponsor or the Administrator.

The Staking
Provider

The
Staking Provider is responsible for establishing and maintaining one or more validator nodes and staking the TRX owned by the
Trust on the Tron Network. The Staking Provider was selected by the Sponsor. The Staking Provider exercises no discretion as to
the amount the Trust’s TRX to be staked or timing of the staking activities (other than as is incidental in establishing
or deactivating validator nodes). The Custodian will maintain exclusive possession and control of the private keys associated
with any staked TRX at all times.

The Transfer Agent

Bancorp Fund Services, LLC serves as the transfer agent for the Trust. The Transfer Agent: (1) facilitates the issuance and redemption
of Shares of the Trust; (2) responds to correspondence by Trust Shareholders and others relating to its duties; (3) maintains
Shareholder accounts; and (4) makes periodic reports to the Trust. The Trust’s Transfer Agent will facilitate the settlement
of Shares in response to the placement of creation orders and redemption orders from financial firms that are authorized to purchase
or redeem Shares with the Authorized Participants.

The Cash Custodian

Bancorp Fund Services, LLC also serves as the cash custodian for the Trust. The Cash Custodian is responsible for safekeeping all
cash and other non-TRX assets of the Trust.

Pricing Benchmark
Services

The
Benchmark Provider is responsible for analyzing TRX market data relating to the calculation and maintenance of the Pricing Benchmark.

The Marketing Agent

The
Marketing Agent is responsible for working with the Administrator to review and approve, or reject, purchase and redemption orders
of Baskets placed by Authorized Participants and for reviewing and approving the marketing materials prepared by the Sponsor for
compliance with applicable SEC and FINRA advertising laws, rules, and regulations.

TRX Trading Counterparties

The
Trust buys and sells TRX through TRX trading counterparties selected by the Sponsor (not any Authorized Participant). The Trust
does not currently intend to engage a prime broker or other liquidity provider providing similar services. As of ________, the
Trust has entered into agreements with each of ________, ________ and _______. to serve as a TRX trading counterparty to the Trust.
________ is an Authorized Participant. The Sponsor is not aware of, nor has it requested any information relating to, any other
affiliation or material relationship between such TRX trading counterparties and the Authorized Participants or other service
providers of the Trust in executing a transaction in TRX with the Trust. The agreements with the TRX trading counterparties provide
that once the Sponsor determines based on its execution procedures which counterparty to execute a trade with and the Sponsor
has placed a trade with a specific counterparty, that counterparty is contractually obligated to settle that trade. The TRX trading
counterparties will have no obligation to participate in cash orders for creations and redemptions. Each of these third parties
are, and any other trading counterparty the Trust places orders with in the future will be, subject to U.S. federal and/or state
licensing requirements or similar laws in non-U.S. jurisdictions and maintain practices and policies designed to comply with AML
and KYC regulations or similar laws in non-U.S. jurisdictions.

CUSTODY OF THE
TRUST’S ASSETS

The Custodian
is authorized to safeguard the Trust’s TRX holdings allocated to it by the Sponsor. The Custodian maintains one or more custody
accounts on its books, pursuant to the terms of the TRX Custody Agreement, for the receipt, safekeeping, and maintenance of TRX.

regulated custodian, the Custodian is subject to a detailed statutory and regulatory framework, including holding customer assets
in segregated client accounts on behalf of customers. 100% of Trust assets and private keys safekeeped by the Custodian will be
held in cold storage in segregated accounts and are never commingled with the Custodian or other client assets. The Custodian applies
industry standards, such as CryptoCurrency Security Standard (CCSS) and SOC1 and SOC2, while also working with the most trusted
brands in the industry and offering clients comprehensive insurance solutions.

The
Custodian ecosystem and architecture for private key management include the BitGo Platform, hardware security modules (“HSMs”)
and modular services. The Custodian cold custody solution is built on BitGo’s security to manage keys on behalf of customers.
The Custodian only signs transactions that have been authorized by the Sponsor and follow the policies set by the account administrators.

The primary keys
and backup keys are created offline using an Offline Vault Console (“OVC”) on air gapped laptops during a secure ceremony
to create hardened cryptographic seeds that power the BitGo solution. This is to ensure only machines which have no access to the internet
and are pristine are able to see private key material.

Undisclosed
personnel at the Custodian hold the sharded keys. When they are reconstituted, they are able to sign a transaction which moves
funds in the public blockchain. To mitigate collusion, the individuals who have the sharded keys are different from those who
have access to the vaults where the signings happen.

The private key
is reconstituted in the OVC, but only in internal memory. At no point is it displayed or shown to any user. After signing is done, the
key is no longer available in memory. The OVC is run in a read-only disk, so once the laptop is powered off, there is no non-volatile
storage of any kind to write back to disk. The OVC operates using a RAM disk, where it simulates a real hard disk, but it is completely
ephemeral and is wiped as soon as the machine is power cycled or rebooted, thus wiping the reconstituted private key and preventing it
from being copied or compromised.