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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of the Shares will not reflect the value of the Incidental Rights or IR Virtual Currency. Such Incidental Rights or IR Virtual Currency will not be taken into account for purposes of determining NAV. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules to permit the Trust to distribute the Incidental Rights or IR Virtual Currency that is not TRX in-kind to the Sponsor, as agent for the Shareholders, and the Sponsor would arrange to sell or otherwise dispose of the Incidental Rights or IR Virtual Currency and for the proceeds (if any) to be distributed to the Shareholders. There can be no assurance as to whether or when the Sponsor would make such a decision, or when the Exchange will seek or obtain this approval, if at all.

addition to forks, a digital asset may become subject to a similar occurrence known as an “airdrop.” In an airdrop, the promotors
of a new digital asset announce to holders of another digital asset that such holders will be entitled to claim a certain amount of the
new digital asset for free, based on the fact that they hold such other digital asset. Neither the Trust nor the Sponsor shall be under
any obligation to claim or attempt to secure or realize any economic benefit from “airdropped” assets, and the Sponsor will
cause the Trust to irrevocably and permanently abandon, for no consideration, such Incidental Rights or IR Virtual Currency. In the event
the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend
its listing rules to permit the Trust to distribute the Incidental Rights or IR Virtual Currency associated with the airdropped assets
in-kind to the Sponsor, as agent for the Shareholders, and the Sponsor would arrange to sell or otherwise dispose of the Incidental Rights
or IR Virtual Currency and for the proceeds (if any) to be distributed to the Shareholders.

With
respect to any fork, airdrop or similar event, the Sponsor will cause the Trust to irrevocably abandon the Incidental Rights and any IR
Virtual Currency associated with such event. As such, Shareholders will not receive the benefits of any forks, and the Trust is not able
to participate in any airdrop. In the event the Trust seeks to change this position, an application would need to be filed with the SEC
by the Exchange seeking approval to amend its listing rules to permit the Trust to change this policy.

Even
if required regulatory approval is sought and obtained, Shareholders may not receive the benefits of any forks, airdrops, or similar events,
the Trust may not choose, or be able, to participate in an airdrop, and the timing of receiving any benefits from a fork, airdrop or similar
event is uncertain. Any inability to recognize the economic benefit of a hard fork or airdrop could adversely affect the value of the
Shares.

the event of a hard fork of the Tron Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion
to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely
affect the value of the Shares.

the event of a hard fork of the Tron Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion
to determine, in good faith, which peer-to-peer network, among a group of incompatible forks of the Tron Network, is generally
accepted as the Tron Network and should therefore be considered the appropriate network for the Trust’s purposes. The Sponsor
will base its determination on a variety of then relevant factors, including, but not limited to, the Sponsor’s beliefs
regarding expectations of the core developers of TRX, users, service providers, businesses, miners and other constituencies, as well
as the actual continued acceptance of, mining power on, and community engagement with, the Tron Network. There is no guarantee that
the Sponsor will choose the digital asset that is ultimately the most valuable fork, and the Sponsor’s decision may adversely
affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders and security vendors on what is
generally accepted as TRX and should therefore be considered “TRX” for the Trust’s purposes, which may also
adversely affect the value of the Shares as a result.

Any
name change and any associated rebranding initiative of TRX may not be favorably received by the digital asset community, which
could negatively impact the value of TRX and the value of the Shares.

From
time to time, digital assets may undergo name changes and associated rebranding initiatives. For example, Bitcoin Cash may sometimes be
referred to as Bitcoin ABC in an effort to differentiate itself from any Bitcoin Cash hard forks, such as Bitcoin Satoshi’s Vision,
and in the third quarter of 2018, the team behind ZEN rebranded and changed the name of ZenCash to “Horizen.” We cannot predict
the impact of any name change and any associated rebranding initiative on TRX. After a name change and an associated rebranding initiative,
a digital asset may not be able to achieve or maintain brand name recognition or status that is comparable to the recognition and status
previously enjoyed by such digital asset. The failure of any name change and any associated rebranding initiative by a digital asset may
result in such digital asset not realizing some or all of the anticipated benefits contemplated by the name change and associated rebranding
initiative, and could negatively impact the value of TRX and the value of the Shares.

The
TRX blockchain could be vulnerable to attacks on transaction finality and consensus processes, which could adversely affect an
investment in the Trust or the ability of the Trust to operate.

The
Tron Network is currently vulnerable to several types of attacks, including:

●	“33% attack” where, if a validator or group of validators were to gain
control of more than 33% of the total staked TRX on the Tron Network, a malicious actor could temporarily impede or delay block confirmation.

●	“>66% attack” where, if a validator or group of validators acting
in concert were to gain control of more than 66% of the total staked TRX on the Tron Network, a malicious actor could permanently and
irreversibly manipulate the blockchain, including censorship, double-spending and fraudulent block propagation, both on a forward-and
backward-looking basis. The attacker could unilaterally finalize their preferred chain without the votes of any other stakers, and could
also reverse past finalized blocks.