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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smart contract platforms, such as Ethereum, Polkadot, Avalanche and Cardano. Competition from the emergence or growth of alternative digital assets and smart contracts platforms, such as EOS, Tezos, Tron, and numerous others, could have a negative impact on the demand for, and price of, TRX and thereby adversely affect the value of the Shares. In addition, some digital asset networks, including the Tron Network, may be the target of ill will from users of other digital asset networks. For example, in July 2016, the Solana Network underwent a contentious hard fork that resulted in the creation of a new digital asset network called Solana Classic. As a result, some users of the Solana Classic network may harbor ill will toward the Solana Network. If something similar were to occur with respect to the Tron Network, its users may attempt to negatively impact the use or adoption of the Tron Network.

Investors may
invest in TRX through means other than the Shares, including through direct investments in TRX and other potential financial
vehicles, possibly including securities backed by or linked to TRX and digital asset financial vehicles similar to the Trust, or
other futures-based products. Market and financial conditions, and other conditions beyond the Sponsor’s control, may make it
more attractive to invest in other financial vehicles or to invest in TRX directly, which could limit the market for, and reduce the
liquidity of, the Shares. In addition, to the extent digital asset financial vehicles other than the Trust tracking the price of TRX
are formed and represent a significant proportion of the demand for TRX, large purchases or redemptions of the securities of these
digital asset financial vehicles, or private funds holding TRX, could negatively affect the Index, the Trust’s TRX holdings,
the price of the Shares, the net asset value of the Trust and the NAV.

Risks Associated
with Investing in the Trust

Investment-Related
Risks.

Investing
in TRX and, consequently, the Trust, is speculative. The price of TRX is volatile, and market movements of TRX are difficult to
predict. Supply and demand changes rapidly are affected by a variety of factors, including regulation and general economic trends,
such as interest rates, availability of credit, credit defaults, inflation rates and economic uncertainty. All investments made
by the Trust will risk the loss of capital. Therefore, an investment in the Trust involves a high degree of risk, including the
risk that the entire amount invested may be lost. No guarantee or representation is made that the Trust’s investment program
will be successful, that the Trust will achieve its investment objectives or that there will be any return of capital invested
to investors in the Trust, and investment results may vary.

The
NAV may not always correspond to the market price of TRX.

The
NAV of the Trust will change as fluctuations occur in the market price of the Trust’s TRX holdings. Shareholders should be aware
that the public trading price per share may be different from the NAV for a number of reasons, including price volatility and the fact
that supply and demand forces at work in the secondary trading market for shares are related, but not identical, to the supply and demand
forces influencing the market price of TRX.

Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per share and the
Trust will therefore maintain its intended fractional exposure to a specific amount of TRX per share.

Different
from directly owning TRX.

The
performance of the Trust will not reflect the specific return an investor would realize if the investor actually held or purchased TRX
directly. The differences in performance may be due to factors such as fees, transaction costs, [proceeds from staking activities,] and
Pricing Benchmark tracking risk. Investors will also forgo certain rights conferred by owning TRX directly, such as the right to claim
air drops. See “A Temporary Or Permanent “Fork” or a “Clone” Of The TRX Blockchain Could Adversely Affect
The Value Of The Shares.”

Pricing
Benchmark tracking risk.

The
Trust may not achieve the desired degree of correlation between its performance and that of the Pricing Benchmark and thus may
not achieve its investment objectives. The difference in performance may be due to factors such as fees, transaction costs, redemptions
of, and subscriptions for, Shares, pricing differences, differences in the timing of the addition or removal of constituent exchanges
underlying the Pricing Benchmark or the cost to the Trust of complying with various new or existing regulatory requirements.

Liquidity
risk.

The
Trust’s and the Authorized Participants’ ability to buy or sell TRX may be adversely affected by limited trading volume, lack
of a market maker, or legal restrictions. It is also possible that a TRX spot market or governmental authority may suspend or restrict
trading in TRX altogether. Therefore, it may not always be possible to execute a buy or sell order at the desired price or to liquidate
an open position due to market conditions on spot markets, regulatory issues affecting TRX or other issues affecting counterparties. TRX
is a new asset with a very limited trading history. Therefore, the markets for TRX may be less liquid and more volatile than other markets
for more established products.

The
value of the Shares may be influenced by a variety of factors unrelated to the value of TRX.

The
value of the Shares may be influenced by a variety of factors unrelated to the price of TRX and the TRX exchanges included in the Pricing
Benchmark that may have an adverse effect on the price of the Shares. These factors include, but are not limited to, the following factors:

•	Unanticipated problems or issues with respect to the mechanics of the Trust’s
operations and the trading of the Shares may arise, in particular due to the fact that the mechanisms and procedures governing the creation
and offering of the Shares and storage of TRX have been developed specifically for this product;

•	The Trust could experience difficulties in operating and maintaining its technical
infrastructure, including in connection with expansions or updates to such infrastructure, which are likely to be complex and could lead
to unanticipated delays, unforeseen expenses and security vulnerabilities;

•	The
Trust could experience unforeseen issues relating to the performance and effectiveness
of the security procedures used to protect the Trust’s account with the Custodian,
or the security procedures may not protect against all errors, software flaws or other
vulnerabilities in the Trust’s technical infrastructure, which could result in
theft, loss or damage of its assets; or

•	Service providers may decide to terminate their relationships
with the Trust due to concerns that the introduction of privacy enhancing features to the Tron Network may
increase the potential for TRX to be used to facilitate crime, exposing such service providers to potential reputational harm.

Any
of these factors could affect the value of the Shares, either directly or indirectly through their effect on the Trust’s assets.

Authorized
Participants’ buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment
in the Shares.

While
the Trust currently only facilitates the creation and redemption of Baskets in exchange for cash, Authorized Participants may take long
or short positions in TRX for hedging or other purposes and in some cases those positions may be substantial relative to the TRX market
as a whole. Authorized Participants’ purchase of TRX in connection with Basket creation orders may cause the price of TRX to increase,
which will result in higher prices for the Shares. Increases in the TRX prices may also occur as a result of TRX purchases by other market
participants who attempt to benefit from an increase in the market price of TRX when baskets are created. The market price of TRX may
therefore decline immediately after Baskets are created.

Selling
activity associated with sales of TRX by Authorized Participants in connection with redemption orders may decrease TRX prices, which will
result in lower prices for the Shares. Decreases in TRX prices may also occur as a result of selling activity by other market participants.

addition to the effect that purchases and sales of TRX by Authorized Participants may have on the price of TRX, sales and purchases of
TRX by similar investment vehicles (if developed) could impact the price of TRX. If the price of TRX declines, the trading price of the
Shares will generally also decline.

The
inability of Authorized Participants and market makers to hedge their TRX exposure may adversely affect the liquidity of Shares and the
value of an investment in the Shares.