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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and if it is not profitable, the Trust may terminate and liquidate at a time that is disadvantageous to Shareholders. The Trust is new. If the Trust does not attract sufficient assets to remain open, or if the trust experiences excessive withdrawals, then the Trust could be terminated and liquidated at the direction of the Sponsor (or required to do so because it is delisted by the Exchange). Termination and liquidation of the Trust could occur at a time that is disadvantageous to Shareholders. When the Trust’s assets are sold as part of the Trust’s liquidation, the resulting proceeds distributed to Shareholders may be less than those that may be realized in a sale outside of a liquidation context. Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights.

The
Shares have limited voting and distribution rights. For example, Shareholders do not have the right to elect directors, the Trust may
enact splits or reverse splits without Shareholder approval, and the Trust is not required to pay regular distributions, although the
Trust may pay distributions at the discretion of the Sponsor.

Shareholders
may be adversely affected by creation or redemption orders that are subject to postponement, suspension or rejection under certain circumstances.

The Trust
may, in its discretion, suspend the right of creation or redemption or may postpone the redemption or purchase settlement date,
for (1) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption
distribution is not reasonably practicable, or (2) such other period as the Sponsor determines to be necessary for the protection
of the Shareholders of the Trust. When determining whether such an emergency exists, the Sponsor may consider, among other things,
the overall impact such emergency has had on price, volume, volatility and liquidity in TRX markets; the Sponsor’s view
on the how long such emergency will persist; and the Sponsor’s view on whether such emergency is likely to ease or worsen.
An emergency could include situations where the Trust is unable to transact in TRX or where the Trust is unable to value its TRX
holdings, such as a circumstance where a digital asset trading platform experiences technical failure, power outage, network error
or other circumstance resulting in a market-wide halt to trading, or the Trust is unable to access the TRX in the Trust TRX Account
at the Custodian due to technical or operating issues at the Trust or the Custodian. Such disruptions may have an effect on overall
TRX liquidity or cause price spreads of TRX to widen, which may have a detrimental effect on the value of the Shares.

addition, the Trust may reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming
Authorized Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary
market, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying
holdings.

Shareholders
may be adversely affected by an overstatement or understatement of the NAV calculation of the Trust due to the valuation methodology employed
on the date of the NAV calculation.

the Pricing Benchmark is not available or the Sponsor determines, in its sole discretion, that the Pricing Benchmark should not be
used, the Trust’s TRX investments may be valued using techniques other than reliance on the price established by the Pricing
Benchmark. The value established by using the Pricing Benchmark may be different from what would be produced through the use of
another methodology. TRX valued using techniques other than those employed by the Pricing Benchmark, including TRX investments that
are “fair valued,” may differ from the value established by the Pricing Benchmark.

The
Trust Agreement includes provisions that limit Shareholders’ voting rights and restrict Shareholders’ right to bring
a derivative action.

Under
the Trust Agreement, Shareholders generally have no voting rights and the Trust will not have regular Shareholder meetings. Shareholders
take no part in the management or control of the Trust. Accordingly, Shareholders do not have the right to authorize actions,
appoint service providers or take other actions as may be taken by shareholders of other trusts or companies where shares carry
such rights. The Sponsor may take actions in the operation of the Trust that may be adverse to the interests of Shareholders and
may adversely affect the value of the Shares.

Moreover,
pursuant to the terms of the Trust Agreement, Shareholders’ statutory right under Delaware law to bring a derivative action (i.e.,
to initiate a lawsuit in the name of the Trust in order to assert a claim belonging to the Trust against a fiduciary of the Trust or against
a third-party when the Trust’s management has refused to do so) is restricted. Under Delaware law, a shareholder may bring a derivative
action if the shareholder is a shareholder at the time the action is brought and either (i) was a shareholder at the time of the
transaction at issue or (ii) acquired the status of shareholder by operation of law or the Trust’s governing instrument from
a person who was a shareholder at the time of the transaction at issue. Additionally, Section 3816(e) of the Delaware Statutory Trust
Act specifically provides that a “beneficial owner’s right to bring a derivative action may be subject to such additional
standards and restrictions, if any, as are set forth in the governing instrument of the statutory trust, including, without limitation,
the requirement that beneficial owners owning a specified beneficial interest in the statutory trust join in the bringing of the derivative
action.” In addition to the requirements of applicable law and in accordance with Section 3816(e), the Trust Agreement provides
that no Shareholder will have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf
of the Trust unless two or more Shareholders who (i) are not “Affiliates” (as defined in the Trust Agreement) of one
another and (ii) collectively hold at least 10.0% of the outstanding Shares join in the bringing or maintaining of such action, suit
or other proceeding. This provision applies to any derivative actions brought in the name of the Trust other than claims under the federal
securities laws and the rules and regulations thereunder.

Due
to this additional requirement, a Shareholder attempting to bring or maintain a derivative action in the name of the Trust will be required
to locate other Shareholders with which it is not affiliated and that have sufficient Shares to meet the 10.0% threshold based on the
number of Shares outstanding on the date the claim is brought and thereafter throughout the duration of the action, suit or proceeding.
This may be difficult and may result in increased costs to a Shareholder attempting to seek redress in the name of the Trust in court.
Moreover, if Shareholders bringing a derivative action, suit or proceeding pursuant to this provision of the Trust Agreement do not hold
10.0% of the outstanding Shares on the date such an action, suit or proceeding is brought, or such Shareholders are unable to maintain
Share ownership meeting the 10.0% threshold throughout the duration of the action, suit or proceeding, such Shareholders’ derivative
action may be subject to dismissal. As a result, the Trust Agreement limits the likelihood that a Shareholder will be able to successfully
assert a derivative action in the name of the Trust, even if such Shareholder believes that he or she has a valid derivative action, suit
or other proceeding to bring on behalf of the Trust.

THE TRUST AND TRX
PRICES

Overview of the Trust

The Trust’s
primary investment objective is to seek to provide exposure to the price of TRX held by the Trust, less the expenses of the Trust’s
operations and other liabilities. A secondary investment objective is for the Trust to earn additional TRX through its participation
in the Staking Program (the “Staking Program”) administered by the Sponsor, in which staking rewards will be earned
through the validation of transactions in the Tron network’s (the “Tron Network”) proof-of-stake (“PoS”)
process. In seeking to achieve its investment objectives, the Trust will hold TRX and establish its net asset value (“NAV”)
by reference to the CoinDesk TRX USD CCIXber 60m New York Rate (“Pricing Benchmark”). TRX will be the only digital
asset held by the Trust.