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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affairs of the Trust. Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust and its Shareholders. These potential conflicts include, among others, the following: ● the Sponsor has no fiduciary duties to, and is allowed to take into account the interests of parties other than, the Trust and its Shareholders in resolving conflicts of interest, provided the Sponsor does not act in bad faith; ● the Trust has agreed to indemnify the Sponsor, the Trustee and their respective affiliates pursuant to the Trust Agreement; ● the Sponsor is responsible for allocating its own limited resources among different clients and potential future business ventures, to each of which it may owe fiduciary duties;

●	the Sponsor and its staff also service affiliates of the Sponsor, and may also service
other digital asset investment vehicles, and their respective clients and cannot devote all of its, or their, respective time or resources
to the management of the affairs of the Trust;

●	the Sponsor, its affiliates and their officers and employees are not prohibited
from engaging in other businesses or activities, including those that might be in direct competition with the Trust;

●	affiliates of the Sponsor may start to have substantial direct investments in TRX ,
or other digital assets or companies in the digital assets ecosystem that they are permitted to manage taking into account their own interests
without regard to the interests of the Trust or its Shareholders, and any increases, decreases or other changes in such investments could
affect the Pricing Benchmark price and, in turn, the value of the Shares; and

●	the Sponsor decides whether to retain separate counsel, accountants or others to
perform services for the Trust.

By purchasing the
Shares, Shareholders agree and consent to the provisions set forth in the Trust Agreement.

Risks Associated with the Pricing
Benchmark

The
Pricing Benchmark has a limited history.

The Pricing Benchmark
was launched on ________. The Pricing Benchmark has a limited history and its value is an average composite reference rate calculated
using volume-weighted trading price data from the Constituent Platforms. A longer history of actual performance through various economic
and market conditions would provide greater and more reliable information for an investor to assess Pricing Benchmark’s performance.
The Benchmark Provider has substantial discretion at any time to change the methodology used to calculate the Pricing Benchmark, including
the Constituent Platforms that contribute prices to the Trust’s NAV. The Benchmark Provider does not have any obligation to take
into consideration the needs of the Trust, the Shareholders, or anyone else in connection with such changes. There is no guarantee that
the methodology currently used in calculating the Pricing Benchmark will appropriately track the price of TRX in the future. The Benchmark
Provider does not have any obligation to take into consideration the needs of the Trust or the Shareholders in determining, composing,
or calculating the Pricing Benchmark or in the selection of the Constituent Platforms used. The Constituent Platforms are chosen by the
Benchmark Provider.

Although the Pricing
Benchmark is intended to accurately capture the market price of TRX, third parties may be able to purchase and sell TRX on public or private
markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower than the
Pricing Benchmark price. Moreover, there may be variances in the price of TRX on the various Constituent Platforms, including as a result
of differences in fee structures or administrative procedures on different Constituent Platforms. While the Pricing Benchmark provides
a U.S. dollar-denominated price of TRX based on the volume-weighted price of TRX on certain Constituent Platforms, at any given time,
the prices on each such Constituent Platform may not be equal to the price of TRX as represented by the Pricing Benchmark. It is possible
that the price of TRX on the Constituent Platforms could be materially higher or lower than the Pricing Benchmark price. To the extent
the Pricing Benchmark price differs materially from the actual prices available on a Constituent Platform, or from the global market price
of TRX, the price of the Shares may no longer track, whether temporarily or over time, the global market price of TRX, which could adversely
affect an investment in the Trust by reducing investors’ confidence in the Shares’ ability to track the market price of TRX.
To the extent such prices differ materially from the Pricing Benchmark price, investors may lose confidence in the Shares’ ability
to track the market price of TRX, which could adversely affect the value of the Shares.

The pricing sources
(Constituent Platforms) used by the Pricing Benchmark are digital asset trading venues that facilitate the buying and selling of TRX and
other digital assets. Although many pricing sources refer to themselves as “exchanges,” they are not registered with, or supervised
by, the SEC or the CFTC and they do not meet the regulatory standards of a national securities exchange or designated contract market.
For these reasons, among others, purchases and sales of TRX may be subject to temporary distortions or other disruptions due to various
factors, including the lack of liquidity in the markets and government regulation and intervention. These circumstances could affect the
price of TRX used in Pricing Benchmark calculations and, therefore, could adversely affect the TRX price as reflected by the Pricing Benchmark.
The Benchmark Provider may remove or add Constituent Platforms in the future at its discretion. For more information on the inclusion
criteria for Constituent Platforms in the Pricing Benchmark, see “THE TRUST AND TRX PRICES—The Pricing Benchmark.”

The Pricing Benchmark
is based on various inputs which may include price data from various third-party digital asset trading platforms. The Benchmark Provider
does not guarantee the validity of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent
reporting from their initial source.

The Trust utilizes
the Pricing Benchmark to establish its NAV and NAV per Share. In the event that the Pricing Benchmark is incorrectly calculated, is not
timely calculated or changes its calculation methodology in the future, such an occurrence may adversely impact an investment in the Shares
or the Trust’s operations.

Although the Pricing
Benchmark is designed to accurately capture the market price of TRX, third parties may be able to purchase and sell TRX on public or private
markets not included among the Constituent Platforms of the Pricing Benchmark, and such transactions may take place at prices materially
higher or lower than the level of the Pricing Benchmark used to establish the NAV. To the extent such prices differ materially from the
level of the Pricing Benchmark used to establish the NAV, investors may lose confidence in the Shares’ ability to track the market
price of TRX, which could adversely affect an investment in the Shares.

The
Benchmark Provider could experience systems failures or errors.

If the computers
or other facilities of the Benchmark Provider, data providers and/or relevant stock exchange malfunction for any reason, calculation and
dissemination of the Pricing Benchmark may be delayed. Errors in Pricing Benchmark data, the Pricing Benchmark computations and/or construction
may occur from time to time and may not be identified and/or corrected for a period of time or at all, which may have an adverse impact
on the Trust and the Shareholders. Any of the foregoing may lead to errors in the Pricing Benchmark, which may lead to a different investment
outcome for the Trust and its Shareholders than would have been the case had such events not occurred. The Pricing Benchmark is the reference
price for calculating the Trust’s NAV. Consequently, losses or costs associated with the Pricing Benchmark’s errors or other
risks described above will generally be borne by the Trust and the Shareholders and neither the Sponsor nor its affiliates or agents make
any representations or warranties regarding the foregoing.