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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may not withdraw a creation order without the prior consent of the Sponsor in its discretion. Following an In-Kind Creation Order from an Authorized Participant, the Trust’s account at the Custodian must be credited with the required TRX by 11:00 a.m. ET on the following business day or such other time designated by the Sponsor. The Authorized Participant or its Authorized Participant Designee will normally send the required TRX in an “on chain” transaction over the Tron Network. Such on chain transactions are subject to the risks associated with Tron Network transactions, including the irreversibility of transactions made in error or unavoidable delays due to Tron Network congestion. Upon receipt of the Basket TRX Deposit amount in the Trust’s account at the Custodian, the Administrator will notify the Transfer Agent. The Transfer Agent will then direct DTC to credit the number of Shares created to the Authorized Participant’s DTC account.

Following
an Authorized Participant’s Cash Creation Order, the Trust’s account at the Cash Custodian must be credited with the
Basket Cash Deposit amount by 11:00 a.m. ET on the following business day or such other time designated by the Sponsor following
the Purchase Order Date. Upon receipt of the Basket Cash Deposit amount in the Trust’s account at the Cash Custodian, the
Transfer Agent will notify the Marketing Agent, the Authorized Participant, and the Sponsor that the Basket Cash Amount has been
deposited. The Sponsor, on behalf of the Trust, will instruct a TRX trading counterparty to purchase the amount of TRX equivalent
in value to the cash deposit amount associated with the creation order, with such purchase transaction prearranged to be executed,
in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account
any spread, commissions, or other trading costs on the applicable Purchase Order Date. The resulting TRX will be deposited in
the Trust’s account with the Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads,
or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or
Sponsor. To the extent the execution price of the TRX acquired by the trading counterparty exceeds the cash deposit amount, such
cash difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor. The Transfer Agent will
then direct DTC to credit the number of Shares created to the Authorized Participant’s DTC account. To the extent the execution
price of the TRX acquired by the trading counterparty is less than the cash deposit amount, such excess cash will be returned
to the Authorized Participant.

Determination of Required Deposits

The amount
of the Basket Deposit changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts
the quantity of cash or TRX constituting the Basket Deposit as appropriate to reflect the value of the Trust’s TRX and cash
or TRX less accrued expenses. The computation is made by the Administrator as promptly as practicable after 4:00 p.m. ET or at
an earlier time set forth in the Authorized Participant Agreement or otherwise provided to all Authorized Participants on the
date such order is placed in order for the creation of Baskets to be effected based on the NAV of Shares as next determined on
such date after receipt of the order in proper form.

The
Basket TRX Deposit for a given day is determined by dividing the number of TRX held by the Trust as of the opening of business
on that business day, adjusted for the amount of TRX constituting accrued expenses and other liabilities of the Trust as of the
opening of business on that business day, by the number of Shares outstanding at the opening of business and multiplying such
amount by the number of Shares constituting a Basket.

The
Basket Cash Deposit is an amount of cash that is in the same proportion to the total assets of the Trust, net of accrued expenses
and other liabilities, on the Purchase Order Date, as the number of Shares constituting a Basket is in proportion to the total
number of Shares outstanding on the Purchase Order Date, plus the amount of any Transaction Fee. For a discussion of how the Trust
determines the value of TRX, see “Calculation of NAV” above. The Basket Cash Deposit so determined is communicated
via electronic mail message to all Authorized Participants.

To the
extent the price at which the Trust executes a TRX purchase in connection with a Cash Creation exceeds the amount described in
the paragraph above, the Authorized Participant that placed such order will be responsible for any such difference in price. The
Sponsor expects that its TRX trading counterparties will be able to provide pricing based on the Pricing Benchmark price at 4:00
p.m. ET, which would minimize or eliminate any such shortfall. However, there can be no guarantee that the price at which the
Trust executes TRX trades will be the Pricing Benchmark price at 4:00 p.m. ET, and Authorized Participants bear the risk of any
such differences in price.

Delivery of Required Deposits

An Authorized Participant
who places a purchase order must follow the procedures outlined in the “Creation Procedures” section of this Prospectus.
Upon receipt of the deposit amount by the Custodian or Cash Custodian, as applicable, the Transfer Agent will direct DTC to credit
the number of Shares ordered to the Authorized Participant’s DTC account on the following business day or such later time
as may be agreed upon by the Authorized Participant and the Sponsor, following the Purchase Order Date. The Sponsor has the authority
to set or modify the cut-off time for purchase orders in order for the creation of Baskets to be effected based on the Pricing
Benchmark price at 4:00 p.m. ET as next determined on such date after receipt of the order in proper form. For example, the Sponsor
may modify the cut-off time in the event of an early market close, perceived capacity constraints from the Trust’s TRX trading
counterparties, or highly volatile markets. Cut-off times are communicated periodically to Authorized Participants. In circumstances
where purchase orders are due before 4:00 p.m. ET, Authorized Participants will not know the total Basket Deposit at the time
they submit a purchase order for the Basket. The Trust’s NAV and the price of a Basket Deposit could rise or fall substantially
between the time a purchase order is submitted and the time the amount of the purchase price in respect thereof is determined,
and the risk of such price movements will be borne solely by the Authorized Participant.

Rejection of Purchase Orders

The Sponsor
or its designee has the absolute right, but does not have any obligation, to reject any purchase order or Basket Deposit if the Sponsor
determines that:

●	the purchase order is not in proper form;

●	the
Basket Deposit delivered is not as specified by the Trust through the Sponsor and/or
Transfer Agent, and the Sponsor has not consented to acceptance of an in-kind deposit
that varies from the designated portfolio;

●	the acceptance of the Basket Deposit would have certain adverse
tax consequences to the Trust;

●	the acceptance of the Basket Deposit would, in the opinion of
counsel, be unlawful;

●	the acceptance of the Basket Deposit would otherwise, in the discretion
of the Trust or the Sponsor, have an adverse effect on the Trust or the rights of beneficial owners of the Trust; or

●	there exist circumstances outside the control of the Trust, the
Transfer Agent, or the Sponsor that make it impossible to process purchase orders for all practical purposes.