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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no discretion as to the amount the Trust’s TRX to be staked or timing of the staking activities (other than as is incidental in establishing or deactivating validator nodes). The Custodian will maintain exclusive possession and control of the private keys associated with any staked TRX at all times. The Tron Network utilizes a delegated proof of stake model, which does not impose so-called “slashing” penalties on validators, however, misbehaving validators may incur penalties such as loss of rewards, but are not subject to any risk loss of staked principal. Additionally, as part of the “activating” and “exiting” processes of TRX staking, any staked TRX will be inaccessible for a period of time determined by a range of factors, resulting in certain liquidity risks that the Sponsor will manage. The description and considerations related to staking are discussed more fully in “Principal Risks—Risks Associated with TRX and the Tron Network.”

Staking
rewards generated by the Staking Program will be subject to fees associated with the Staking Program, which will be shared among
the Staking Provider, the Sponsor, and the Custodian. The amounts owed or paid by the Trust for the Staking Program are collectively
referred to as the “Staking Fees.” The aggregate Staking Fees, which include any fees of the Custodian and the Staking
Provider, will not exceed [___%] of the TRX staking rewards generated by the Staking Program. The Staking Fees will reduce the
amount of TRX that are received by the Trust from the Staking Program. The remainder of the staking rewards will be redeployed
into the Staking Program, transferred out or sold in connection with the redemption of Baskets, or transferred or sold by the Sponsor
to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor. Except for TRX reserved by the Sponsor
in its sole discretion to facilitate foreseeable redemption transactions, pay Trust expenses or otherwise protect the Trust and
its assets, all staking rewards will be restaked pursuant to the Staking Program.

Pursuant
to the Staking Program, the Staking Provider will distribute earned staking rewards to the Trust’s wallet or wallets at the
Custodian on a periodic basis, generally coinciding with 4:00 p.m. ET on each business day the Exchange is open. Accrued staking
rewards will be included in the Trust's daily NAV calculation.

The
Sponsor will carry out the Staking Program in accordance with the Sponsor’s liquidity risk management policy (the “Liquidity
Risk Management Policy”), which is designed to satisfy the requirements of the Exchange’s listing rules. The Liquidity
Risk Management Policy is designed to ensure that the Trust maintains sufficient liquidity to timely fulfill redemption orders
to preserve the effective and efficient arbitrage mechanism of the Trust. The Liquidity Risk Management Policy assesses the characteristics
of a protocol’s native unbonding period, the particular unbonding characteristics of the Staking Program, sources of credit,
sources of tokens, and other relevant liquidity considerations against the settlement period for any redemption of the Trust’s
shares. The Liquidity Risk Management Policy permits the Trust to maintain credit facilities to help meet redemption requests,
which may include the Sponsor’s own credit facilities to serve as a source of backup liquidity for the Trust. As of the date
of the Prospectus, no such credit facility has been entered into by the Trust. The complete Liquidity Risk Management Policy is
available on the Trust’s website at canaryetfs.com.

The Tron Network and TRX

The Tron Network is
a decentralized blockchain platform launched in 2017 by entrepreneur Justin Sun. It is designed to facilitate high-speed, low-cost
transactions and support the creation of decentralized applications (“dApps”), with a particular emphasis on content
sharing and entertainment services. The Tron Network aims to address the scalability and cost limitations of earlier blockchain
infrastructures by implementing a delegated proof-of-stake (“DPoS”) consensus mechanism, enabling it to process up
to 2,000 transactions per second (“TPS”), making it suitable for applications requiring high throughput, such as gaming
and multimedia platforms.

The Tron Network utilizes
a DPoS model in which TRX token holders vote to elect 27 super representatives (“Super Representatives”) who are responsible
for validating transactions and producing blocks. These Super Representatives are elected every six hours, and TRX holders can
vote by staking their tokens, thereby participating in the Tron Network’s governance. This mechanism enhances scalability
and efficiency, aligning validator incentives with network security.

TRX serves multiple
functions within the ecosystem. It is used to pay for transaction fees, including bandwidth and energy, required to execute smart
contracts and transfer assets on the Tron Network. TRX holders can stake their tokens to participate in governance decisions by
voting for Super Representatives, influencing the network’s development and operational parameters. Additionally, TRX acts
as a medium of exchange within dApps built on the Tron platform, facilitating various transactions and services.

TRX has diverse utility
across the Tron ecosystem. In the DeFi space, TRX can be used in applications such as lending, borrowing and yield farming, leveraging
the network’s high throughput and low transaction fees. The Tron Network supports the creation and trading of non-fungible
tokens (“NFTs”), allowing artists and creators to mint and sell digital assets in a decentralized marketplace. The
gaming industry benefits from the network’s capabilities, with TRX used for in-game purchases, rewards and other economic
activities within blockchain-based games. Additionally, TRX can be utilized in social media and content-sharing platforms, enabling
direct compensation for content creators without intermediaries.

The Tron Network employs
advanced cryptographic techniques to ensure the security, integrity, and confidentiality of transactions. Its decentralized architecture,
supported by the DPoS consensus mechanism, contributes to its resilience against attacks and censorship. The Tron Network is also
designed to be interoperable with other blockchain systems, facilitating the seamless transfer of assets and data across different
platforms, thereby enhancing its versatility and integration within the broader blockchain ecosystem.

For more information
on TRX and the Tron Network, see “TRX, TRX Markets, and Regulation of TRX” below.

The Trust’s
Investment Objectives

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 administered by the Sponsor, in which staking rewards will be earned through the
validation of transactions on the Tron Network. Under normal circumstances, the Sponsor will seek to stake all of the Trust’s
TRX through one or more Staking Providers except for TRX reserved by the Sponsor in its sole discretion to facilitate foreseeable
redemption transactions, pay Trust expenses or otherwise protect the Trust and its assets. The Trust will receive a portion of
the staking rewards generated by the Staking Program, which may be treated as income to the Trust. In consideration for the Staking
Program, the additional TRX generated by the Staking Program will be subject to the Staking Fees shared among the Staking Provider,
the Sponsor, and the Custodian. In seeking to achieve its investment objectives, the Trust will hold TRX and will value its Shares
daily as of 4:00 p.m. Eastern time (“ET”) using the same methodology used to calculate the Pricing Benchmark. All of
the Trust’s TRX, including staked TRX, will be held by the Custodian.

The Pricing Benchmark

The U.S. dollar
value of a Basket of Shares at 4:00 p.m. ET on the trade date of a creation order is equal to the Basket Amount, which is the
number of TRX required to create a Basket of Shares, multiplied by the “Benchmark Price,” which is the price of TRX
on the Pricing Benchmark as of 4:00 p.m. ET. The Pricing Benchmark Price is calculated using non-GAAP methodology and is not used
in the Trust’s financial statements. See “The Trust and TRX Prices—The Pricing Benchmark.”

Summary of Risk Factors

investment in the Trust involves risks described in the section below entitled “Risk Factors” and elsewhere in this
Prospectus. Some of these risks are summarized below.

Risks
associated with the Tron Network and TRX