What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-13 · 192 added, 177 removed, 304 unchanged (55% of the section changed)

Financial Statements.

CANARY STAKED SUI ETF

Statement of Assets and Liabilities

31, 2026 (Unaudited)*

in SUI, at value (Note 2)

to Sponsor (Note 3)

June 30, 2026

Investments in SUI, at value (Note 2)

Payable to Sponsor (Note 3)

Total Liabilities

NET ASSETS CONSIST OF:

Paid-in capital

distributable earnings (accumulated deficit)

Total distributable earnings (accumulated deficit)

( 7,430,033 )

Net Asset Value (unlimited

shares authorized):

Net Asset Value (unlimited shares authorized):

Unlimited shares authorized:

Shares Outstanding ^

Net Asset Value, Offering

and Redemption Price per Share

Investments in securities,

* No comparative financial

statements have been provided as the initial share purchase date of the Trust was February

Net Asset Value, Offering and Redemption Price per Share

Investments in securities, at cost

No Par Value.

1 unchanged sentence

CANARY STAKED SUI ETF

Schedule of Investment

March 31, 2026 (Unaudited)*

Schedule of Investment (Unaudited)

June 30, 2026

Investments - 100.1 %

2 unchanged sentences

TOTAL INVESTMENTS - 100.1 % (Cost $ 27,900,124 )

Assets in Excess of Liabilities - ( 0.1 )%

Liabilities in Excess of Other Assets - ( 0.1 )%

TOTAL NET ASSETS - 100.0 %

Percentages are stated as a percent of net assets.

* No comparative financial

statements have been provided as the initial share purchase date of the Trust was February

See Note 8 in Notes to the Financial Statements for information on the quantity of SUI staked.

(a) See Note 8 in Notes to the Financial Statements for information

on the quantity of SUI staked.

See accompanying notes to

1 unchanged sentence

CANARY STAKED SUI ETF

Statement of Operations

the Period Ended March 31, 2026 (Unaudited) *

Statements of Operations

the Three Months Ended June 30, 2026 (Unaudited) *

the Period Ended June 30, 2026 (Unaudited) *(a)

INVESTMENT INCOME

Staking Income (Note 8)

Staking income

Sponsor fees (Note 3)

8 unchanged sentences

( 5,196,026 )

( 7,491,763 )

Net realized and unrealized gain (loss) on investments

( 5,198,633 )

( 7,495,672 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 5,154,333 )

No comparative financial statements have been provided as the initial share purchase date of the Trust

was February 17, 2026.

$ ( 7,430,033 )

No comparative financial statements have been presented as the initial share purchase date of the Trust was February 17, 2026.

(a) Initial share purchase date of Trust was February 17, 2026.

See accompanying notes to financial statements.

CANARY STAKED SUI ETF

Statement of Changes in Net Assets

the Period Ended March 31, 2026 (Unaudited) *

Statements of Changes in Net Assets

the Three Months Ended June 30, 2026 (Unaudited) *

the Period Ended June 30, 2026 (Unaudited) *(a)

INCREASE (DECREASE) IN NET ASSETS:

3 unchanged sentences

( 5,196,026 )

( 7,491,763 )

Net increase (decrease) in net assets resulting from operations

( 5,154,333 )

( 7,430,033 )

CAPITAL SHARE TRANSACTIONS

2 unchanged sentences

Total increase (decrease) in net assets

( 3,788,956 )

Beginning of Period

End of Period

No comparative financial statements have been provided as the initial share purchase date of the Trust

was February 17, 2026.

No comparative financial statements have been presented as the initial share purchase date of the Trust was February 17, 2026.

(a) Initial share purchase date of Trust was February 17, 2026.

See accompanying notes to financial statements.

1 unchanged sentence

NOTES TO THE FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

The Canary Staked

6 unchanged sentences

by Canary Capital Group LLC (the “Sponsor”).

Trust is an exchange-traded fund that issues shares of beneficial interest (the “Shares”) that are listed and trade on the

The Trust’s investment objective is to seek to provide exposure to the price of Sui (“SUI”) held by the Trust,

less the expenses of the Trust’s operations and other liabilities.

an exchange-traded fund that issues shares of beneficial interest (the “Shares”) that are listed and trade on the Exchange.

The Trust’s investment objective is to seek to provide exposure to the price of Sui (“SUI”) 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

36 unchanged sentences

it is exposed to any significant credit risk on such bank deposits.

Investment Transactions

and Investment Income

Investment Transactions and Investment

The Trust purchases

3 unchanged sentences

in the statement of operations in the period in which the sale occurred or the changes in unrealized gains (losses) occurred.

Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S.

takes the position that the Trust is properly treated as a grantor trust for U.S.

federal income tax purposes.

Assuming that

the Trust is a grantor trust, the Trust will not be subject to U.S.

Assuming that the

Trust is a grantor trust, the Trust will not be subject to U.S.

federal income tax.

Rather, if the Trust is a grantor trust,

each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata

portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of

If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S.

federal income tax purposes.

However, due to the uncertain treatment of digital assets, with respect to staking and including forks,

airdrops and similar occurrences for U.S.

Rather, if the Trust is a grantor trust, each

beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion

of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares.

Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S.

federal income tax

However, due to the uncertain treatment of digital assets, with respect to staking and including forks, airdrops and

similar occurrences for U.S.

federal income tax purposes, there can be no assurance in this regard.

If the Trust were

classified as a partnership for

If the Trust were classified as

a partnership for

federal income

8 unchanged sentences

would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.

Digital Asset Trading

Platform Valuation

US GAAP defines fair value

as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants

Digital Asset Trading Platform

US GAAP defines fair value as

the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants

at the measurement date.

24 unchanged sentences

of the fair value hierarchy are as follows:

Unadjusted quoted

prices in active markets for identical assets or liabilities;

Unadjusted quoted prices

in active markets for identical assets or liabilities;

other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including

2 unchanged sentences

are derived principally from or corroborated by observable market data by correlation or other means;

inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market

activity for the asset or liability at the measurement date.

The following table presents

information about the Trust’s assets measured at fair value as of March 31, 2026:

March 31, 2026 (Unaudited)*

No comparative periods have been presented as the initial share purchase date of the Trust was

February 17, 2026.

There were no transfers

between levels for the period ended March 31, 2026.

The following table summarizes

activity in SUI for the period ended March 31, 2026:

Unobservable inputs,

including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity

for the asset or liability at the measurement date.

The following table

presents information about the Trust’s assets measured at fair value:

June 30, 2026 (Unaudited)

Investment in SUI

There were no

transfers between levels for the period ended June 30, 2026.

The following

table summarizes activity in SUI for the period from February 17, 2026 (initial share purchase date) through June 30, 2026:

Beginning balance as of February 17, 2026

9 unchanged sentences

Net realized gain (loss) on investment in SUI sold for redemptions

Ending balance as of March 31, 2026 (Unaudited)*

No comparative periods have been presented as the initial share purchase date of the Trust was

February 17, 2026.

Ending balance as of June 30, 2026 (Unaudited)

Calculation of NAV

11 unchanged sentences

and policies used to prepare the Trust’s financial statements in accordance with GAAP.

The Trust’s NAV

per Share is calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by

the number of Shares.

The Trust’s NAV per Share

is calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number

Segment Reporting

Trust operates through a single operating and reporting segment with a primary objective of providing exposure to the price of SUI held

by the Trust, less the expenses of the Trust’s operations and other liabilities.

The Trust’s chief operating decision maker

(“CODM”) is the Principal Executive Officer.

The CODM monitors the operating results of the Trust and the Trust’s long-term

strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy

against which the CODM assesses the Trust’s performance.

In addition to other metrics, the CODM uses net increase (decrease) in

net assets resulting from operations as a key metric to assess the Trust’s performance.

The Trust operates

through a single operating and reporting segment with a primary objective of providing exposure to the price of SUI held by the Trust,

less the expenses of the Trust’s operations and other liabilities.

The Trust’s chief operating decision maker (“CODM”)

is the Principal Executive Officer.

The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset

allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the

CODM assesses the Trust’s performance.

In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting

from operations as a key metric to assess the Trust’s performance.

Trust Expenses and Other Agreements

17 unchanged sentences

for its receipt of the Sponsor Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred

by the Trust in the ordinary course of its affairs, excluding taxes, but including:

(i) the fees of the Trust’s third-party service

providers, including, but not limited to, the Marketing Agent, the Administrator, the Custodians, the Transfer Agent, the Cash Custodian,

the Index Provider, and the Trustee, (ii) the fees and expenses related to the listing, quotation or trading of the Shares on the Exchange

(including customary legal, marketing and audit fees and expenses), (iii) legal fees and expenses incurred in the ordinary course, (iv)

audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Trust and Shares, including any

ongoing filings related to the offering of Shares, under the 1933 Act or the 1934 Act, (vi) printing and mailing costs, (vii) costs of

maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid Expense” and collectively,

the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary Expense (as defined below) will

not be deemed to be a Sponsor-paid Expense.

by the Trust in the ordinary course of its affairs up to $ 200,000 per fiscal year, excluding taxes, but including:

(i) the fees of the

Trust’s third-party service providers, including, but not limited to, the Marketing Agent, the Administrator, the Custodians, the

Transfer Agent, the Cash Custodian, the Index Provider, and the Trustee, (ii) the fees and expenses related to the listing, quotation

or trading of the Shares on the Exchange (including customary legal, marketing and audit fees and expenses), (iii) legal fees and expenses

incurred in the ordinary course, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration

of the Trust and Shares, including any ongoing filings related to the offering of Shares, under the 1933 Act or the 1934 Act, (vi) printing

and mailing costs, (vii) costs of maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid

Expense” and collectively, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary

Expense (as defined below) will not be deemed to be a Sponsor-paid Expense.

There is no cap on the amount of Sponsor-paid Expenses.

The Sponsor has also assumed all fees

and expenses related to the organization and offering of the Trust and the Shares.

in excess of the $ 200,000 cap (“Excluded Expenses”) shall be borne by the Trust and will reduce the Trust’s NAV.

Sponsor has also assumed all fees and expenses related to the organization and offering of the Trust and the Shares.

The Trust may

6 unchanged sentences

To the extent on-chain transaction fees are incurred in connection with

transfers or sales of SUI to pay Extraordinary Expenses, the Trust will bear such fees, but to the extent there are any on-chain transaction

fees incurred in connection with the transfers of SUI to pay the Sponsor Fee or any Sponsor-paid Expenses, the Sponsor, and not the Trust,

shall bear such fees.

transfers or sales of SUI to pay Extraordinary Expenses or Excluded Expenses, the Trust will bear such fees, but to the extent there are

any on-chain transaction fees incurred in connection with the transfers of SUI to pay the Sponsor Fee or any Sponsor-paid Expenses, the

Sponsor, and not the Trust, shall bear such fees.

To the extent

13 unchanged sentences

other legal compliance policies and procedures.

the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction

costs associated with the sale or transfer of SUI incurred in connection with the fulfillment of a creation or redemption order.

Administrator, Custodian and Transfer Agent

Under the terms

of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs associated

with the sale or transfer of SUI incurred in connection with the fulfillment of a creation or redemption order.

(b) Administrator, Custodian and Transfer Agent

Services, LLC, doing business as U.S.

13 unchanged sentences

is responsible for safekeeping all cash and other non-SUI assets of the Trust.

Marketing Agent

Paralel Distributors

3 unchanged sentences

(“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust.

The Marketing

Agent is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member

With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing materials

regarding the Shares of the Trust, and exercises the marketing plan of the Trust on an ongoing basis.

Principal Financial Officer

Employees of PINE Advisors

LLC (“PINE”) serve as officers of the Trust.

Marketing Agent is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)

and a member of FINRA.

With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing

materials regarding the Shares of the Trust, and exercises the marketing plan of the Trust on an ongoing basis.

(d) Principal Financial Officer

Employees of PINE Advisors LLC

(“PINE”) serve as officers of the Trust.

In consideration for these services, the Sponsor pays PINE an annual fee.

Sponsor also reimburses PINE for certain out-of-pocket expenses.

also reimburses PINE for certain out-of-pocket expenses.

Capital Share Transactions

32 unchanged sentences

relative to the NAV of the Shares of the Trust.

Shareholders who decide

to buy or sell Shares of the Trust place their trade orders through their brokers and incur customary brokerage commissions and charges.

Shareholders who decide to buy

or sell Shares of the Trust place their trade orders through their brokers and incur customary brokerage commissions and charges.

Only Authorized Participants

2 unchanged sentences

to facilitate settlement of the Shares.

activity for the period ended March 31, 2026 (Unaudited) is presented in the following table.

As the Trust had not yet commenced

operations before the period ended December 31, 2025, no comparative period is presented.

Share activity for the three months

ended June 30, 2026 and for the period from February 17, 2026 (initial share purchase date) to June 30, 2026 were as follows:

Three Months Ended June 30, 2026

Period Ended June 30, 2026

Number of Shares

Value of Shares

Number of Shares

Value of Shares

Net change in Shares created and redeemed

No comparative periods have been presented as the initial share purchase date of the Trust was February 17, 2026.

Financial Highlights

The Trust is presenting

the following financial highlights related to investment performance and operations of a Share outstanding for the period from February

17, 2026 (the initial share purchase date) through March 31, 2026.

The total return at NAV is based on the change in NAV of a Share during the period, and the total return

at market value is based on the change in market value of a Share on the Exchange during the period.

An individual investor’s return

and ratios may vary based on the timing of capital transactions.

Ended March 31, 2026 (Unaudited) *(a)

The following financial highlights

relate to investment performance and operations for a Share outstanding for the three months ended June 30, 2026 and for the period from

February 17, 2026 (initial share purchase date) to June 30, 2026 .

The total return at NAV is based on the change in NAV of a Share during

the period, and the total return at market value is based on the change in market value of a Share on the Exchange during the period.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

June 30, 2026

(Unaudited) *

June 30, 2026

(Unaudited) *(a)

Net Asset Value, Beginning of Period

9 unchanged sentences

Net Investment Income (Loss) (f)

No comparative financial highlights have been presented as the initial share purchase date of the

Trust was February 17, 2026.

(a) Initial share purchase date of the Trust was February 17, 2026.

(b) Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding

during the period.

(c) Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial

(d) Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net

asset value is calculated.

No comparative financial highlights have been presented as the initial share purchase date of the Trust was February 17, 2026.

(a) The initial share purchase date of the Trust was February 17,

(b) Net investment income (loss) per share represents net investment

income (loss) divided by the daily average shares of beneficial interest outstanding during the period.

may not compare with amounts appearing elsewhere within these Financial Statements.

(d) Market values are determined at the close of the applicable primary

listing exchange, which may be later than when the Trust’s net asset value is calculated.

(e) Not annualized.

1 unchanged sentence

Related Parties

The Sponsor is considered

to be a related party to the Trust.

The Sponsor is considered to

be a related party to the Trust.

The Trust's operations are supported by its Sponsor.

As of March 31, 2026, the Sponsor did not own

any Shares of the Trust.

As of June 30, 2026, the Sponsor did not own any

Shares of the Trust.

Commitments and Contingent Liabilities

the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses.

maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have

not yet occurred and cannot be predicted with any certainty.

However, the Sponsor believes the risk of loss under these arrangements

to be remote.

In the normal

course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses.

The Trust’s maximum

exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet

occurred and cannot be predicted with any certainty.

However, the Sponsor believes the risk of loss under these arrangements to be remote.

There were no commitments or contingencies required to be disclosed as of the date of the financial statements.

5 unchanged sentences

a portion of the staking rewards generated by a Staking Provider.

The Staking Providers for the Trust are Luganodes and Everstake.

Sponsor will cause the Trust’s SUI to be staked on the SUI Network through the Custodian that connects to a verified validator

node on the SUI Network maintained by the Staking Provider.

As a result of the Trust’s participation in the Staking Program,

the Trust expects to receive certain staking rewards of SUI, which may be treated for federal income tax purposes as income to the

Trust (see “United States Federal Income Tax Consequences” for a further description of the tax implications of the

activities of the Trust to an investor).

The Trust itself will not engage in staking activities, including operation of a validator

Instead, the Staking Program will be administered by the Sponsor through the utilization of service providers, including the

Custodian and Staking Provider.

The Staking Provider exercises no discretion as to the amount the Trust’s SUI 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 SUI at all times.

As of March 31, 2026,

27,492,844 SUI were staked, representing a fair value of $ 24,200,326 which is included in Investments, at fair value on the

Statement of Assets and Liabilities.

rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed,

and the Trust receives rewards in their custodial account.

The initial Staking Providers

for the Trust

are Luganodes and Everstake.

will cause the Trust’s SUI to be staked on the SUI Network through the Custodian that connects to a verified validator node on

the SUI Network maintained by the Staking Provider.

As a result of the Trust’s participation in the Staking Program, the Trust

expects to receive certain staking rewards of SUI, which may be treated for federal income tax purposes as income to the Trust (see

“United States Federal Income Tax Consequences” for a further description of the tax implications of the activities of

the Trust to an investor).

The Trust itself will not engage in staking activities, including operation of a validator node.

the Staking Program will be administered by the Sponsor through the utilization of service providers, including the Custodian and

Staking Provider.

The Staking Provider exercises no discretion as to the amount the Trust’s SUI 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 SUI at all times.

As of June 30, 2026, 29,358,781

SUI were staked, representing a fair value of $ 20,407,289 which is included in Investments, at fair value on the Statement of Assets

and Liabilities.

Staking rewards

represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed, and

the Trust receives rewards in their custodial account.

The contract term is the length of each staking epoch.

The staking epoch for

the SUI Network is approximately two days.

The staking epoch for the

SUI Network is approximately two days.

Staking rewards are recognized as income when the Trust satisfies its performance obligations

(i.e., successfully validates blocks or transactions as determined by the protocol) ratably over the contract term.

Staking rewards are

received in SUI, which represents non-cash consideration.

Non-cash consideration is measured at fair value at the inception of each contract

(i.e., the beginning of each staking epoch).

Because the Trust is not the principal to the block validation service, it does not control

the full output of the reward-generating activity, and instead receives net staking rewards, after Validator Fees are deducted.

the Trust presents staking income on a net basis, reflecting only the portion of protocol rewards to which it is entitled.

For the period

ended March 31, 2026, the Trust generated $ 43,073 in staking income, as presented on the Statement of Operations.

(i.e., the Trust’s validator successfully validates blocks or transactions as determined by the protocol) ratably over the contract

Staking rewards are received in SUI, which represents non-cash consideration.

Non-cash consideration is measured at fair value

at the inception of each contract (i.e., the beginning of each staking epoch).

Because the Trust is not the principal to the block validation

service, it does not control the full output of the reward-generating activity, and instead receives net staking rewards, after Validator

Fees are deducted.

As such, the Trust presents staking income on a net basis, reflecting only the portion of protocol rewards to which

it is entitled.

For the three months ended June 30, 2026 and for the period from February 17, 2026 (initial share purchase date) to June

30, 2026, the Trust generated $ 91,814 and $ 134,887 in staking income, as presented on the Statements of Operations.

Concentration Risk

Substantially

all of the Trust’s assets are holdings of SUI, which creates a concentration risk associated with fluctuations in the price of

Accordingly, a decline in the price of SUI will have an adverse effect on the value of the Shares of the Trust.

Factors that may

have the effect of causing a decline in the price of SUI include negative perception of digital assets;

a lack of stability and standardized

regulation in the digital asset markets;

the closure or temporary shutdown of digital asset platforms due to fraud, business failure,

security breaches or government mandated regulation;

Substantially all of the Trust’s

assets are holdings of SUI, which creates a concentration risk associated with fluctuations in the price of SUI.

Accordingly, a decline

in the price of SUI will have an adverse effect on the value of the Shares of the Trust.

Factors that may have the effect of causing a

decline in the price of SUI include negative perception of digital assets;

a lack of stability and standardized regulation in the digital

asset markets;

the closure or temporary shutdown of digital asset platforms due to fraud, business failure, security breaches or government

mandated regulation;

and a loss of investor confidence.

Subsequent Events

The Sponsor has evaluated

subsequent events through the date the financial statements were issued.

Based on this evaluation, no adjustments or disclosures to the

financial statements were required.

The Sponsor has evaluated subsequent

events through the date the financial statements were issued.

Based on this evaluation, no adjustments or disclosures to the financial

statements were required.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements