SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1
Document Type: S-1
Date Filed: 2025-04-18
Accession Number: 0001999371-25-004423
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm

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for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware. The duties of the Trustee will be limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under the DSTA. Resignation, discharge or removal of Trustee; successor Trustees. The Trustee may resign at any time by giving at least one hundred eighty (180) days’ advance written notice to the Sponsor. The Sponsor may remove the Trustee at any time by giving at least sixty (60) days’ advance written notice to the Trustee. Upon effective resignation or removal, the Trustee will be discharged of its duties and obligations.

the Trustee resigns or is removed, the Sponsor, acting on behalf of the Shareholders, is required to use reasonable efforts to appoint
a successor trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the DSTA. Any resignation or removal of the
Trustee and appointment of a successor Trustee cannot become effective until a written acceptance of appointment is delivered by the successor
Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing
Trustee. Following compliance with the preceding sentence, the successor will become fully vested with the rights, powers, duties and
obligations of the outgoing Trustee under the Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee
shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such
appointment within forty-five (45) days after the giving of such notice of resignation or removal, the Trustee may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

the Trustee resigns and no successor trustee is appointed within one hundred eighty (180) days after the date the Trustee issues its notice
of resignation, the Sponsor will terminate and liquidate the Trust and distribute its remaining assets.

Liability
of the Trustee.

The
Trustee shall not be liable under any circumstances, except for its own fraud, willful misconduct, bad faith or gross negligence with
respect to its express duties under the Trust Agreement. The Trustee will have no obligation to monitor or supervise the obligations of
the Sponsor, Transfer Agent, Administrator, Custodian, or any other person.

Trustee’s
Fee and Indemnity.

The
Trustee will be compensated by the Trust, out of the Sponsors Fee, for the Trustee’s fees. The Trustee will be indemnified by the
Trust for any expenses it incurs that arise out of or are imposed upon or asserted at any time against it in connection with the execution
or delivery of the Trust Agreement relating to or arising out of the creation, operation or termination of the Trust, or the performance
of its obligations pursuant to the Trust Agreement or the transactions contemplated thereby, except to the extent that such expenses result
from gross negligence, willful misconduct or bad faith of the Trustee; provided that any such indemnification will be recoverable only
from the assets of the Trust.

The
Trustee and any of the officers, directors, affiliates, employees and agents of the Trustee shall be indemnified by the Trust and held
harmless against any loss, damage, liability (including liability under state or federal securities laws), claim, action, suit, cost,
expense, disbursement (including the reasonable fees and expenses of counsel generally and in connection with its enforcement of its indemnification
rights), tax or penalty of any kind and nature whatsoever, to the extent arising out of, imposed upon or asserted at any time against
such indemnified person in connection with the execution or delivery of the Trust Agreement, the performance of its obligations under
the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated therein; provided, however,
that (i) the Trust shall not be required to indemnify any such indemnified person for any such expenses which are a result of the willful
misconduct, bad faith or gross negligence related to the express duties of the Trustee and (ii) any such indemnification will be recoverable
only from the assets of the Trust; provided however that, to the extent that the Trust has not satisfied such indemnification obligation
by the sixtieth (60th) day following written demand therefor, the Sponsor shall indemnify and hold the Trustee harmless from and against
any such amounts. As security for any amounts owing to the Trustee under the above-referenced indemnity, the Trustee shall have a lien
against the Trust property. The obligations of the Trust to indemnify such indemnified persons under the Trust Agreement shall survive
resignation or removal of the Trustee and the termination of the Trust Agreement.

The Administrator

Under
the Administration Agreement, the Administrator provides necessary administrative, tax and accounting services and financial reporting
for the maintenance and operations of the Trust. In addition, the Administrator makes available the office space, equipment, personnel
and facilities to provide such services. The Administrator will also facilitate the instruction to transfer TRX required for the operation
of the Trust.

The TRX Custodian

The
TRX Custodian is responsible for safekeeping all of the TRX owned by the Trust. The TRX Custodian was selected by the Sponsor. The Sponsor
has responsibility for opening the Trust TRX Account with the TRX Custodian. In addition, the TRX Custodian facilitates the transfer of
TRX required for the operation of the Trust upon instructions from the Sponsor or the Administrator.

[The Staking Provider

The
Staking Provider is responsible for establishing and maintaining one or more validator nodes and staking the TRX owned by the Trust on
the Tron Network. The Staking Provider was selected by the Sponsor. The Staking Provider exercises 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 TRX Custodian will maintain exclusive possession and control of the private keys associated with any staked TRX at all times.]

The Transfer Agent

serves as the transfer agent for the Trust. The Transfer Agent: (1) facilitates the issuance and redemption of Shares of the Trust; (2)
responds to correspondence by Trust Shareholders and others relating to its duties; (3) maintains Shareholder accounts; and (4) makes
periodic reports to the Trust. The Trust’s Transfer Agent will facilitate the settlement of Shares in response to the placement
of creation orders and redemption orders from financial firms that are authorized to purchase or redeem Shares with the Authorized Participants.

The Cash Custodian

also serves as the cash custodian for the Trust. The Cash Custodian is responsible for safekeeping all cash and other non-TRX assets of
the Trust.

Pricing Benchmark
Services

The
Benchmark Provider is responsible for analyzing TRX market data relating to the calculation and maintenance of the Pricing Benchmark.
________ is the third-party, independent calculation agent for the Pricing Benchmark.

The Distributor

The
Distributor is responsible for working with the Administrator to review and approve, or reject, purchase and redemption orders of Baskets
placed by Authorized Participants and for reviewing and approving the marketing materials prepared by the Sponsor for compliance with
applicable SEC and FINRA advertising laws, rules, and regulations.

TRX Trading Counterparties

The
Trust buys and sells TRX through TRX trading counterparties selected by the Sponsor (not any Authorized Participant). The Trust does not
currently intend to engage a prime broker or other liquidity provider providing similar services. As of ________, the Trust has entered
into agreements with each of ________, ________ and _______. to serve as a TRX trading counterparty to the Trust. ________ is an Authorized
Participant. The Sponsor is not aware of, nor has it requested any information relating to, any other affiliation or material relationship
between such TRX trading counterparties and the Authorized Participants or other service providers of the Trust in executing a transaction
in TRX with the Trust. The agreements with the TRX trading counterparties provide that once the Sponsor determines based on its execution
procedures which counterparty to execute a trade with and the Sponsor has placed a trade with a specific counterparty, that counterparty
is contractually obligated to settle that trade. The TRX trading counterparties will have no obligation to participate in cash orders
for creations and redemptions. Each of these third parties are, and any other trading counterparty the Trust places orders with in the
future will be, subject to U.S. federal and/or state licensing requirements or similar laws in non-U.S. jurisdictions and maintain practices
and policies designed to comply with AML and KYC regulations or similar laws in non-U.S. jurisdictions.

CUSTODY OF THE
TRUST’S ASSETS