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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Shares, and the Sponsor has not identified another depository that is willing to act in such capacity; • the Trustee elects to terminate the Trust after the Sponsor is conclusively deemed to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; or • the Sponsor elects to terminate the Trust after the Trustee, Administrator or the TRX Custodian (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Sponsor is engaged.

addition, the Trust may be dissolved at any time for any reason by the Sponsor in its sole discretion. In respect of termination
events that rely on Sponsor determinations to terminate the Trust (e.g., if the SEC determines that the Trust is an investment
company under the 1940 Act; the CFTC determines that the Trust is a commodity pool under the CEA; the Trust is determined to be a
money transmitter under the regulations promulgated by FinCEN; or, following a resignation by a trustee or custodian, the Sponsor
determines that no replacement is acceptable to it), the Sponsor may consider, without limitation, the profitability to the Sponsor
and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance
of the Trust relating to the determination’s triggering event, and the ability to market the Trust to investors. To the extent
that the Sponsor determines to continue operation of the Trust following a determination’s triggering event, the Trust will be
required to alter its operations to comply with the triggering event. In the instance of a determination that the Trust is an
investment company, the Trust and Sponsor would have to comply with the regulations and disclosure and reporting requirements
applicable to investment companies and investment advisers. In the instance of a determination that the Trust is a commodity pool,
the Trust and the Sponsor would have to comply with regulations and disclosure and reporting requirements applicable to commodity
pools and commodity pool operators or commodity trading advisers. In the event that the Trust is determined to be a money
transmitter, the Trust and the Sponsor will have to comply with applicable federal and state
registration and regulatory requirements for money transmitters and/or money service businesses. In each such case and in the case
of the Sponsor’s determination as to whether a potential successor trustee or custodian is acceptable to it, the Sponsor will
not be liable to anyone for its determination of whether to continue or to terminate the Trust.

Upon
termination of the Trust, the affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly
as is consistent with obtaining the fair value thereof. The proceeds of the liquidation of the Trust’s assets will be distributed
in cash. The Sponsor, on behalf of the Trust, will sell the Trust’s TRX assets at market prices and will distribute to the Shareholders
any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities of the Trust and the
establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Sponsor will determine.
Shareholders are not entitled to any of the Trust’s underlying TRX holdings upon the dissolution of the Trust. Following completion
of winding up of its business by the Sponsor, the Trustee, upon written directions of the Sponsor, will cause a certificate of cancellation
of the Trust’s Certificate of Trust to be filed in accordance with applicable Delaware law. Upon the termination of the Trust, the
Sponsor will be discharged from all obligations under the Trust Agreement except for its certain obligations that survive termination
of the Trust Agreement.

Amendments

The
Trust Agreement can be amended by the Sponsor in its sole discretion and without the Shareholders’ consent by making an amendment,
a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement
to the Trust Agreement will be effective on such date as designated by the Sponsor in its sole discretion. However, any amendment to the
Trust Agreement that affects the duties, liabilities, rights or protections of the Trustee will require the Trustee’s prior written
consent, which it may grant or withhold in its sole discretion. Every Shareholder, at the time any amendment so becomes effective, will
be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust
Agreement as amended thereby. In no event will any amendment impair the right of Authorized Participants to surrender baskets and receive
therefor the amount of Trust assets represented thereby (less fees in connection with the surrender of Shares and any applicable taxes
or other governmental charges), except in order to comply with mandatory provisions of applicable law. The Trust will notify Shareholders
of any amendments to the Trust Agreement in a Prospectus supplement and/or a current report on Form 8-K or in its annual or quarterly
reports.

THE
TRUST’S SERVICE PROVIDERS

The Sponsor

The
Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering
in the United States and the listing of Shares on the Exchange. The Sponsor will not exercise day-to-day oversight over the Trustee, the
TRX Custodian, or the Benchmark Provider. The Sponsor, or its agent, will develop a marketing plan for the Trust, will prepare marketing
materials regarding the Shares of the Trust, and will exercise the marketing plan of the Trust on an ongoing basis. The Sponsor has agreed
to pay all normal operating expenses except for Extraordinary Expenses out of the Sponsor’s unified fee.

The
Sponsor is a wholly-owned subsidiary of Canary Capital Group Inc. At present, the primary business activities of ________ and its subsidiaries
are: (i) the provision of investment advisory, management, shareholder, investment information and assistance and certain fiduciary services
for individual and institutional investors; (ii) the provision of securities brokerage services; (iii) the management and development
of real estate; and (iv) the investment in and operation of a number of emerging businesses.

The
principal office of the Sponsor is:

Canary
Capital Group LLC

Avenue S #230

Nashville, TN 37210

The Trustee

CSC
Delaware Trust Company, a Delaware trust company, acts as the trustee of the Trust for the purpose of creating a Delaware statutory trust
in accordance with the Delaware Statutory Trust Act (“DSTA”). The Trustee is appointed to serve as the trustee of the Trust
in the State of Delaware 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.

Duties
of the Trustee.

The
Trustee is appointed to serve as the trustee of the Trust in the State of Delaware 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.