SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1
Document Type: EX-3.1
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/ex3-1.htm

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CANARY TRX ETF

Exhibit 3.1

TRUST AGREEMENT

CANARY STAKED TRX ETF

THIS TRUST
AGREEMENT (this “Agreement”) is made as of April 8, 2025, by and between CANARY CAPITAL GROUP
LLC, as sponsor (the “Sponsor”), and CSC DELAWARE TRUST COMPANY, as trustee (the “Trustee”). The parties
hereto hereby agree as follows:

1.             The
trust created hereby shall be known as “Canary Staked TRX ETF” (the “Trust”), in which name the Trustee or the
Sponsor, to the extent provided herein, may conduct the business of the Trust, make and execute contracts, and sue and be sued.

2.             The
Sponsor hereby assigns, transfers, conveys and sets over to the Trust the sum of $1.00. The Trustee hereby acknowledges receipt of
such amount in trust from the Sponsor, which amount shall constitute the initial trust estate. The Trustee hereby declares that it
will hold the trust estate in trust for the Sponsor. It is the intention of the parties hereto that the Trust created hereby
constitute a statutory trust under 12 Del. C. § 3801, et seq. (the “Delaware Act”), and that this
Agreement constitute the governing instrument of the Trust. The Trustee is hereby authorized and directed to execute and file a
certificate of trust with the Secretary of State of the State of Delaware in accordance with the Delaware Act.

3.             The Sponsor and the Trustee are authorized and directed to enter into an amended and restated trust agreement satisfactory to each
such party to provide for the contemplated operation of the Trust created hereby. Prior to the execution and delivery of such amended
and restated trust agreement, the Sponsor shall take any action necessary to obtain any licenses, consents or approvals required by applicable
law or otherwise. Notwithstanding the foregoing, the Trustee may take all actions requested by the Sponsor pursuant to a written instruction
letter which the Sponsor deems necessary, convenient or incidental to effect the transactions contemplated herein. Except as otherwise
expressly required by Section 2 or 5 herein, the Trustee shall not have any duty or obligation under or in connection with this Agreement
or any document contemplated hereby, including, without limitation, with respect to the administration of the Trust, and no implied duties
or obligations shall be inferred from or read into this Agreement against or with respect to the Trustee. The Trustee has no duty or obligation
to supervise or monitor the performance of, or compliance with this Agreement by, the Sponsor or any beneficial owner or any other trustee
of the Trust. The Trustee shall not be liable for the acts or omissions of the Sponsor or any beneficial owners or any other trustee of
the Trust nor shall the Trustee be liable for any act or omission by it in good faith in accordance with the directions of the Sponsor.
The right of the Trustee to perform any discretionary act enumerated herein shall not be construed as a duty. The Trustee shall not be
personally liable under any circumstances, except for its own willful misconduct, bad faith or gross negligence. In particular, but not
by way of limitation:

(i)            the Trustee shall not be personally liable for any error of judgment made in good faith, except to the extent such error of judgment
constitutes gross negligence on its part;

(ii)           no provision of this Agreement shall require the Trustee to expend or risk its personal funds or otherwise incur any financial
liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment
of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

(iii)          under no circumstances shall the Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness
of the Trust;

(iv)          the Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Sponsor;

(v)           the Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by
it to be signed by the proper party or parties. The Trustee may accept a certified copy of a resolution of the board of directors or other
governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same
is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the
Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to such fact or matter, and such certificate shall
constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

(vi)          in the exercise or administration of the trust hereunder, the Trustee (a) may act directly or through agents or attorneys pursuant
to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys
if such agents or attorneys shall have been selected by the Trustee in good faith and with due care and (b) may consult with counsel,
accountants and other skilled persons to be selected by it in good faith and with due care and employed by it, and it shall not be liable
for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or
other skilled persons;

(vii)         except as expressly provided in this Section, in accepting and performing the trust hereby created the Trustee acts solely as Trustee
hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated
by this Agreement shall look only to the Trust’s property for payment or satisfaction thereof; and

(viii)        the Trustee shall not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances.

4.             The
Sponsor, as a sponsor of the Trust, is hereby authorized, in its discretion: (i) to negotiate, execute, deliver and perform on
behalf of the Trust one or more (a) purchase agreements, escrow agreements, subscription agreements and other similar or related
agreements providing for or relating to the sale and issuance of beneficial interests and/or any other interests in the Trust, and
(b) assignments, asset transfer agreements, leases, and other similar or related agreements providing for or relating to the
acquisition and/or disposition of assets by the Trust; (ii) to take any and all actions to enable the Trust to hold assets,
including without limitation, to invest and reinvest finds contributed to the Trust from time to time; (iii) to prepare, execute and
file any required tax returns;

(iv) to cause the Trust to issue
beneficial interests and/or other interests in the Trust in exchange for such consideration to be contributed to the Trust as the Sponsor
deems appropriate and cause the Trust to issue one or more certificates, in such form as it deems appropriate, evidencing such interests
in the Trust; and (v) to prepare, execute and deliver on behalf of the Trust any and all documents, papers and instruments as it deems
desirable in connection with any of the foregoing.

5.             The Trustee is authorized to take such action or refrain from taking such action under this Agreement as it may be directed in
writing by the Sponsor from time to time; provided, however, that the Trustee shall not be required to take or refrain from taking any
such action if it shall have determined, or shall have been advised by counsel, that such performance is likely to involve the Trustee
in personal liability or is contrary to the terms of this Agreement or of any document contemplated hereby to which the Trust or the Trustee
is a party or is otherwise contrary to law. If at any time the Trustee determines that it requires or desires guidance regarding the application
of any provision of this Agreement or any other document, or regarding compliance with any direction received by it hereunder, then the
Trustee may deliver a notice to the Sponsor requesting written instructions as to the course of action desired by the Sponsor, and such
instructions by the Sponsor shall constitute full and complete authorization and protection for actions taken and other performance by
the Trustee in reliance thereon. Until the Trustee has received such instructions after delivering such notice, it may refrain from taking
any action with respect to the matters described in such notice.