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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Fund. The Fund will be subject to U.S. federal income tax at the regular corporate tax rate, currently 21%, on any gain recognized by the Fund on any sale of assets by the Fund. system failure or third-party penetration of its systems. As a result, the recourse of the Trust to Custodian may be limited. Cash Custodian carrying out its duties and obligations under the Cash Custody Agreement, the Cash Custodian shall exercise reasonable care, prudence and diligence and shall be liable to the Trust for all loss, damage and expense suffered or incurred by the Trust resulting from the failure of the Cash Custodian to exercise such reasonable care, prudence and diligence. The Trust has agreed to indemnify the Cash Custodian and its nominees from all loss, damage and expense suffered or incurred by the Cash Custodian or its nominee in the performance of its duties. The Benchmark Provider

The
Benchmark Provider has no obligation to take the needs of the Trust or the Shareholders into consideration in determining, composing,
or calculating the Pricing Benchmark. The Benchmark Provider does not make any express or implied warranties, and expressly disclaims
all warranties of merchantability or fitness for a particular purpose or use with respect to the Pricing Benchmark or any data included
therein. The Benchmark Provider does not guarantee the accuracy, completeness, or performance of the Pricing Benchmark or the data included
therein and shall have no liability in connection with the Pricing Benchmark or index calculation, errors, omissions or interruptions
of any index or any data included therein. The Benchmark Provider has contracted with an independent calculation agent to calculate the
Pricing Benchmark. Without limiting any of the foregoing, in no event shall the Benchmark Provider have any liability for any special,
punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Pricing
Benchmark, even if notified of the possibility of such damages.

PROVISIONS
OF LAW

According
to applicable law, indemnification of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission or
conduct that gave rise to the claim for indemnification was in the best interest of the Trust and the act, omission or activity that was
the basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss
was not the result of negligence or misconduct by the Sponsor, and such indemnification or agreement to hold harmless is recoverable only
out of the assets of the Trust.

Provisions of Federal
and State Securities Laws

This
offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification
of the Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met.

These
conditions require that no indemnification of the Sponsor or any underwriter for the Trust may be made in respect of any losses, liabilities
or expenses arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication
on the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves
the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party
seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification
and finds that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor
or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are
the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold interests.

MANAGEMENT;
VOTING BY SHAREHOLDERS

The
Shareholders of the Trust take no part in the management or control, and have no voice in, the Trust’s operations or business. Except
in limited circumstances, Shareholders will have no voting rights under the Trust Agreement.

The
Sponsor will generally have the right to amend the Trust Agreement as it applies to the Trust provided that the Shareholders have
the right to vote only if expressly required under Delaware or federal law or rules or regulations of the Exchange, or if submitted
to the Shareholders by the Sponsor in its sole discretion. No amendment affecting the Trustee will be binding upon or effective
against the Trustee unless consented to by the Trustee in the form of an instruction letter.

The
Trust does not have any directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The
Chief Executive Officer and Portfolio Manager of the Sponsor are as follows:

Steven
McClurg – Chief Executive Officer

Steven
McClurg has considerable finance and fintech experience. Most recently, Mr. McClurg served as the Chief Investment Officer of Valkyrie
Investments. Mr. McClurg also founded Theseus Capital, a Blockchain-powered asset management platform, followed by joining Blockchain-focused
merchant bank, Galaxy Digital, where he continued as Managing Director, building their asset management and public funds businesses. Most
relevant, Mr. McClurg was a Managing Director at Guggenheim Partners, where he was a portfolio manager and responsible for portfolio construction
and strategy for fixed income and private equity. He also has experience in leadership roles in technology companies such as Electronic
Arts. Mr. McClurg holds a Master of Science and an MBA from Pepperdine University, where he has served as an adjunct professor.

Josh
Olszewicz – Portfolio Manager

Josh
Olszewicz is a cryptocurrency analyst and trader with over a decade of experience trading crypto markets. Previously, Mr. Olszewicz was
Head of Research and Portfolio Manager at Valkyrie, a specialized alternative asset management firm. Mr. Olszewicz also served as a trader
at Techemy Capital, a boutique digital asset investment management company and as a head writing contributor at Brave New Coin, focusing
on cryptocurrency and asset fundamental and technical analysis. Mr. Olszewicz holds a Master of Science from Johns Hopkins University,
where he has served as an adjunct professor.

Kevin
Farragher – Head of Product

Kevin
Farragher’s background in Financial Services spans over thirty-five years and his experience extends to Financial Product Management,
Operations, Compliance, and I.T. Product Management. His prior experience includes Van Eck Securities, The Chase Manhattan Bank, Rydex
Investments, Guggenheim Investments and Valkyrie Investments and has served in senior consulting roles at FINRA and the Investment Company
Institute. His expertise extends to all asset classes and security types and he was part of the Executive Team that facilitated the sale
of Rydex Investments to Security Benefit Corp. He holds degrees from Colgate University and Fordham University and presently resides in
Gaithersburg, Maryland.

BOOKS AND
RECORDS

The
Trust keeps its books of record and account at the office of the Sponsor located at ________, or at the offices of the Administrator,
or such office, including of an administrative agent, as it may subsequently designate upon notice. The books and records are open to
inspection by any person who establishes to the Trust’s satisfaction that such person is a Shareholder upon reasonable advance notice
at all reasonable times during usual business hours of the Trust.

The
Trust will keep a copy of the Trust Agreement on file in the Sponsor’s office which will be available for inspection by any Shareholder
at all times during its usual business hours upon reasonable advance notice.

STATEMENTS,
FILINGS, AND REPORTS TO SHAREHOLDERS

After
the end of each fiscal year, the Sponsor will cause to be prepared an annual report for the Trust containing audited financial statements.
The annual report will be in such form and contain such information as will be required by applicable laws, rules and regulations and
may contain such additional information which the Sponsor determines shall be included. The annual report will be filed with the SEC and
the Exchange and will be distributed to such persons and in such manner, as is required by applicable laws, rules and regulations.

The
Sponsor is responsible for the registration and qualification of the Shares under the federal securities laws. The Sponsor will also prepare,
or cause to be prepared, and file any periodic reports or updates required under the 1934 Act. The Administrator will assist and support
the Sponsor in the preparation of such reports.

The
Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised to
by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.

FISCAL YEAR

The
fiscal year of the Trust is the calendar year. The Sponsor may select an alternate fiscal year to the extent permitted under applicable
law.

GOVERNING
LAW; CONSENT TO DELAWARE JURISDICTION