SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001999371-26-010857
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2064768/000199937126010857/canary-s1a_051526.htm

Chunk 43 of 63
Word Count: 1458
Character Count: 9148

Document Content:

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 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 up to $200,000 per fiscal year except for Extraordinary Expenses out of
the Sponsor Fee.

The
Sponsor is a wholly-owned subsidiary of Canary Capital Group Inc. At present, the primary business activities of Canary Capital
Group Inc. and its subsidiaries are the provision of investment advisory, management, shareholder, investment information and
assistance and certain fiduciary services for individual and institutional investors, exchange-traded funds, private trusts, hedge
funds and digital asset treasury companies and accounts. While the Sponsor’s personnel have significant experience managing
exchange-traded vehicles such as the Trust, including exchange-traded vehicles that hold digital assets, the Sponsor is a newly-formed
entity with no prior experience managing pooled investment vehicles.

The
principal office of the Sponsor is:

Canary
Capital Group LLC

8 Cadillac
Drive, Suite 300

Brentwood,

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.

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.