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

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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 any 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 an authorized officer of the Sponsor or any other corresponding directing party, as to such fact or matter, and such certificate will constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

in the exercise or administration of the trust hereunder, the Trustee (i) may act directly or through agents or attorneys pursuant to
agreements entered into with any of them, and the Trustee will not be liable for the default or misconduct of such agents or attorneys
if such agents or attorneys will have been selected by the Trustee in good faith and with due care and (ii) 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 will 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;

except as will be expressly provided in the Trust Agreement, the Trustee will act solely as a trustee under the Trust Agreement and not
in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated by the Trust
Agreement will look only to the Trust’s property for payment or satisfaction thereof; and

the Trustee will not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances.

The
Trustee or any officer, affiliate, director, employee, or agent of the Trustee (each, an “Indemnified Person”) will be entitled
to indemnification from the Sponsor or the Trust, to the fullest extent permitted by law, from and against any and all losses, claims,
taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities laws) of any kind and nature
whatsoever (collectively, “Expenses”), to the extent that such Expenses arise out of or are imposed upon or asserted against
such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of
the Trust Agreement or the transactions contemplated in the Trust Agreement; provided, however, that the Sponsor and the Trust will not
be required to indemnify any Indemnified Person for any Expenses that are a result of the willful misconduct, bad faith or gross negligence
of such Indemnified Person.

The
obligations of the Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.

Sponsor

The
Sponsor will not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the
taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred
by reason of the sale of any TRX or other assets held in trust hereunder; provided, however, this provision will not protect the
Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful
misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion,
endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee,
the Trustee’s counsel or by any other Person for any matters arising hereunder. The Sponsor will in no event be deemed to have
assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for
herein. The Trust will not incur the cost of that portion of any insurance which insures any party against any liability, the
indemnification of which is herein prohibited.

addition, as will be described in the Trust Agreement, (i) whenever a conflict of interest exists or arises between the Sponsor or any
of its affiliates, on the one hand, and the Trust, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated
herein or therein provides that the Sponsor will act in a manner that is, or provides terms that are, fair and reasonable to the Trust,
the Sponsor will resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest
of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating
to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor,
the resolution, action or terms so made, taken or provided by the Sponsor will not constitute a breach of the Trust Agreement or any other
agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

The
Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a “Sponsor Indemnified
Party”) will be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross
negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance
of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts
payable to a Sponsor Indemnified Party under Section 6.7 of the Trust Agreement may be payable in advance or will be secured by a lien
on the Trust. The Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may
involve it in any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem
necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders
and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled
to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination
of the Trust Agreement.

Custodian

The Custodian has
limited liability, impairing the ability of the Trust to recover losses relating to its TRX and any recovery may be limited, even
in the event of fraud. In addition, the Custodian may not be liable for any delay in performance of any of its custodial obligations
by reason of any cause beyond its reasonable control, including force majeure events, war or terrorism, and may not be liable
for any system failure or third-party penetration of its systems. The Trust is expected to be classified as a domestic corporation
for U.S. federal income tax purposes and as such is expected to be obligated to pay U.S. federal and applicable state corporate
taxes on its taxable income. This differs from investment companies that elect to be treated as “regulated investment companies”
under the Internal Revenue Code of 1986, as amended (the “Code”), to avoid paying entity-level income taxes.
In pursuing its investment objectives, the Trust will not be required to comply with the diversification requirements of a regulated
investment company.

The amount of taxes
currently paid by the Trust will vary depending on the amount of income and gains derived from its investments. Taxes paid by
the Trust will reduce your return from an investment in the Trust.

The Trust
will be subject to U.S. federal income tax at the regular corporate tax rate, currently 21%, on any gain recognized by the Trust
on any sale of assets by the Trust. 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.

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