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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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. 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. Shareholders
have very limited voting rights as set forth in the Trust Agreement. However, certain actions, such as amendments or modifications
that appoint a new sponsor (upon the withdrawal, removal or the adjudication or admission of bankruptcy or insolvency of the Sponsor)
require the consent of Shareholders owning a majority (over 50%) of the outstanding Shares of the Trust (not including Shares
held by the Sponsor or its Affiliates).

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 President 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. Mr. McClurg is the Principal Executive Officer of the Trust.

Drew Hill –
President

Drew Hill is an
experienced attorney specializing in blockchain, token and cryptocurrency law, with a focus on securities law and regulatory compliance
for public and private funds. Previously, Mr. Hill served as General Counsel and Chief Compliance Officer at Valkyrie Investments,
where he led the legal and compliance teams and played a key role in launching digital asset themed ETFs, including the spot Bitcoin
ETF “BRRR” and the bitcoin miners ETF “WGMI.” Prior to his tenure at Valkyrie Investments, Mr. Hill was
a key member of the nationally recognized Blockchain Practice at Frost Brown Todd LLC, advising clients on mergers and acquisitions,
private fund formation, start-up fundraising and securities law compliance for token and cryptocurrency issuers. Mr. Hill currently
serves as President and Chief Legal Officer of Canary Capital Group. Mr. Hill holds a Bachelor of Arts in Finance and Spanish from
the Clark Honors College at the University of Oregon and a Juris Doctor from Northwestern University Pritzker School of Law.

Starr Frohlich
– Principal Financial Officer and Principal Accounting Officer

Starr Frohlich has
extensive experience in finance and investment management. Ms. Frohlich currently serves as a Director on the Principal
Financial Officer Services team at PINE Advisor Solutions, where she acts as Principal Financial Officer and Treasurer for registered
fund products, overseeing financial, accounting and regulatory reporting functions. Previously, Ms. Frohlich was Vice
President at JPMorgan Chase & Co., where she supervised financial reporting and regulatory filings for a wide range of registered
investment companies. Earlier in her career, she was Vice President and Treasurer of AssetMark, Inc.’s proprietary registered
funds, and she also held a senior fund administration and financial reporting position at U.S. Bank Global Fund Services. Ms. Frohlich serves
as the Principal Financial Officer and the Principal Accounting Officer of the Trust. Ms. Frohlich holds a Bachelor of
Science in Accounting from the University of Minnesota and is a Certified Public Accountant.

BOOKS AND
RECORDS

The
Trust keeps its books of record and account at the office of the Sponsor located at 8 Cadillac Drive, Suite 300, Brentwood, TN
37027, 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