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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laws of such jurisdiction (or any other jurisdiction other than the United States in which they are subject to taxation) of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing. The foregoing is only a general summary of the material U.S. federal income tax consequences associated with the purchase, ownership and disposition of Shares by a U.S. Shareholder. Each prospective Shareholder should consult the Shareholder’s own tax advisor concerning the U.S. federal, state, local, and non-U.S. tax considerations relevant to an investment in Shares in the Shareholder’s particular tax situation. PROSPECTIVE SHAREHOLDERS ARE URGED TO CONSULT THEIR LEGAL AND TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST. PURCHASES BY EMPLOYEE BENEFIT PLANS

The
Employee Retirement Income Security Act of 1974 (“ERISA”) and/or Section 4975 of the Code impose certain requirements
on: (i) employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,
Keogh plans and certain collective investment funds or insurance company general or separate accounts in which such plans or
arrangements are invested, that are subject to Title I of ERISA and/or Section 4975 of the Code (collectively, “Plans”);
and (ii) persons who are fiduciaries with respect to the investment of assets treated as “plan assets” within the
meaning of U.S. Department of Labor (the “DOL”) regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of
ERISA (the “Plan Assets Regulation”), of a Plan. Investments by Plans are subject to the fiduciary requirements and the
applicability of prohibited transaction restrictions under ERISA and the Code. It is anticipated that the Shares will constitute
“publicly-held offered securities” as defined in the Department of Labor Regulations § 2510.3-101(b)(2).
Accordingly, Shares purchased by a Plan, and not the Plan’s interest in the underlying TRX held in the Trust represented by
the Shares, should be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” and
“prohibited transaction” rules of ERISA and the Code.

“Governmental
plans” within the meaning of Section 3(32) of ERISA, certain “church plans” within the meaning of Section 3(33) of ERISA
and “non-U.S. plans” described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited
transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other
law or regulation that is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised
to consult with their counsel prior to an investment in the Shares.

contemplating an investment of a portion of Plan assets in the Shares, the Plan fiduciary responsible for making such investment should
carefully consider, taking into account the facts and circumstances of the Plan, the “Risk Factors” discussed above and whether
such investment is consistent with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1)
the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute
a direct or indirect non-exempt prohibited transaction with a “party in interest” or “disqualified person” within
the meaning of ERISA and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan’s funding objectives;
and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification,
taking into account the overall investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s
need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary
should consider the DOL’s regulation on investment duties, which can be found at 29 C.F.R. § 2550.404a-1.

investing, each Plan shall be deemed to acknowledge and agree that: (a) none of the Sponsor, the Trustee, the TRX Custodian or any of
their respective affiliates (the “Transaction Parties”) has through this Prospectus and related materials provided any investment
advice within the meaning of Section 3(21) of ERISA to the Plan in connection with the decision to purchase, acquire, hold or dispose
of such Shares; and (b) the information provided in this Prospectus and related materials will not make a Transaction Party a fiduciary
to the Plan.

INFORMATION YOU
SHOULD KNOW

This
Prospectus contains information you should consider when making an investment decision about the Shares. You should rely only on the information
contained in this Prospectus or any applicable Prospectus supplement. None of the Trust or the Sponsor has authorized any person to provide
you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This
Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The
information contained in this Prospectus was obtained from us and other sources we believe to be reliable.

You
should disregard anything we said in an earlier document that is inconsistent with what is included in this Prospectus or any applicable
Prospectus supplement. Where the context requires, when we refer to this “Prospectus,” we are referring to this Prospectus
and (if applicable) the relevant Prospectus supplement.

You
should not assume that the information in this Prospectus or any applicable Prospectus supplement is current as of any date other than
the date on the front page of this Prospectus or the date on the front page of any applicable Prospectus supplement.

include cross references in this Prospectus to captions in these materials where you can find further related discussions. The table
of contents tells you where to find these captions.

INTELLECTUAL
PROPERTY

The
Sponsor owns trademark registrations for the Trust. The Sponsor relies upon these trademarks through which it markets its services and
strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Sponsor continues
to use these trademarks to identify its services, without challenge from any third-party, and properly maintains and renews the trademark
registrations under applicable laws, rules and regulations, it will continue to have indefinite protection for these trademarks under
current laws, rules and regulations.

The
Sponsor also owns trademark registrations for the Sponsor. The Sponsor relies upon these trademarks through which it markets its services
and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Sponsor continues
to use these trademarks to identify its services, without challenge from any third-party, and properly maintains and renews the trademark
registrations under applicable laws, rules and regulations; it will continue to have indefinite protection for these trademarks under
current laws, rules and regulations.

WHERE YOU
CAN FIND MORE INFORMATION

The
Sponsor has filed on behalf of the Trust a registration statement on Form S-1 with the SEC under the 1933 Act. This Prospectus does not
contain all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of
which have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or the Shares,
please refer to the registration statement, which is available online at www.sec.gov.

Information
about the Trust and the Shares can also be obtained from the Trust’s website, which is https://etfs.canary.capital. The Trust’s
website address is only provided here as a convenience to you and the information contained on or connected to the website is not part
of this Prospectus or the registration statement of which this Prospectus is part. The Trust is subject to the informational requirements
of the 1934 Act and will file certain reports and other information with the SEC under the 1934 Act.

The
reports and other information are available online at www.sec.gov.

PRIVACY POLICY

The
Trust and the Sponsor may collect or have access to certain nonpublic personal information about current and former Shareholders. Nonpublic
personal information may include information received from Shareholders, such as a Shareholder’s name, social security number and
address, as well as information received from brokerage firms about Shareholder holdings and transactions in Shares of the Trust.

The
Trust and the Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy.
In general, the Trust and the Sponsor restrict access to the nonpublic personal information they collect about Shareholders to those of
their and their affiliates’ employees and service providers who need access to such information to provide products and services
to Shareholders.