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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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

The
rights of the Sponsor, the Trust, DTC (as registered owner of the Trust’s global certificate for Shares) and the Shareholders are
governed by the laws of the State of Delaware. The Sponsor, the Trust and DTC and, by accepting Shares, each DTC Participant and each
Shareholder, consent to the exclusive jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware,
provided that (i) the forum selection provisions do not apply to suits brought to enforce a duty or liability created by the 1934
Act or any other claim for which the federal courts have exclusive jurisdiction and (ii) the federal district courts of the United
States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the 1933
Act, or the rules and regulations promulgated thereunder. Such consent is not required for any person to assert a claim of Delaware jurisdiction
over the Sponsor, the Trust. Notwithstanding the foregoing, Section 22 of the 1933 Act creates concurrent jurisdiction for federal
and state courts over all suits brought to enforce any duty or liability created by the 1933 Act or the rules and regulations thereunder.
Investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Further, there is uncertainty
as to whether a court would enforce the exclusive forum jurisdiction for actions arising under the 1933 Act or 1934 Act.

LEGAL MATTERS

Litigation and Claims

Within
the past five years of the date of this Prospectus, there have been no material administrative, civil or criminal actions against the
Sponsor, the Trust or any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded, threatened,
or otherwise known to them.

Legal Opinion

Chapman
and Cutler LLP has advised the Sponsor in connection with the Shares being offered. Chapman and Cutler LLP also advises the Sponsor with
respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. Certain opinions of counsel will be
filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.

EXPERTS

The financial
statement as of ________, included in this Prospectus has been so included in reliance on the report of ________, an independent registered
public accounting firm, given on the authority of said firm as experts in auditing and accounting.

MATERIAL CONTRACTS

Administration Agreement

Under
the Administration Agreement, the Administrator provides necessary administrative, tax and accounting services and financial reporting
for the maintenance and operations of the Trust, including valuing the Trust’s TRX and calculating the NAV per Share of the Trust
and the NAV of the Trust and supplying pricing information to the Sponsor for the relevant website. In addition, the Administrator makes
available the office space, equipment, personnel and facilities required to provide such services. The Administrator will also facilitate
the instruction to transfer TRX required for the operation of the Trust.

Standard
of Care; Limitations of Liability

The
Administrator shall exercise reasonable care, prudence and diligence in carrying out all of its duties and obligations under the Administration
Agreement, and shall be liable to the Trust only for direct losses suffered or incurred by the Trust resulting from the failure of the
Administrator to exercise its standard of care.

The
Administrator shall be responsible for the performance only of such duties as are set forth in the Administration Agreement and, except
as otherwise provided in the Administration Agreement, shall have no responsibility for the actions or activities of any other party,
including other service providers.

The
Administrator shall have no liability in respect of any loss, damage or expense suffered by the Trust insofar as such loss, damage or
expense arises from the performance of the Administrator’s duties hereunder in reliance upon records that were maintained for the
Trust by entities other than the Administrator prior to the Administrator’s appointment as administrator for the Trust. Unless directly
caused by or resulting from, the failure of the Administrator to exercise its standard of care, the Administrator shall have no liability
for errors of judgment or for any loss or damage resulting from the performance or nonperformance of its duties under the Administration
Agreement.

Neither
the Trust nor the Administrator shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost
profits, of any kind whatsoever (including, without limitation, attorneys’ fees) arising in connection with the Administration Agreement
even if advised of the possibility of such damages.

The
Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under the Administration
Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, work
stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

Indemnity

The
Trust will indemnify the Administrator against, and hold Administrator harmless from, any loss, damage, or expense that may be imposed
on, incurred by, or asserted against the Administrator as a result of any action or omission taken in accordance with any instruction,
except to the extent that such loss, damage, or expense is caused by the negligence, misfeasance or willful misconduct of the Administrator
in the manner in which it carries out the instruction.

The
Trust agrees to indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage
and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action
or suit in connection with any action or omission by the Administrator in the performance of its duties under the Administration Agreement,
or as a result of the Administrator acting upon any instructions reasonably believed by it to have been communicated to it or upon reasonable
reliance on information or records given or made by the Trust. However, the Trust will not indemnify the Administrator from losses, damages
and expenses occasioned by or resulting from the negligence, misfeasance or willful misconduct of the Administrator, its officers, employees
or agents as the case may be.

Administrator’s
Fee

Pursuant
to the Trust’s unitary fee structure, the Administrator’s fee is paid by the Sponsor in accordance with the Administration
Agreement.

Governing
Law

The
Administration Agreement is governed by the laws of the ________.

Termination
of the Administration Agreement

The
Administration Agreement shall continue in full force and effect until the first to occur of: (i) termination for convenience by the Administrator
by an instrument in writing delivered or mailed to the Trust, such termination to take effect not sooner than ninety (90) days after the
date of such delivery; (ii) termination for convenience by the Trust by an instrument in writing delivered or mailed to the Administrator,
such termination to take effect not sooner than thirty (30) days after the date of such delivery; (iii) termination by the Administrator,
by an instrument in writing delivered or mailed to the Trust if the Administrator reasonably determines that servicing the Trust raises
regulatory or reputational concerns, with such termination to take effect not sooner than sixty (60) days after the date of such delivery;
or (iv) termination by the either party by written notice delivered to the other party, based upon: (a) the terminating party’s
determination that there is a reasonable basis to conclude that the other party is insolvent or that the financial condition of the other
party is deteriorating in any material respect, in which case termination shall take effect upon the other party’s receipt of such
notice or at such later time as the terminating party shall designate; (b) the other party committing a material breach of the Administration
Agreement, and failing to remedy such material breach within ninety (90) days of being given written notice of the material breach, unless
the parties agree to extend the period to remedy the breach; or (c) the relevant state or federal authority withdrawing its authorization
of the either party.

TRX Custody Agreement