Canary XRP ETF

What they do

The Trust holds XRP and establishes a daily NAV by reference to the CoinDesk XRP CCIXber 60m New York Rate, calculated from a 60-minute time-weighted average price of the XRP-USD CCIXber Reference Rate. Shares are created and redeemed in 10,000-share Baskets based on the XRP attributable to each Share, net of accrued but unpaid expenses and liabilities. Canary Capital Group LLC is the sponsor, CSC Delaware Trust Company is the trustee, and Gemini Trust Company and BitGo Trust Company serve as XRP custodians.

Revenue drivers

• Sponsor Fee — The Trust pays the Sponsor an annual unified fee of 0.50% of the Trust's XRP Holdings; this is the Trust's primary ongoing expense and the Sponsor's compensation.
• XRP price exposure — The Trust's returns derive from changes in the price of the XRP it holds, as measured by the Pricing Benchmark, less expenses of operations and other liabilities.
• Creation and redemption activity — Shares are issued and redeemed in 10,000-share Baskets, which changes the quantity of XRP held and therefore the asset base on which the Sponsor Fee is calculated.

Recent performance

As of June 30, 2026, the Trust reported total assets of $241.3 million and total liabilities of $104,625.00, resulting in shareholder equity of $241.2 million. The Trust commenced operations on November 12, 2025, when the seed investor purchased 10,000 Shares at $25 per Share and $250,000 in XRP was transferred in-kind. No revenue or expense figures for the quarter were provided in the excerpts supplied.

Strategy

The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP. It holds XRP and establishes NAV on each business day by reference to the Pricing Benchmark, without active trading or yield-generating strategies. Share creation and redemption activity is conducted in 10,000-share Baskets, with all XRP held by Gemini Trust Company and BitGo Trust Company. Shareholders take no part in the management or control of the Trust and have no voting rights except as required under Delaware law.

Risks

• XRP price volatility — The Trust's value is directly exposed to changes in the price of XRP, which can be highly volatile and may result in significant losses for shareholders.
• Reliance on Pricing Benchmark — NAV depends on the CoinDesk XRP CCIXber 60m New York Rate, which is calculated from executed trade flow of Constituent Platforms and may not reflect prices on other markets or during disruptions.
• Custody concentration — All of the Trust's XRP is held by Gemini Trust Company and BitGo Trust Company, so failure, loss or insolvency of either custodian could impair the Trust's assets.
• Regulatory and tax uncertainty — Changes in laws, regulations or taxation concerning XRP and digital assets could materially and adversely affect the Trust's operations, value or ability to maintain its listing.

Outlook

The excerpts provided do not include management's specific outlook or guidance beyond the Trust's stated objective to provide exposure to the price of XRP. The sponsor's forward-looking statements cite general economic and market conditions, technology developments, and regulatory changes as factors that could affect results.