Canary XRP ETF is an exchange-traded product that provides investors with direct exposure to XRP, the digital asset designed for cross-border payments and settlements on the XRP Ledger. The trust holds XRP directly and issues shares that trade on Nasdaq, allowing investors to buy and sell exposure through standard brokerage accounts without managing private keys or crypto exchange accounts. The trust operates on an asset-based fee model where the sponsor, Canary Capital, earns a sponsor fee accrued as a percentage of total assets under management. In return, Canary Capital pays the trust's ordinary operating expenses, including custodian, administrative, audit, and listing fees. Authorized participants create and redeem shares in multi-share blocks through in-kind or cash transactions, which maintains price alignment between the trading shares and the trust's underlying net asset value. Third-party custodians Gemini and BitGo hold the trust's XRP in segregated cold-storage accounts.