Franklin XRP ETF provides investors with direct exposure to XRP through a standard brokerage account, allowing investors to avoid the complexity of managing digital wallets or private keys. The fund, sponsored by Franklin Templeton, holds XRP in cold storage via Coinbase Custody and issues shares on the NYSE Arca that track the price of the underlying asset. BNY Mellon provides administration and fund accounting services, while institutional broker-dealers act as authorized participants to facilitate the creation and redemption of large blocks of shares. The fund's business model relies on a sponsor’s fee charged as a percentage of daily net asset value to cover operating expenses. To attract early investment and reach scale, the sponsor waives this fee for a set period and up to a specific asset threshold. As a passive investment vehicle, the fund's revenue scales directly with assets under management, which fluctuates based on the market price of XRP and share issuance. The fund operates as a grantor trust and periodically sells small amounts of XRP to cover fees, which gradually reduces the amount of XRP represented by each individual share. The fund calculates daily valuation using a regulated index that aggregates trading data across several major cryptocurrency exchanges.