The Franklin XRP ETF is a passive investment vehicle that provides retail and institutional investors with convenient exposure to XRP, a digital asset, without requiring direct custody or management of the underlying cryptocurrency. The Fund issues shares that trade on NYSE Arca and represent fractional ownership in XRP held in segregated cold storage by Coinbase Custody Trust Company, thereby eliminating operational complexities such as wallet management and private key storage. The Fund generates revenue through a sponsor fee of 0.19% annually on assets under management, covers ordinary operating expenses including custody and administration costs, and relies on Authorized Participants (registered broker-dealers) to facilitate share creation and redemption, while individual investors buy and sell shares through traditional brokerage accounts.