According to the SEC filing from Canary Capital Group, the Canary XRP ETF will be an exchange-traded product (ETP) with shares that track the value of XRP, the digital asset built on the XRP Ledger. The primary goal of the trust is to offer exposure to XRP’s value while managing operational costs and liabilities. The fund will use the CME CF Ripple-Dollar Reference Rate – New York Variant, which aggregates data from major XRP trading venues, to establish its pricing benchmark.

Fox Business reporter Eleanor Terrett shared the news that Canary has filed an S-1 form with the SEC for the proposed XRP ETF. Terrett also revealed that Canary is a fresh player in the crypto investment space, launched by Steven Mcclurg, the founder of Valkyrie Funds. “We’re seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum – specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP,” a spokesperson for Canary told Fox Business.

The filing emphasizes that the Canary XRP ETF won’t operate like a standard mutual fund or registered investment company, meaning it won’t fall under the rules of the Investment Company Act of 1940. Additionally, Canary Capital Group LLC, the fund’s sponsor, won’t be serving as an investment adviser under the Investment Advisers Act of 1940. Instead, the trust will act as a digital asset trust, allowing shares to be created and redeemed in baskets, which ensures liquidity through authorized financial participants—without direct involvement in XRP trading or custody.

Canary’s registration points to its ambition to make XRP more accessible to investors who might be reluctant to hold digital assets themselves. Still, the filing doesn’t shy away from addressing significant risks, such as the volatility in XRP markets, regulatory unpredictability, and the inherent risks tied to digital assets and decentralized systems. By targeting traditional brokerage accounts, Canary could pave the way for greater XRP adoption, but whether the SEC will approve this fund remains uncertain. Canary follows in the footsteps of Bitwise, which also recently submitted a filing for an XRP ETF with the securities regulator.

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