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Franklin XRP ETF, a series of Franklin XRP Trust, holds XRP to track its market price before expenses. As of June 30, 2026, it held 225,368,820.7314 XRP with a fair value of $236,479,504, resulting in net assets of $236,440,941 and 20,750,000 shares outstanding.
Net asset value per share fell from $14.63 on March 31, 2026 to $11.39, a total return at NAV of (22.15)%, driven entirely by an unrealized depreciation of $67,404,501 on XRP. There were no realized gains or losses and only a small net investment loss of $38,563, reflecting the unitary sponsor fee.
During the quarter, the fund saw net creations of 6,050,000 shares, bringing cumulative creation value to $412,604,700, including $48,042,172 cash creations and $40,780,163 in-kind XRP contributions this period. The sponsor fee accrues at an annualized 0.19% of NAV; for the quarter the fund accrued $118,464, of which $79,901 was waived, leaving $38,563 payable.
The trust is treated as a grantor trust for U.S. tax purposes, so income, gains, and expenses flow through to shareholders. The fund is concentrated solely in XRP, with the XRP position classified as Level 1 under fair value accounting guidance, and it highlights significant volatility and digital asset market risks.
Franklin XRP ETF, a series of Franklin XRP Trust, files its annual report detailing how the fund tracks the price of XRP before expenses and liabilities. The ETF is a passive, non‑leveraged vehicle that holds XRP and cash, with Shares listed on NYSE Arca under the symbol XRPZ.
The fund issues and redeems only in 50,000‑share Creation Units through Authorized Participants, using in‑kind XRP or cash creations and redemptions. It had 19,600,000 Shares outstanding as of June 9, 2026. Net asset value is based on the CF Benchmarks Index, a once‑daily USD/XRP rate at 4:00 p.m. ET.
The Sponsor charges a 0.19% annual fee on the fund’s daily net asset value but has agreed to waive this fee on the first $5.0 billion of assets through May 31, 2026; for the initial period the entire $142,056 Sponsor’s Fee was waived. XRP is periodically sold to pay fees and any non‑assumed expenses, reducing the XRP backing each Share over time.
The report explains a custody structure where most XRP is held in Coinbase Custody cold storage, with a portion temporarily in a Prime Broker Trading Balance to facilitate trading. It highlights extensive operational, custody, blockchain, and market‑structure risks, including extreme XRP price volatility, potential forks, index calculation issues, creation/redemption disruptions, and possible trading premiums or discounts to NAV.
Franklin XRP ETF, a series of Franklin XRP Trust, reported leadership changes at its sponsor, Franklin Holdings, LLC. Effective May 8, 2026, Christopher Berarducci was appointed Chief Accounting Officer and Treasurer, and Christopher Kings was appointed Chief Financial Officer of the Sponsor.
On the same date, Vivek Pai resigned as Chief Accounting Officer and Treasurer and Matthew Hinkle resigned as Vice President and Chief Financial Officer of the Sponsor. The filing states that their resignations were not due to any dispute or disagreement regarding the Fund’s operations, policies, or practices.
Franklin XRP ETF, a series of Franklin XRP Trust, reported its first partial period of operations from November 24 to December 31, 2025. The Fund ended the period with net assets of $216.4 million, fully invested in about 118.4 million XRP.
Net asset value per share fell from $24.40 at inception to $19.85, producing a total return of (18.65)%, driven by $28.6 million of unrealized depreciation in XRP prices. There was no net investment income, as the Fund holds only XRP and does not earn yield.
The Sponsor’s 0.19% annual fee was fully waived for the period, and has been agreed to be waived on the first $5.0 billion of Fund assets through May 31, 2026, resulting in a net expense ratio of 0.00% for this initial reporting period.