Canary Capital Group has filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission for its proposed XRP exchange-traded fund, allowing investors to gain direct exposure to the Ripple token
This comes after a pause in the SEC’s decision and the recent dismissal of Ripple’s lawsuit in a U.S. appeals court, which has improved confidence in XRP’s regulatory status. The ETF will list on the Cboe BZX Exchange and lets investors follow XRP’s price without owning the token directly.
The filing shows that the Canary XRP ETF will operate as a Delaware statutory trust and track XRP’s price using the CoinDesk XRP CCIXber 60m New York Rate as its reference. The fund will hold XRP directly, with custody handled by a designated trust company.
“The ETF should be more attractive to investors who want access to a cryptocurrency in a more transparent and simple way,” the filing states. Once approved, shares will be available through regular brokerage accounts, allowing investors to benefit from XRP’s price movements without managing wallets or trading on crypto exchanges.
The filing also mentions some risks. The trust is not covered by the Investment Company Act of 1940, so it does not have the same protections as mutual funds or registered advisers. Issues at cryptocurrency exchanges or problems with custody could result in losses.
Still, the appeals court’s dismissal of Ripple’s lawsuit has strengthened optimism about XRP’s standing with regulators. The SEC’s final decision will determine whether the spot XRP ETF can officially enter the U.S. regulated market.
That said, Canary Capital joins a growing group of issuers pushing crypto-backed ETFs. Notably, the fund uses a structure similar to Bitcoin spot ETFs, offering investors a straightforward way to invest in Ripple through a regulated product.
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