Canary Funds is preparing to launch the first pure-play XRP ETF under the Securities Act of 1933, offering 100% exposure to XRP. This new ETF will differ from the existing REXShares XRPR ETF, which operates under the Investment Company Act of 1940 and provides only partial spot XRP exposure with less efficient tax treatment. The move by Canary Funds marks a significant development in the cryptocurrency ETF market, providing investors with a more direct and potentially tax-efficient way to invest in XRP.