The Franklin XRP Trust, through its sole series, the Franklin XRP ETF (XRPZ), has filed its annual report on Form 10-K for the fiscal year ended March 31, 2026. The Fund commenced operations on November 24, 2025, and its primary investment objective is to reflect the performance of the price of XRP before expenses. The Fund's Net Asset Value (NAV) per Share decreased by 40.04% from $24.40 at the start of operations to $14.63 by March 31, 2026, mirroring the decline in XRP's price. The Sponsor, Franklin Holdings, LLC, has agreed to waive its entire fee on the first $5.0 billion of the Fund's assets through May 31, 2026. The filing extensively details various risks associated with digital assets, XRP specifically, market volatility, regulatory uncertainty, and operational risks related to custodians and prime brokers.