21Shares XRP ETF

The Trust is a passive exchange-traded fund structured as a grantor trust that provides investors with exposure to XRP, a digital asset, by holding XRP directly and issuing shares that trade on the Cboe BZX Exchange. The Trust does not actively manage its holdings or use leverage or derivatives; instead, it tracks XRP performance using the CME CF XRP–Dollar Reference Rate as its pricing benchmark and enables creation and redemption of shares through authorized participants, who then distribute them to retail investors in the secondary market. The Trust generates revenue solely from XRP holdings and operates on a 0.30% annualized sponsor fee paid in XRP, from which the Sponsor covers all ordinary operating expenses including custody, administration, compliance, legal, and regulatory costs, while the Trust remains profitable depending on achieving adequate scale and maintaining competitive positioning against other digital asset investment products.