The 21Shares XRP ETF is a passively managed ETF that holds XRP, a digital asset, and issues shares that trade on the Cboe BZX Exchange. The Trust gives retail and institutional investors exposure to XRP's price performance through a regulated, brokerage-accessible wrapper, without requiring investors to directly buy or custody XRP. The share price tracks XRP's price as measured by the CME CF XRP-Dollar Reference Rate, minus fees. The Trust is sponsored by 21Shares US, a subsidiary of 21co Holdings, which is part of the 21Shares Group — a digital asset ETP issuer that has operated since 2018 and manages roughly $7.56B across 67 products globally. The Trust charges a unitary Sponsor Fee of 0.30% of NAV annually, which accrues daily and is paid in XRP weekly. The Sponsor uses this fee to cover all ordinary operating expenses. The Trust's revenue scales directly with AUM, which grows through net share creations and XRP price appreciation. Authorized Participants — registered broker-dealers — are the only parties that can create or redeem baskets of 10,000 shares directly with the Trust, either in cash or in-kind. The Trust's XRP is held predominantly in cold storage by three custodians: Coinbase Custody, BitGo, and Anchorage Digital Bank, in segregated wallets. BNY Mellon serves as administrator and transfer agent, and Coinbase acts as prime broker for XRP transactions tied to creations and redemptions.