#XRPETF XRP ETF is a financial product that holds XRP as the underlying asset and issues fund shares. After investors purchase shares, they can trade these shares in the secondary market like stocks, thereby gaining indirect exposure to the price fluctuations of XRP without having to directly buy, store, or manage XRP.

• Its price is primarily determined by the value of XRP but is also influenced by factors such as the fund's net asset value (NAV), which is calculated by dividing the total value of XRP held by the fund by the number of ETF shares outstanding, providing a benchmark for the ETF's market price.

• When the market price of ETF shares is higher than the NAV, authorized participants (AP) can buy XRP and redeem it for ETF shares from the fund, then sell these shares at a premium in the market; conversely, when the price of ETF shares is lower than the NAV, AP buys ETF shares and redeems them for XRP, which is then sold in the market. This arbitrage mechanism keeps the ETF price in line with the NAV.