#XRPETF TF is a financial product that allows investors to gain indirect exposure to the price fluctuations of XRP by holding XRP as the underlying asset and issuing fund shares. After purchasing shares, investors can trade these shares on the secondary market like stocks, without the need 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, then sell these shares in the market at a premium; conversely, when the price of ETF shares is lower than the NAV, AP buys ETF shares and redeems them for XRP, then sells XRP in the market. This arbitrage mechanism helps keep the ETF price aligned with the NAV.