# EDGAR Filing Document

**Accession Number:** 0002048583
**File Stem:** 0001999371-25-015232
**Filing Date:** 2025-10
**Character Count:** 1348856
**Document Hash:** d4282e9421aba222e73e87bd3dab48f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-015232.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001999371-25-015232

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 53

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CoinShares XRP ETF
- **CENTRAL INDEX KEY:** 0002048583
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284484
- **FILM NUMBER:** 251388991

**BUSINESS ADDRESS:**
- **STREET 1:** 437 MADISON AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 646-308-1518

**MAIL ADDRESS:**
- **STREET 1:** 437 MADISON AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**As filed with the Securities and Exchange Commission on October 10, 2025**

**Registration No. 333-284484**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Pre-Effective Amendment No. 2**

**to**

**FORM S-1** <br>**REGISTRATION STATEMENT**<br> ***UNDER***<br> ***THE SECURITIES ACT OF 1933***

## COINSHARES XRP ETF
**(Exact Name of Registrant as Specified in Its Charter)**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**33-6921952** |
| &nbsp;&nbsp;**(State or Other Jurisdiction of**<br> **Incorporation or Organization)** &nbsp;&nbsp;**c/o CoinShares Co.**<br> **Charles Butler**<br> **437 Madison Avenue, 28<sup>th</sup> Floor**<br>**New York, NY 10022**<br>**(646) 308-1518**<br>| &nbsp;&nbsp;**(I.R.S. Employer**<br> **Identification Number)** |

---

**(Address, Including Zip Code, and Telephone Number, Including Area Code,**<br> **of Registrant's Principal Executive Offices and Agent for Service)**

*Copies to:*

**Morrison C. Warren, Esq.**<br> **Chapman and Cutler LLP**<br> **320 South Canal Street**<br> **Chicago, Illinois 60606**

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. | ☒ |

---

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Subject to Completion <br> Preliminary Prospectus dated October 10, 2025

![](coinsharess1a001.jpg)

**COINSHARES XRP ETF**

**Common Shares of Beneficial Interest**

The CoinShares XRP ETF (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares"), which represent units of fractional undivided beneficial interest in and ownership of the Trust.

The Trust's purpose is to hold "XRP," which is a digital commodity based on the cryptographic protocols used by the XRP blockchain, a decentralized, peer-to-peer computer network (the "XRP Ledger"). The investment objective of the Trust is for the Shares to reflect the performance of the value of XRP as represented by the Compass Crypto Reference Index 4pm New York XRP (the "Index"), less the Trust's liabilities and expenses. The Shares are designed to provide investors with a cost-effective and convenient way to invest in XRP. CoinShares Co. is the sponsor of the Trust (the "Sponsor"), CSC Delaware Trust Company is the trustee of the Trust (the "Trustee"), U.S. Bancorp Fund Services, LLC is the transfer agent of the Trust (in such capacity, the "Transfer Agent") and the administrator of the Trust (in such capacity, the "Administrator"), Paralel Distributors LLC is the marketing agent of the Trust (the "Marketing Agent"), BitGo Trust Company, Inc. is the custodian of the Trust's XRP ("BitGo" or the "Custodian"), and U.S. Bank, N.A., an affiliate of the Transfer Agent and Administrator, is the cash custodian of the Trust (the "Cash Custodian").

The Trust is an exchange-traded product. When the Trust creates or redeems its Shares, it will do so in blocks of 5,000 Shares (a "Basket") based on the quantity of XRP attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities). For a subscription for Shares, the subscription shall be in the amount of either XRP represented by the Basket being created or cash needed to purchase the amount of XRP represented by the Basket being created, in each case as calculated by the Administrator (as defined below). For a redemption of Shares, the Sponsor shall arrange for the XRP represented by the Basket to be either distributed in kind or sold and the cash proceeds distributed. A financial firm that is authorized to create or redeem Shares with the Trust (known as an "Authorized Participant") will deliver, or facilitate the delivery of, XRP or cash to the Trust's account with the Custodian (in the case of XRP) or Cash Custodian (in the case of cash) in exchange for Shares when they purchase Shares, and the Trust will deliver XRP or cash to such Authorized Participant, or the Authorized Participant's designee (an "Authorized Participant Designee"), when they redeem Shares with the Trust. Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker on the secondary market may do so at a premium or discount relative to the per Share net asset value of the Trust.

The Trust intends to list the Shares on The Nasdaq Stock Market, LLC ("Nasdaq" or the "Exchange") under the symbol "XRPL."

On October [ ], 2025, Valkyrie Funds LLC (the "Seed Capital Investor"), an affiliate of the Sponsor, purchased [ ] Shares through delivery of [ ] XRP (the "Seed Shares"). Delivery of the Seed Shares was made on October [ ], 2025. The per-Share price as of October [ ], 2025 was $[ ]. As of the date of the Prospectus, these [ ] Shares represent [ ] of the outstanding Shares. The Seed Capital Investor will act as a statutory underwriter in connection with the Seed Shares. See "Seed Capital Investor" for additional information. The price of the Seed Shares was determined as described herein and such Shares could be sold at different prices if sold by the Seed Capital Investor at different times.

**Holders of beneficial interests in the Shares ("Shareholders") who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and may incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading, subject to notice of issuance, on Nasdaq. Investing in the Trust involves risks similar to those involved with an investment directly in XRP and other significant risks. See "Risk Factors" beginning on page __.**

The offering of an indeterminate amount of the Shares is registered with the U.S. Securities and Exchange Commission (the "SEC") in accordance with the Securities Act. The offering is intended to be a continuous offering and is not expected to terminate until three years from the date of the original offering unless extended as permitted by applicable rules under the Securities Act. The Trust is not a mutual fund registered under the U.S. Investment Company Act of 1940, as amended (the "1940 Act") and is not subject to regulation under the 1940 Act. The Trust is not a commodity pool for purposes of the U.S. Commodity Exchange Act of 1936, as amended (the "CEA"), and the Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator or a commodity trading adviser. The Shares are neither interests in nor obligations of the Sponsor or the Trustee.

**AN INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS AND MAY NOT BE SUITABLE FOR SHAREHOLDERS THAT ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH OTHER EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD XRP OR INTERESTS RELATED TO XRP. THE SHARES ARE SPECULATIVE SECURITIES. THE PURCHASE OF SHARES INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE REFER TO "RISK FACTORS" BEGINNING ON PAGE 11.**

**NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**THE TRUST IS AN "EMERGING GROWTH COMPANY" AS THAT TERM IS USED IN THE U.S. JUMPSTART OUR BUSINESS STARTUPS ACT (THE "JOBS ACT") AND, AS SUCH, MAY ELECT TO COMPLY WITH CERTAIN REDUCED REPORTING REQUIREMENTS.**

**The date of this prospectus is [ ], 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#coinsharess1aa001) | 1 |
| [INDUSTRY AND MARKET DATA](#coinsharess1aa002) | 1 |
| [PROSPECTUS SUMMARY](#coinsharess1aa003) | 2 |
| [THE OFFERING](#coinsharess1aa004) | 8 |
| [RISK FACTORS](#coinsharess1aa005) | 10 |
| [USE OF PROCEEDS](#coinsharess1aa006) | 60 |
| [OVERVIEW OF THE XRP INDUSTRY AND MARKET](#coinsharess1aa007) | 60 |
| [ACTIVITIES OF THE TRUST](#coinsharess1aa008) | 67 |
| [USE OF THE COMPASS CRYPTO REFERENCE INDEX 4PM NEW YORK XRP](#coinsharess1aa009) | 70 |
| [CALCULATION OF NAV](#coinsharess1aa010) | 73 |
| [DESCRIPTION OF THE TRUST](#coinsharess1aa011) | 76 |
| [THE SPONSOR](#coinsharess1aa012) | 77 |
| [THE TRUSTEE](#coinsharess1aa013) | 78 |
| [THE TRANSFER AGENT](#coinsharess1aa014) | 79 |
| [THE ADMINISTRATOR](#coinsharess1aa015) | 79 |
| [AUTHORIZED PARTICIPANTS](#coinsharess1aa016) | 79 |
| [THE CUSTODIAN](#coinsharess1aa017) | 80 |
| [THE CASH CUSTODIAN](#coinsharess1aa018) | 80 |
| [CONFLICTS OF INTEREST](#coinsharess1aa019) | 81 |
| [DESCRIPTION OF THE SHARES](#coinsharess1aa020) | 82 |
| [CUSTODY OF THE TRUST'S XRP](#coinsharess1aa021) | 83 |
| [DESCRIPTION OF CREATION AND REDEMPTION OF SHARES](#coinsharess1aa022) | 85 |
| [EXPENSES](#coinsharess1aa023) | 90 |
| [BOOK-ENTRY-ONLY SHARES](#coinsharess1aa024) | 91 |
| [PROVISIONS OF LAW](#coinsharess1aa025) | 92 |
| [MANAGEMENT; VOTING BY SHAREHOLDERS](#coinsharess1aa026) | 93 |
| [BOOKS AND RECORDS](#coinsharess1aa027) | 93 |
| [GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION](#coinsharess1aa028) | 93 |
| [STATEMENTS, FILINGS AND REPORTS](#coinsharess1aa029) | 93 |
| [DESCRIPTION OF THE TRUST AGREEMENT](#coinsharess1aa030) | 94 |
| [U.S. FEDERAL INCOME TAX CONSEQUENCES](#coinsharess1aa031) | 97 |
| [ERISA AND RELATED CONSIDERATIONS](#coinsharess1aa032) | 101 |
| [SEED CAPITAL INVESTOR](#coinsharess1aa033) | 101 |
| [PLAN OF DISTRIBUTION](#coinsharess1aa034) | 102 |
| [LEGAL MATTERS](#coinsharess1aa035) | 104 |
| [EXPERTS](#coinsharess1aa036) | 104 |
| [SUMMARY OF PROMOTIONAL AND SALES MATERIAL](#coinsharess1aa037) | 104 |
| [PRIVACY POLICY](#coinsharess1aa038) | 104 |
| [WHERE YOU CAN FIND MORE INFORMATION](#coinsharess1aa039) | 104 |

---

**Neither the Sponsor nor the Trust has authorized anyone to provide you with information different from that contained in this Prospectus, any amendment or supplement to this Prospectus or any free writing prospectus prepared by us or on our behalf. Neither the Sponsor nor the Trust takes any responsibility for, or can provide any assurance as to the reliability of, any information other than the information in this Prospectus, any amendment or supplement to this Prospectus or any free writing prospectus prepared by the Sponsor or the Trust, or on the Trust's behalf. The Trust is offering to sell, and seeking offers to buy, the Shares only in jurisdictions where offers and sales are permitted. The information in this Prospectus is accurate only as of the date of this Prospectus, regardless of the time of delivery of this Prospectus or any sale of the Shares.**

In this Prospectus, unless otherwise stated or the context otherwise requires, "we," "our" and "us" refer to the Sponsor acting on behalf of the Trust.

i

#### STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Prospectus contains "forward-looking statements" with respect to the Trust's financial conditions, results of operations, plans, objectives, future performance and business. Statements preceded by, followed by or that include words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Prospectus that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions for the XRP and/or the Shares, the Trust's operations, the Sponsor's plans and references to the Trust's future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based on certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. You should specifically consider the numerous risks outlined under "Risk Factors." Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including:

● the special considerations discussed in this Prospectus;

● general economic, market and business conditions;

● the use of technology by us and our vendors, including the Custodian, in conducting our business, including disruptions in our computer systems and data centers and our transition to, and quality of, new technology platforms;

● changes in applicable laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies;

● the costs and effects of any litigation or regulatory investigations;

● our ability to maintain a positive reputation; and

● other global economic and political developments.

Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust's operations or the value of the Shares. Should one or more of these risks discussed in "Risk Factors" or other uncertainties materialize, or should any underlying assumptions prove incorrect, actual outcomes may vary materially from those described in the forward-looking statements. Forward-looking statements are made based on the Sponsor's beliefs, estimates and opinions on the date the statements are made and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Moreover, neither the Trust, the Sponsor, nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Investors are therefore cautioned against placing undue reliance on forward-looking statements.

#### INDUSTRY AND MARKET DATA
Although we are responsible for all disclosure contained in this Prospectus, in some cases we have relied on certain market and industry data obtained from third-party sources that we believe to be reliable. Market estimates are calculated by using independent industry publications in conjunction with our assumptions regarding the XRP industry and market. While we are not aware of any misstatements regarding any market, industry or similar data presented herein, such data involves risks and uncertainties and is subject to change based on various factors, including those discussed under the headings "Statement Regarding Forward-Looking Statements" and "Risk Factors" in this Prospectus.

#### PROSPECTUS SUMMARY
*This is only a summary of the Prospectus and, while it contains material information about the Trust and the Shares, it does not contain or summarize all of the information about the Trust and the Shares contained in this Prospectus which is material and/or which may be important to you. You should read this entire Prospectus, including the "Risk Factors" beginning on page __, before making an investment decision about the Shares.*

**Trust Overview**

The investment objective of the Trust is for the Shares to reflect the performance of the value of XRP as represented by the Compass Crypto Reference Index 4pm New York XRP (the "Index"), less the Trust's liabilities and expenses. In seeking to achieve its investment objective, the Trust will hold XRP and will value its Shares daily based on the value of XRP as reflected by the Index. The Index is calculated independently by Compass Financial Technologies (the "Benchmark Administrator") based on an aggregation of executed trade flow of Selected Exchanges (defined below). There can be no assurance that the Trust will achieve its investment objective. The Sponsor is authorized under a trust agreement between the Sponsor and the Trustee (the "Trust Agreement") to substitute an alternative index, reference rate, or other methodology for the purposes of valuing XRP in accordance with the Trust's valuation policies and/or for the purposes of achieving the Trust's investment objective at its sole discretion and without Shareholder approval. The Shares are designed to provide investors with a cost-effective and convenient way to invest in XRP.

Because the value of the Shares is tied to the value of XRP held by the Trust, it is important to first understand the investment attributes of, and the market for, XRP. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The price of XRP on the XRP market has exhibited periods of extreme volatility, which could have a negative impact on the performance of the Trust. For example, between January 2025 and April 2025, the price of XRP fell from a then-all-time high of $3.30 to $1.79. The price of XRP reached a new all-time high of $3.56 in July 2025. See "Risk Factors."

The Trust is passively managed and does not pursue active management investment strategies, and the Sponsor does not actively manage the XRP held by the Trust. This means that the Sponsor does not sell XRP at times when its price is high or acquire XRP at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any hedging techniques that may be available to or utilized by professional XRP investors to attempt to reduce the risks of losses resulting from price decreases.

The Trust, the Sponsor and the Trust's service providers will not loan or pledge the Trust's assets. The Trust will not utilize leverage, derivatives or similar arrangements in seeking to meet its investment objective.

The Shareholders of the Trust take no part in the management or control, and have no voice in, the Trust's operations or business. Shareholders have very limited voting rights as set forth in the Trust Agreement. However, certain actions, such as amendments or modifications that appoint a new sponsor (upon the withdrawal, removal or the adjudication or admission of bankruptcy or insolvency of the Sponsor) require the consent of Shareholders owning a majority (over 50%) of the outstanding Shares of the Trust (not including Shares held by the Sponsor or its affiliates).

XRP is a digital commodity based on an open-source protocol. XRP is not issued by any government, bank or central organization, and instead exist on an online, peer-to-peer computer network that hosts a public transaction ledger where XRP transfers are recorded (the "XRP Ledger"). The XRP Ledger is accessed through software, and software governs XRP creation, movement and ownership.

XRP has no physical existence beyond the record of transactions on the XRP Ledger. The XRP Ledger is a public record of the creation, custody and flow of funds of XRP, showing every transaction effected on the blockchain among users' online "digital wallets" where their XRP are effectively stored. XRP may be sent or received through users' digital wallets by using public and private keys that are part of the XRP Ledger's cryptographic security mechanism.

The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and are expected to be traded under the ticker symbol "XRPL" on The Nasdaq Stock Market, LLC ("Nasdaq" or the "Exchange"). The Trust may issue Baskets to Authorized Participants on an ongoing basis in exchange for either cash, which is used to purchase XRP, or in-kind for XRP, which XRP is deposited for safekeeping with the Custodian (as defined below). The Trust will redeem Baskets on an ongoing basis from Authorized Participants in-kind for XRP or by distributing cash. See "Description of the Shares—Redemption of the Shares."

**Compass Crypto Reference Index 4pm New York XRP**

The Index, which was introduced February 27, 2025, was designed to provide a daily, 4:00 p.m. ET reference rate of the U.S. dollar price of one XRP that may be used to develop financial products. The Index uses the same methodology as the Compass Crypto Reference Index XRP ("XRR"). The only material difference between the Index and the XRR is that the XRR measures the U.S. dollar price of one XRP as of 4:00 p.m. London time and the Index measures the U.S. dollar price of one XRP as of 4:00 p.m. Eastern Time ("ET"). The administrator of the Index is Compass Financial Technologies (the "Benchmark Administrator"). The Index and the XRR are representative of the XRP trading activity on the Selected Exchanges, which include, as of the date of this Prospectus, BitFinex, Coinbase, Gemini, Kraken, LMAX, and BitStamp. For more information on the Index and the XRR, see *"Use Of The Compass Crypto Reference Index 4pm New York XRP"* below.

The Trust uses the Index to calculate its daily NAV and to calculate an updated intraday indicative value ("IIV"). The IIV is intended to provide additional information not otherwise available to the public that may be useful to investors and market professionals in connection with the trading of the Shares on the Exchange. It is calculated by using the prior day's holdings at close of business. The IIV will be disseminated on a per-Share basis every 15 seconds during regular Exchange trading hours of 9:30 a.m. to 4:00 p.m. ET.

The Sponsor believes that the use of the Index is reflective of a reasonable valuation of the average spot price of XRP and that resistance to manipulation is a priority aim of its design methodology. The methodology: (i) takes an observation period and divides it in twelve (12) time-equally sized partitions of trade records; (ii) then calculates the volume-weighted median of all trade prices within each partition; and (iii) determines the value from the arithmetic mean of the volume-weighted medians, equally weighted. By employing the foregoing steps, the Index thereby seeks to ensure that transactions in XRP conducted at outlying prices do not have an undue effect on the value of a specific partition, large trades or clusters of trades transacted over a short period of time will not have an undue influence on the index level, and the effect of large trades at prices that deviate from the prevailing price are mitigated from having an undue influence on the benchmark level.

In addition, the Sponsor notes that an oversight function is implemented by the Benchmark Administrator in seeking to ensure that the Index is administered through codified policies for Index integrity.

Index data and the description of the Index are based on information made publicly available by the Benchmark Administrator on its website at https://www.compass-ft.com. None of the information on the Benchmark Administrator's website is incorporated by reference into this prospectus.

**Custody of the Trust's Assets**

BitGo Trust Company, Inc. ("BitGo" or the "Custodian") will custody of all of the Trust's XRP in an account that is required to be segregated from the assets held by the Custodian as principal and the assets of its other customers (the "XRP Account"). The Sponsor expects the Custodian will keep all of the private keys associated with the Trust's XRP held by the Custodian in the XRP Account in "cold storage," which refers to a safeguarding method by which the private keys corresponding to the Trust's XRP are generated and stored in an offline manner using computers or devices that are not connected to the Internet, which is intended to make them more resistant to hacking. While the Custodian will generally keep a substantial portion of the Trust's XRP in cold storage on an ongoing basis, from time to time, portions of the Trust's XRP will be held outside of cold storage temporarily as part of trade facilitation in connection with creations and redemptions of Baskets or to sell XRP to pay Trust expenses. The Trust's XRP held in the XRP Account by the Custodian is held in segregated wallets and therefore are not commingled with the Custodian's or other customer assets.

Private keys are generated in offline computers that are not connected to the Internet so that they are resistant to being hacked. Cold storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the private keys on a storage device or printed medium and deleting the keys from all computers. Such private keys are stored in cold storage facilities within the United States and Europe, the exact locations of which are not disclosed for security reasons. The Custodian may receive deposits of XRP but may not send XRP without the use of the corresponding private keys. In order to send XRP when the private keys are kept in cold storage, unsigned transactions must be physically transferred to the offline cold storage facility and signed using a software/hardware utility with the corresponding offline keys.

The Trust may change the custodial arrangements described in this prospectus at any time without notice to Shareholders. To the extent a change in custodial arrangements is deemed material by the Sponsor, the Trust will notify Shareholders in a prospectus supplement and/or a current report on Form 8-K or in its annual or quarterly reports.

**Purchases and Sales of XRP**

Because the Trust will conduct creations and redemptions of Shares for cash, it will be responsible for purchasing and selling XRP in connection with those creation and redemption orders. The Trust may also be required to sell XRP to pay certain extraordinary, non-recurring expenses that are not assumed by the Sponsor.

The Sponsor, on behalf of the Trust, is responsible for acquiring XRP from a XRP trading counterparty that has been approved by the Sponsor (each, an "XRP Trading Counterparty"). The XRP Trading Counterparties with which the Sponsor will engage in XRP transactions are unaffiliated third parties and all transactions will be done on an arm's-length basis.

Pursuant to the Trust's creation and redemption processes, Authorized Participants and the Trust do not settle the cash for creation or redemption orders until the day after the order is placed, while the Trust makes purchases and sales of XRP in connection with creations and redemption orders on the day of the order. The Sponsor, on behalf of the Trust, may engage additional XRP Trading Counterparties at any time. The list of the current XRP Trading Counterparties will be included in the Trust's Annual Reports on Form 10-K.

**Summary of Risk Factors**

An investment in the Trust involves risks described in the section below entitled "Risk Factors" and elsewhere in this prospectus. Some of these risks are summarized below.

***Risks Associated with XRP and the XRP Ledger.***

XRP is a relatively new technological innovation with a limited history. There is no assurance that usage of the XRP Ledger or XRP will continue to grow. A contraction in the use or adoption of XRP may result in increased volatility or a reduction in the price of XRP, which could adversely impact the value of the Shares. Sales of XRP that have been newly released from escrow may cause the price of XRP to decline, which could negatively affect an investment in the Shares. XRP markets have a limited history, XRP trading prices have exhibited high levels of volatility, and in some cases such volatility has been sudden and extreme. Because of such volatility, Shareholders could lose all or substantially all of their investment in the Trust. Regulation of the use of XRP and the XRP Ledger continues to evolve both in the United States and in foreign jurisdictions, which may restrict the use of XRP or otherwise impact the demand for XRP. Disruptions at digital asset trading platforms could adversely affect the availability of XRP and the ability of Authorized Participants to purchase or sell XRP and, therefore, their ability to create and redeem Shares.

Spot markets on which XRP trades are relatively new and largely unregulated or may not be complying with existing regulations and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust. Disruptions at XRP spot markets, futures markets and in the over-the-counter ("OTC") markets could adversely affect the availability of XRP and the ability of Authorized Participants (as defined below) to purchase or sell XRP or XRP derivatives (or provide cash in relation thereto) and therefore their ability to create and redeem Shares of the Trust.

Ownership of XRP is recorded on decentralized ledger, which is not controlled or administered by any single entity or person. Proof of ownership is dependent on possession of certain "private keys" that are required to initiate a transfer of XRP. The loss or destruction of certain "private keys," including by the Custodian, could prevent the Trust from accessing its XRP. Loss of these private keys may be irreversible and could result in the loss of all or substantially all of an investment in the Trust. Loss of private keys may also impede the Trust's ability to operate, including by limiting the Trust's ability to transfer XRP in the face of a redemption request and forcing the Trust to consider liquidation.

***Risks Associated with Investing in the Trust.***

Shareholders may choose to use the Trust as a means of investing indirectly in XRP. As noted, there are significant risks and hazards inherent in the XRP market that may cause the price of XRP to fluctuate widely. Shareholders considering a purchase of Shares of the Trust should carefully consider what percentage of their total assets should be exposed to the XRP market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand the risks involved in the Trust's investment strategy, and be in a position to bear the potential loss of their entire investment in the Trust. Because the value of XRP, and thus the value of the Shares, may be extremely volatile, shareholders will need to monitor their investment frequently.

There is no assurance that the Trust will generate a profit for investors. In addition, an actual or perceived breach of the Trust's accounts with the Custodian could harm the Trust's operations, result in partial or total loss of the Trust's assets, damage the Trust's reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may also cease operations, the occurrence of which could similarly result in a reduction in the price of the Shares. Any investment made in the Trust may result in a total loss of the investment.

The Trust's return will not match the performance of the Index because the Trust incurs operating expenses. Moreover, the net asset value ("NAV") of the Trust may deviate from the market price of its Shares for a number of reasons, including price volatility, trading activity, normal trading hours for the Trust, the calculation methodology of the NAV, and/or the closing of XRP trading platforms due to fraud, failure, security breaches or otherwise.

The amount of XRP represented by the Shares may be reduced during the life of the Trust due to the transfer of the Trust's XRP to pay for the Sponsor's Fee and other liabilities.

Shareholders of the Trust should not expect to receive the economic benefit of any "fork" of the XRP Ledger or asset "air dropped" to holders of XRP. If the Trust were to change this policy, the Trust would need to seek and obtain certain regulatory approvals, including an amendment to the Trust's registration statement of which this prospectus is a part and approval of an application by the Exchange to amend its listing rules.

**Trust Structure**

The Trust is a Delaware statutory trust, organized on December 10, 2024, that operates pursuant to the Trust Agreement. The Trust has entered into a custodial services agreement with BitGo (the "Custody Agreement"), pursuant to which the Custodian will custody all of the Trust's XRP. Pursuant to the Custody Agreement, the Custodian established accounts that hold the XRP deposited with the Custodian on behalf of the Trust.

The Trust's Sponsor is CoinShares Co., a Delaware corporation and a wholly owned subsidiary of CoinShares International Limited. Under the Delaware General Corporation Law Act and the governing documents of the Sponsor, CoinShares International Limited, the sole shareholder of the Sponsor, is not responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole shareholder of the Sponsor.

The Sponsor arranged for the creation of the Trust and the is arranging for the registration of the Shares for their public offering in the United States and their listing on Nasdaq. The Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Trustee's fee payable under the Trust Agreement, the Custodian Fee (as defined herein), the Cash Custodian Fee (as defined herein), the Transfer Agent Fee (as defined herein), the Marketing Fee (as defined herein), applicable license fees, including the licensing fees related to the Index License Agreement (as defined herein), the Administrator Fee (as defined herein), fees and expenses related to trading of Shares on Nasdaq (including marketing, legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust's website. The Sponsor also paid the costs of the Trust's organization.

The Sponsor and the Administrator are generally responsible for the administration of the Trust under the provisions of the Trust Agreement. The responsibilities of the Sponsor include (i) selecting and monitoring the Trust's Service Providers (as defined herein) and from time to time engaging additional, successor or replacement Service Providers and (ii) upon dissolution of the Trust, distributing the Trust's remaining XRP or the cash proceeds of the sale of the Trust's remaining XRP (determined at the sole discretion of the Sponsor) to the owners of record of the Shares. The responsibilities of the Administrator include (i) preparing and providing periodic reports on behalf of the Trust to investors, (ii) processing orders to create and redeem Baskets and coordinating the processing of such orders with the Cash Custodian, the Transfer Agent and the Depository Trust Company ("DTC"), (iii) publishing the Trust's XRP Holdings and XRP Holdings per Share (each as defined herein) each business day at 4:00 p.m. ET, or as soon thereafter as practicable and (iv) instructing the Custodian to transfer the Trust's XRP, as needed to pay the Sponsor's Fee and any Additional Trust Expenses (each as defined herein).

Although the Trust's XRP are not stored in a physical sense, a record of the Trust's XRP is identifiable on the XRP Ledger via digital addresses established by the Custodian. These digital addresses are contained in the XRP Account. The XRP Account consists of multi-signature digital addresses, which require several distinct "private keys" to authenticate access to and transfer of the Trust's XRP from the XRP Account. Notwithstanding XRP payable to the Sponsor for its management fee or XRP deposited into or removed from the Trust in connection with sales and purchases related to the creation or redemption of Baskets, respectively, the Sponsor endeavors to instruct the Custodian to maintain all of the Trust's XRP within an XRP Account. The Custodian is responsible for the safekeeping of the Trust's private keys used to access the XRP Account and facilitates the transfer of XRP in accordance with the Sponsor's instructions.

The general roles, responsibilities and regulations of the Sponsor, Trustee, Administrator and Custodian are further described in "The Sponsor," "The Trustee," "The Administrator" and "The Custodian," respectively. Detailed descriptions of certain specific rights and duties of the Sponsor, Trustee, Administrator and Custodian are set forth in "Description of the Trust Documents—Description of the Trust Agreement" and "—Description of the Custody Agreements," respectively. The Trust Agreement and Custody Agreements are collectively referred to herein as "Trust Documents."

**Federal Income Tax Considerations**

It is expected that an owner of Shares will be treated, for U.S. federal income tax purposes, as if they owned a proportionate share of the assets of the Trust. A shareholder will accordingly include in the computation of their taxable income their proportionate share of the income and expenses realized by the Trust. Each sale or other disposition of XRP by the Trust (including, under current Internal Revenue Service ("IRS") guidance, the use of XRP to pay expenses of the Trust) will give rise to gain or loss and will therefore constitute a taxable event for some or all of the Shareholders. See "U.S. Federal Income Tax Consequences— Tax Consequences to U.S. Holders."

**XRP History**

The XRP Ledger is a recent technological innovation, and the XRP that are created, transferred, used and stored by entities and individuals have certain features associated with several types of assets, most notably commodities and currencies. Many U.S. regulators, including the Financial Crimes Enforcement Network of the U.S. Department of the Treasury ("FinCEN"), the CFTC, the U.S. Internal Revenue Service ("IRS"), and state regulators, including the New York Department of Financial Services ("NYDFS"), have made official pronouncements or issued guidance or rules regarding the treatment of XRP and other digital currencies. However, other U.S. and state agencies, such as the SEC, have not made official pronouncements or issued guidance or rules regarding the treatment of XRP. Similarly, the treatment of XRP and other digital currencies is often uncertain or contradictory in other countries. The regulatory uncertainty surrounding the treatment of XRP creates risks for the Trust and its Shares. See "Risk Factors—Risk Factors Related to the Regulation of the Trust and the Shares."

Some of the notable features of the Trust and its Shares include the holding of XRP in the Trust's own accounts, the experience of the Sponsor's management team in the XRP industry and the use of the Custodian to protect the Trust's private keys. See "Activities of the Trust."

**Emerging Growth Company Status**

The Trust is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to, among other things:

● provide an auditor's attestation report on management's assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or

● comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the SEC determines otherwise.

The Trust will cease to be an "emerging growth company" upon the earliest of (i) its having $1.235 billion or more in annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) its issuing more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies; however, the Trust is choosing to "opt out" of such extended transition period and, as a result, the Trust will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Trust's decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

**Principal Offices**

The Trustee's principal office is located at 251 Little Falls Drive, Wilmington, DE 19808. The Sponsor's principal office is located at 437 Madison Avenue, 28<sup>th</sup> Floor, New York, NY 10022 and its telephone number is 646-308-1518.

#### THE OFFERING

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| Shares Offered by the Trust | Shares representing units of fractional undivided beneficial interest in, and ownership of, the Trust. |
| Use of Proceeds | Proceeds received by the Trust from the issuance of Baskets consist of XRP or cash. Deposits of XRP are held by the Custodian on behalf of the Trust until (i) transferred out or sold in connection with the redemption of Baskets or (ii) transferred or sold by the Sponsor to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor. Deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) transferred in connection with the purchase of XRP, (ii) delivered out in connection with redemptions of Baskets, or (iii) transferred to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor. |

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| Nasdaq Exchange Symbol | XRPL |
| XRP Index Price | For purposes of determining the value of the Trust's XRP, the Trust uses the Index to calculate a per-XRP value in U.S. dollars (the "XRP Index Price"). The XRP Index Price is published between 4:00 p.m. and 4:30 p.m. ET on each trading day. |
|  | For more information on the Compass Crypto Reference Index 4pm New York XRP, see "Use of the Compass Crypto Reference Index 4pm New York XRP and "Calculation of NAV" below. |

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CUSIP 19260J103

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| Creation and Redemption | The Trust is an exchange-traded product. When the Trust creates or redeems its Shares, it will do so in blocks of 5,000 Shares (a "Basket") based on the quantity of XRP attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities). For a subscription for Shares, the subscription shall be in the amount of either XRP represented by the Basket being created or cash needed to purchase the amount of XRP represented by the Basket being created, in each case as calculated by the Administrator. For a redemption of Shares, the Sponsor shall arrange for the XRP represented by the Basket to be either distributed in kind or sold and the cash proceeds distributed. An Authorized Participant, or the Authorized Participant's designee (an "Authorized Participant Designee"), will deliver, or facilitate the delivery of, XRP or cash to the Trust's account with the Custodian (in the case of XRP) or Cash Custodian (in the case of cash) in exchange for Shares when they purchase Shares, and the Trust will deliver XRP or cash to such Authorized Participant or its Authorized Participant Designee when they redeem Shares with the Trust. Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares of the Trust. See "Description of the Shares—Redemption of the Shares." |

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| The Trust's XRP Holdings | The Trust's "XRP Holdings" is the amount of the Trust's XRP less its liabilities (which include estimated accrued but unpaid fees and expenses), as calculated using the XRP Index Price. The Administrator calculates the Trust's XRP Holdings on a daily basis. |

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The Administrator also calculates the Trust's XRP Holdings per Share, which equals the Trust's XRP Holdings divided by the number of Shares then outstanding. The Sponsor will publish the Trust's XRP Holdings and XRP Holdings per Share each business day as of 4:00 p.m. ET or as soon thereafter as practicable at the Trust's website at https://coinshares.com/us/etf/xrpl/.

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|:---|:---|
| Trust Expenses | The Trust's only ordinary recurring expense is expected to be the remuneration due to the Sponsor (the "Sponsor's Fee"). The Sponsor's Fee will be accrued daily by applying a __% annual rate to the Trust's XRP Holdings. The Sponsor's Fee will be payable in XRP at such times as determined at the Sponsor's sole discretion. |

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To pay the Sponsor's Fee, the Custodian will, when directed by the Sponsor, (i) withdraw from the XRP Account the number of XRP equal to the accrued but unpaid Sponsor's Fee, determined as described above, and (ii) transfer such XRP to an account affiliated with the Sponsor. The Trust is not responsible for paying any fees or costs associated with the transfer of XRP to the Sponsor or the sale of XRP for costs not included in the Sponsor's Fee. To the extent there are any on-chain transaction fees incurred in connection with the transfers of XRP to pay the Sponsor's Fee, the Sponsor, and not the Trust, shall bear such fees. <br>

The Sponsor, from time to time, may waive all or a portion of the Sponsor's Fee at its discretion for stated periods of time. The Sponsor is under no obligation to extend a waiver after the end of any such stated period, and, if such waiver is not continued, the Sponsor's Fee will be paid in full for subsequent periods. Furthermore, the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor's Fee attributable to Shares held by certain institutional investors subject to minimum Share holding and lock up requirements as determined by the Sponsor to foster stability in the Trust's asset levels. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor on a case-by-case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor's Fee. Neither the Trust nor the Trustee will be a party to any Sponsor's Fee rebate arrangements negotiated by the Sponsor.<br>

As consideration for its receipt of the Sponsor's Fee, the Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Marketing Fee, the Administrator Fee, the Custodian Fee, the Cash Custodian Fee, the Transfer Agent Fee, the Trustee's fee, applicable license fees, including the licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing, legal and audit fees and expenses), ordinary course legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust's website (the "Sponsor-paid Expenses"). There is no cap on the amount of Sponsor-paid Expenses. The Sponsor has also assumed all fees and expenses related to the organization and offering of the Trust and the Shares. At the Sponsor's sole discretion, all or any portion of a Sponsor-paid Expense may be redesignated as an Additional Trust Expense.

The Trust may incur certain extraordinary, non-recurring expenses and indemnification expenses that are not contractually assumed by the Sponsor (collectively, "Additional Trust Expenses"), including, but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the XRP Ledger, any Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, XRP Custodian, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters. Transaction costs associated with the transfer of XRP to cover Additional Trust Expenses will be paid by the Trust. <br>To cover Additional Trust Expenses, the Sponsor or its delegate may cause the Trust (or its delegate) to convert XRP into U.S. dollars at the price which the Sponsor is able to obtain using commercially reasonable efforts. The number of XRP represented by a Share will decline each time the Trust pays Additional Trust Expenses or the Sponsor's fees by transferring or selling XRP. <br>

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|  | The number of XRP to be delivered to the Sponsor in payment of the Sponsor's Fee or sold to pay Additional Trust Expenses will vary from time to time depending on the level of the Trust's expenses and the value of XRP, as determined using the XRP Index Price or, in certain circumstances, such other fair value measurement as determined by the Sponsor. See "Activities of the Trust—Trust Expenses." |
| Transfers of XRP | With respect to purchases and sales of XRP conducted through XRP Trading Counterparties, transfers of XRP may be conducted as "on-chain" transactions represented on the XRP Ledger. On-chain transactions are subject to all of the risks of the XRP Ledger, including the risk that transactions will be made erroneously and are generally irreversible. |

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In order to pay the Sponsor's Fee, the Sponsor will transfer XRP from a XRP Account to an account affiliated with the Sponsor.

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| Termination Events | Upon dissolution of the Trust, the Sponsor will distribute the Trust's remaining XRP or the cash proceeds of the sale of the Trust's remaining XRP (determined at the sole discretion of the Sponsor) to the owners of record of the Shares, after the Sponsor has paid or made provision for the Trust's obligations. Accordingly, Shareholders of record at the time of a liquidation may receive either XRP or cash. See "Description of the Trust Agreement—The Trustee—Termination of the Trust." |

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| Authorized Participants | Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must (i) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, that is not required to register as a broker-dealer to engage in securities transactions and (ii) have entered into an Authorized Participant Agreement with the Sponsor, and the Marketing Agent. See "Description of Creation and Redemption of Shares." |

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As of the date of this prospectus, the Trust has engaged ________, ________, ________, ________ and ________. as Authorized Participants. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

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| Clearance and Settlement | The Shares are evidenced by one or more global certificates that the Transfer Agent issues to DTC. The Shares are, and will only be, available in book-entry form. Shareholders may hold their Shares through DTC if they are direct participants in DTC ("DTC Participants"), or indirectly through entities that are DTC Participants. |

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#### RISK FACTORS
*You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this prospectus, including the Trust's financial statements and related notes thereto.*

**Regulation of XRP and the XRP Ledger** 

In December 2020, the U.S. Securities and Exchange Commission (the "SEC") filed a complaint (the "Ripple Complaint") against Ripple Labs, Inc. ("Ripple Labs") and two of its executives (the "Ripple Defendants") in the United States District Court for the Southern District of New York ("S.D.N.Y."), alleging that the Ripple Defendants had conducted unregistered securities offerings by selling XRP in violation of Section 5 of the Securities Act of 1933. Section 5 of the Securities Act prohibits the offer or sale of a "security" unless a registration statement is in effect or has been filed with the SEC as to such offer and sale. The Ripple Defendants did not dispute that they had offered and sold XRP through interstate commerce without filing a registration statement with the SEC. Accordingly, the central question before the S.D.N.Y. was whether the Ripple Defendants' offers and sales of XRP constituted the offer or sale of a security.

On July 13, 2023, the S.D.N.Y. issued a landmark decision distinguishing between the XRP token itself and the manner in which it was sold. The court rejected the SEC's argument that XRP was inherently a security, instead holding that XRP is not, in and of itself, a security. The court found that Ripple's direct sales of XRP to certain sophisticated individuals and entities pursuant to written contracts did constitute unregistered offers and sales of securities in violation of Section 5 of the Securities Act. However, the court also found that Ripple's programmatic sales of XRP on digital asset trading platforms in the secondary market did not constitute unregistered sales of securities. Similarly, distributions of XRP to employees as compensation or to third parties to incentivize development on the XRP Ledger were not found to be unregistered sales of securities.

Following these rulings, the S.D.N.Y. entered a final judgment in the case on August 7, 2024. The SEC subsequently filed a notice of appeal to the United States Court of Appeals for the Second Circuit (the "Second Circuit") on October 2, 2024, seeking review of the final judgment.

In August 2025, Ripple and the SEC reached a settlement, bringing the litigation to a close. Under the terms of the settlement, Ripple agreed to pay a $125 million civil penalty in connection with its unregistered institutional sales of XRP. Both parties filed a joint stipulation to dismiss their respective appeals in the Second Circuit, and each party agreed to bear its own legal costs. The settlement also includes compliance measures restricting Ripple's future institutional sales and requiring adherence to applicable regulatory guidelines. The resolution of the case provides regulatory clarity that XRP, when sold on public exchanges in secondary market transactions, is not considered a security under U.S. law, while direct institutional sales remain subject to securities regulations. This outcome is widely viewed as a significant development for Ripple, XRP, and the broader digital asset industry, as it establishes important legal distinctions regarding the classification and sale of digital assets in the United States.

If XRP is found by a court or other regulatory body to be a security, the Trust could be considered an unregistered "investment company" under the Investment Company Act of 1940, which could necessitate the Trust's liquidation under the terms of the Trust Agreement. Furthermore, the Trust could be considered to be engaged in a distribution (i.e., a public offering) of unregistered securities in violation of Section 5 of the Securities Act, which could impose significant civil and criminal liability on the Trust. There is no guarantee that a court of regulatory body will agree with the Trust's assessment of XRP as a non-security.

To the extent that XRP is deemed to fall within the definition of a security under U.S. federal securities laws, the Trust and the Sponsor may be subject to additional requirements under the Investment Company Act and the Advisers Act. The Sponsor or the Trust may be required to register as an investment adviser under the Advisers Act. Such additional registration may result in extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders.

**Risk Factors Related to the XRP Ledger and XRP**

***Many digital assets, including XRP, were only introduced within the past decade, and the medium-to-long-term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.***

Many digital assets, including XRP, were only introduced within the past decade, and the medium-to-long-term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies, such as the recentness of their development; their dependence on the internet and other technologies; their dependence on the role played by users, developers and validators; and the potential for malicious activity. For example, the realization of one or more of the following risks could materially adversely affect the value of the Shares:

● Digital asset networks, including networks and networks utilizing the XRP Ledger, and the software used to operate them are in the early stages of development. Given the recentness of the development of digital asset networks, digital assets may not function as intended and parties may be unwilling to use digital assets, which would dampen the growth, if any, of digital asset networks. Because XRP is a digital asset, the value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of digital assets, including the fact that digital assets are bearer instruments and loss, theft, compromise, or destruction of the associated private keys could result in permanent loss of the asset.

● Digital asset networks are dependent upon the internet. A disruption of the internet or a digital asset network, such as the XRP Ledger, would affect the ability to transfer digital assets, including XRP, and, consequently, a disruption may impact their value.

● Although unlikely, the acceptance of software patches or upgrades by a significant, but not overwhelming, percentage of the users and validators in a digital asset network, such as the XRP Ledger, could theoretically result in a "fork" in such network's blockchain, including the XRP Ledger, resulting in the operation of multiple separate networks.

● Governance of the XRP Ledger is by voluntary consensus. As a result, there may be a lack of consensus or clarity on the governance of the XRP Ledger, which may stymie the XRP Ledger's utility and ability to grow and face challenges. In particular, it may be difficult to find solutions or marshal sufficient effort to overcome any future problems on the XRP Ledger, especially long-term problems.

● Unlike many other blockchain networks, validators on the XRP Ledger are not directly compensated for their participation in the consensus process. Running a validator on the XRP Ledger is generally considered a voluntary contribution to the health and decentralization of the network. Participants run validators for reasons other than direct financial gain, such as supporting the network's decentralization, ensuring its security, or for reputational benefits within the XRP community. However, because there is no financial incentive for entities or individuals to maintain validators, there is no guarantee that such entities or individuals will continue to run validators. To the extent that a significant number of entities or individuals stop running validators, there would be serious negative consequences to the XRP Ledger's functionality, security and overall existence.

● Many digital asset networks, including the XRP Ledger (although it is better positioned than most), face significant scaling challenges and are being upgraded with various features designed to increase the speed of digital asset transactions and the number of transactions that can be processed in a given period (known as "throughput"). These attempts to increase the volume of transactions may not be effective, and such upgrades may fail, resulting in potentially irreparable damage to the XRP Ledger and the price of XRP.

● In the past, flaws in the source code for digital assets have been exposed and exploited, including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets.

Moreover, because digital assets, including XRP, have been in existence for a relatively short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this Prospectus.

***Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.***

Beginning in the fourth quarter of 2021 and continuing to date, digital asset prices have fluctuated widely. This has led to volatility and disruption in the digital asset markets and financial difficulties for several prominent industry participants, including digital asset trading platforms, hedge funds and lending platforms. For example, in the first half of 2022, digital asset lenders Celsius Network LLC and Voyager Digital Ltd. and digital asset hedge fund Three Arrows Capital each declared bankruptcy, and the stablecoin TerraUSD collapsed. These events caused a loss of confidence in participants in the digital asset ecosystem, negative publicity surrounding digital assets more broadly and market-wide declines in digital asset trading prices and liquidity.

The decline in liquidity has been particularly acute, as evidenced by a significant reduction in trading volumes, wider bid-ask spreads, and diminished market depth across major digital asset exchanges. During periods of market stress, such as the collapse of TerraUSD and the bankruptcy of FTX in November 2022, liquidity in digital asset markets evaporated rapidly, making it difficult for market participants to execute trades without causing substantial price movements. This illiquidity was further exacerbated by the withdrawal of key market makers and liquidity providers, as well as the exit or insolvency of several large trading platforms and lending institutions. As a result, even flagship digital assets experienced sharp price swings and increased slippage, while less liquid tokens became effectively untradeable for extended periods. Academic and industry research has confirmed that liquidity shocks in one digital asset can quickly spill over to others, amplifying systemic risk and contributing to broader market instability.

Thereafter, in November 2022, FTX, the third largest digital asset trading platform by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency. Shortly thereafter, FTX's CEO resigned and FTX and numerous affiliates of FTX filed for bankruptcy. The U.S. Department of Justice subsequently brought criminal charges, including charges of fraud, violations of federal securities laws, money laundering, and campaign finance offenses, against FTX's former CEO and others. In November 2023, FTX's former CEO was convicted of fraud and money laundering. Similar charges related to violations of anti-money laundering laws were brought in November 2023 against Binance and its former CEO. FTX is also under investigation by the SEC, the Justice Department, and the Commodity Futures Trading Commission, as well as by various regulatory authorities in the Bahamas, Europe and other jurisdictions. In response to these events, the digital asset markets have experienced extreme price volatility and declines in liquidity, and regulatory and enforcement scrutiny has increased, including from the DOJ, the SEC, the CFTC, the White House and Congress. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX's bankruptcy filing, such as BlockFi Inc. and Genesis Global Capital, LLC. The SEC also brought charges against Genesis Global Capital, LLC and Gemini Trust Company, LLC on January 12, 2023 for their alleged unregistered offer and sale of securities to retail investors. In October 2023, the New York Attorney General brought charges against Gemini, Genesis Global Capital and numerous affiliates of Genesis Global Capital, and Digital Currency Group alleging violations of law relating to the Gemini Earn program. In May 2024, the Bankruptcy Court of the Southern District of New York approved a settlement of the charges with the Genesis entities.

These events resulted in calls for heightened scrutiny and regulation of the digital asset industry, with a specific focus on digital asset trading platforms, and custodians. In June 2023, the SEC brought charges against Binance (the "Binance Complaint") and Coinbase (the "Coinbase Complaint"), two of the largest digital asset trading platforms, alleging that they solicited U.S. investors to buy, sell, and trade "crypto asset securities" through their unregistered trading platforms and operated unregistered securities exchanges, brokerages and clearing agencies. Binance subsequently announced that it would be suspending USD deposits and withdrawals on Binance. US and that it plans to delist its USD trading pairs. In addition, in November 2023, the SEC brought similar charges against Kraken (the "Kraken Complaint"), alleging that it operated as an unregistered securities exchange, brokerage and clearing agency. In each of the Binance Complaint, Coinbase Complaint and Kraken Complaint, the SEC initially alleged that Solana was a security. However, in July 2024, the SEC amended the Binance Complaint to remove its assertion that Solana was a security. The Binance Complaint, the Coinbase Complaint and the Kraken Complaint have led, and may in the future lead, to further volatility in digital asset prices and additional reductions in market liquidity, as market participants reassess regulatory risks and withdraw from trading activity.

On January 21, 2025, the SEC's acting Chairman Mark T. Uyeda announced the creation of the "Crypto Task Force." The Crypto Task Force was to be dedicated to developing a comprehensive and clear regulatory framework for digital assets and was to be led by Commissioner Hester Peirce. Subsequently, Commissioner Peirce announced a list of specific priorities to further that initiative, which included pursuing final rules related to a digital asset's security status, a revised path to registered offerings and listings for digital asset-based investment vehicles, and clarity regarding digital asset custody, lending and staking. In February 2025, March 2025 and May 2025, Coinbase, Kraken and Binance, respectively, each entered into a joint stipulation to dismiss the SEC's lawsuit against them with prejudice.

The U.S. regulatory regime – namely the Federal Reserve Board, U.S. Congress and certain U.S. agencies (e.g., the SEC, the CFTC, FinCEN, the Office of the Comptroller of the Currency, the FDIC and the Federal Bureau of Investigation) as well as the White House have issued reports and releases concerning digital assets, including XRP and digital asset markets. However, the extent and content of any forthcoming laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. It is possible that new laws and increased regulation and regulatory scrutiny may require the Trust to comply with certain regulatory regimes, which could result in new costs for the Trust. The Trust may have to devote increased time and attention to regulatory matters, which could increase costs to the Trust. New laws, regulations and regulatory actions could significantly restrict or eliminate the market for, or uses of, digital assets including XRP, which could have a negative effect on the value of XRP, which in turn would have a negative effect on the value of the Trust's Shares.

These events are continuing to develop at a rapid pace and it is not possible to predict at this time all of the risks that they may pose to the Sponsor, the Trust, their affiliates and/or the Trust's third-party service providers, or to the digital asset industry as a whole.

Continued disruption and instability in the digital asset markets as these events develop, including further declines in the trading prices and liquidity of XRP, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.

***The value of the Shares relates directly to the price of XRP, which may be highly volatile and subject to fluctuations due to a number of factors.***

*The value of the Shares relates directly to the value of the XRP held by the Trust and fluctuations in the price of XRP could adversely affect the value of the Shares. The market price of XRP may be highly volatile, and subject to a number of factors, including:*

● an increase in the XRP supply that is publicly available for trading;

● manipulative trading activity on digital asset trading platforms, which, in many cases, are largely unregulated or may not be complying with existing regulations;

● the adoption of XRP as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the XRP Ledger;

● forks in the XRP Ledger;

● investors' expectations with respect to interest rates and rates of inflation experienced by fiat currencies or digital assets (including, in particular, XRP);

● consumer preferences and perceptions of XRP specifically and digital assets generally fiat currency withdrawal and deposit policies on digital asset trading platforms;

● the liquidity of digital asset trading platforms and any increase or decrease in trading volume on digital asset trading platforms;

● investment and trading activities of large investors that invest directly or indirectly in XRP;

● a "short squeeze" resulting from speculation on the price of XRP, if aggregate short exposure exceeds the number of Shares available for purchase;

● a final determination that XRP is a security or changes in XRP's status under the federal securities laws;

● monetary policies of governments, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement actions, if any, that restrict the use of XRP as a form of payment or the purchase of XRP on digital asset trading platforms;

● global or regional political, economic or financial conditions, events and situations, such as the novel coronavirus outbreak;

● fees associated with processing an XRP transaction and the speed at which transactions are settled on the XRP Ledger;

● interruptions in service from or closures or failures of major digital asset trading platforms;

● decreased confidence in digital asset trading platforms due to the unregulated nature and lack of transparency surrounding the operations of digital asset trading platforms;

● increased competition from other forms of digital assets or payment services; and

● the Trust's own acquisitions or dispositions of XRP, since there is no limit on the number of XRP that the Trust may acquire.

*In addition, there is no assurance that XRP will maintain its value in the long or intermediate term. In the event that the price of XRP declines, the Sponsor expects the value of the Shares to decline proportionately. The value of XRP as represented by the Index or by the Trust's principal market may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Sponsor believes that momentum pricing of XRP has resulted, and may continue to result, in speculation regarding future appreciation in the price of XRP, inflating and making the price of XRP more volatile. As a result, XRP may be more likely to fluctuate in value due to changing investor confidence, which could impact future appreciation or depreciation in the Index and could adversely affect the value of the Shares.*

#### XRP is a relatively new technological innovation with a limited operating history.
XRP has a relatively limited history of existence and operations. There is a limited established performance record for the price of XRP and, in turn, a limited basis for evaluating an investment in XRP. Although past performance is not necessarily indicative of future results, if XRP had a more established history, such history might (or might not) provide investors with more information on which to evaluate an investment in the Trust.

#### Mathematical or technological advances could undermine the XRP Ledger's consensus mechanism.
The XRP Ledger relies on cryptographic algorithms for various operations, including address generation, transaction verification and smart contract execution. It is possible that mathematical or technological advances, such as the development of quantum computers with significantly more power than computers presently available, could undermine or vitiate the cryptographic consensus mechanism underpinning the XRP blockchain. Quantum computing technology is an emerging phenomenon which, because it is still developing, makes it difficult to predict its ultimate effect on the future value of XRP and other digital assets. However, recent announcements by computer technology companies have suggested that quantum computing technology may be advancing faster than previously anticipated. For example, in February 2025, Microsoft announced its Majorana 1 chip, which is claimed to have the potential to support a one-million-qubit quantum computer. If quantum computing technology is able to advance and significantly increase its capacity relative to the capacity of today's leading quantum computers, it could potentially undermine the viability of many of the cryptographic algorithms used across the world's information technology infrastructure, including the cryptographic algorithms used for digital assets like XRP. If quantum computing is able to advance in that way, there is a risk that quantum computing could result in the cryptography underlying the XRP Ledger becoming ineffective, which, if realized, could compromise the security of the XRP Ledger, or allow a malicious actor to compromise the wallets holding XRP owned by the Trust or others on the XRP Ledger, which would result in losses to Shareholders. While various actors in the XRP community are taking steps to enable the uses of cryptographic algorithms that would be resistant to advanced quantum computers, there is no guarantee that new quantum-proof architectures will be built and appropriate transitions will be implemented across the network at scale in a timely manner; any such changes could require the achievement of broad consensus within the XRP Ledger community and a fork (or multiple forks), and there can be no assurance that such consensus would be achieved or the changes implemented successfully. If any of the foregoing were to occur, it could result in losses to Shareholders. Moreover, normal operations and functionality of the XRP Ledger may be negatively affected. Such losses of functionality could lead to the XRP Ledger losing attractiveness to users, nodes, validators, or other stakeholders, thereby dampening demand for XRP. Even if another digital asset other than XRP were affected by similar circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value of the Shares.

***A decline in the adoption of XRP or the XRP Ledger could negatively impact the Trust.***

The Sponsor will not have any strategy relating to the development of XRP and the XRP Ledger. However, a lack of expansion in usage of XRP and the XRP Ledger could adversely affect an investment in Shares.

The further development and acceptance of the XRP Ledger, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance or usage of the XRP Ledger may adversely affect the price of XRP and therefore an investment in the Shares. The further adoption of XRP will require growth of the XRP Ledger. Adoption of XRP will also require an accommodating regulatory environment.

The use of digital assets such as XRP to, among other things, buy and sell goods or services or facilitate cross-border payments is part of a new and rapidly evolving industry that employs digital assets based upon computer-generated mathematical and/or cryptographic protocols. The XRP Ledger is a prominent, but not unique, part of this industry. The growth of this industry is subject to a high degree of uncertainty, as new assets and technological innovations continue to develop and evolve.

Today, speculators make up a significant portion of users of XRP and other cryptocurrencies. Certain merchants and major retail and commercial businesses have only recently begun accepting XRP and the XRP Ledger as a means of payment for goods and services. Speculation may contribute to outsized price volatility, which in turn can make XRP less attractive to merchants and commercial parties as a means of payment. A lack of expansion by XRP into retail and commercial markets or a contraction of such use may result in a reduction in the price of XRP, which could adversely affect an investment in the Trust.

In addition, there is no assurance that XRP will maintain its value over the long term. The price of XRP is subject to risks related to its usage. Even if growth in XRP Ledger adoption occurs in the near or medium term, there is no assurance that XRP usage will continue to grow over the long term. A contraction in use of XRP may result in increased volatility or a reduction in the price of XRP, which would adversely impact the value of the Shares.

#### The fixed supply of XRP may negatively impact the operation of the XRP Ledger.
*Unlike other digital assets such as bitcoin or ether, XRP is not and was not mined gradually over time. Instead, all 100 billion XRP tokens were created at the time of the XRP Ledger's launch in 2012. This means that every XRP token that exists today, or will ever exist, was generated from the outset of the XRP Ledger. As a result, there is no ability for the supply of XRP to be adjusted in response to economic conditions. For instance, there is no ability for the supply of XRP to be increased to meet rising demand, which could lead to price volatility. In addition, unlike blockchains that utilize "proof-of-work" or "proof-of-stake" where miners or stakers are rewarded with newly minted coins or tokens, XRP validators are not incentivized by block rewards since there is no new issuance of XRP.* 

*Additionally, the fixed supply of XRP, combined with the burning of XRP (permanently destroyed) as transaction fees, could create deflationary pressure over time. A small amount of XRP is burned with every transaction to prevent spam on the network. While the amount of XRP burned per transaction is minuscule, over time, the total supply of XRP will slowly decrease. This could lead to a deflationary environment where the decreasing supply drives up the price of XRP, making it less practical as a medium of exchange. Additionally, as the total supply of XRP slowly shrinks due to burning, liquidity could become an issue in the distant future, potentially making it harder for businesses and users to access sufficient XRP for their transactions or for the Trust to operate.*

*The fixed supply of XRP could also contribute to price volatility, especially if demand fluctuates significantly. Since the supply of XRP is fixed, any significant surge in demand can result in large price spikes. For example, during periods of high market activity or speculation, the price of XRP could rapidly increase due to the inability to expand supply to match demand. This volatility could make XRP less predictable for businesses that rely on it for payments. Digital assets with a flexible supply, such as stablecoins, can adjust to maintain a stable value. XRP, however, could experience price swings that make it less attractive for everyday transactions or long-term financial planning.*

*The fixed supply of XRP may also not scale well with rapidly expanding use cases. As more businesses, financial institutions, and payment providers adopt XRP for cross-border transactions and other use cases, there is a risk that the fixed supply may not meet the growing demand, leading to supply shortages and further price volatility. In the case of massive adoption, the scarcity of XRP could raise its value too much, making it less appealing for day-to-day transactions or use as a liquidity bridge in cross-border payments, as businesses might prefer a more stable and widely available currency.*

#### The significant holdings of XRP by Ripple Labs and other early stakeholders could have an adverse effect on the market price of XRP.
Ripple Labs holds a large portion of the XRP supply, which has led to concerns about centralization. Despite escrow mechanisms that gradually release XRP into the market, Ripple Labs still retains control over a significant portion of XRP, which can impact market dynamics if large amounts are sold. The concentration of XRP in the hands of Ripple Labs and early stakeholders has sometimes led to perceptions of centralization, which could affect the market's confidence in XRP as a decentralized asset. It is believed, although there is no official confirmation, that Ripple Labs' early founders, including Chris Larsen and Jed McCaleb, continue to possess large quantities of XRP. This level of ownership may allow them to exert considerable influence over the governance of the system. Furthermore, if wallets believed to belong to these individuals or other initial XRP holders are seen selling tokens, it could adversely affect XRP's market price.

***Competition from other consortia or private blockchains, could have a negative impact on the price of XRP and adversely affect an investment in the Shares.***

*Many consortia and financial institutions that are potential XRP users are researching and investing resources into private or permissioned blockchain platforms that could compete with XRP to facilitate cross-currency transactions. Such initiatives, which include J.P. Morgan's Onyx and Consensys' Quorum, offer financial payment networks and have partnered with many financial institutions. However, unlike the XRP Ledger, these platforms do not necessarily require a native digital currency like XRP. In evaluating competing distributed ledger technologies, financial institutions may prefer permissioned blockchains without digital currencies over the XRP Ledger and XRP in the future. If financial institutions choose to use permissioned blockchains without digital currencies, the price of XRP may be negatively affected, which would adversely affect an investment in the Shares.*

***Any name change and any associated rebranding initiative may not be favorably received by the digital asset community, which could negatively impact the price of XRP and the value of the Shares.***

From time to time, digital assets may undergo name changes and associated rebranding initiatives. For example, Bitcoin Cash may sometimes be referred to as Bitcoin ABC in an effort to differentiate itself from any Bitcoin Cash hard forks, such as Bitcoin Satoshi's Vision, and in the third quarter of 2018, the team behind ZEN rebranded and changed the name of ZenCash to "Horizen." The Sponsor cannot predict the impact of any name change and any associated rebranding initiative on XRP. After a name change and an associated rebranding initiative, a digital asset may not be able to achieve or maintain brand-name recognition or status that is comparable to the recognition or status previously enjoyed by such digital asset. The failure of any name change and any associated rebranding initiative by a digital asset may result in such digital asset not realizing some or all of the anticipated benefits contemplated by the name change and associated rebranding initiative, and could negatively impact the price of XRP and the value of the Shares.

***The Trust will not directly or indirectly participate in any staking program, and accordingly the Shareholders will not receive any staking rewards or other income.***

*The XRP Ledger does not use proof-of-stake validation. Accordingly, neither the Trust, nor the Sponsor, nor the XRP Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust's XRP becomes subject to proof-of-stake validation or is used to earn additional XRP or generate rewards or other income. Accordingly, the Trust may underperform other pooled investment vehicles that may participate in staking. Investors who seek to participate in staking rewards should consider other investment options.*

***The loss or destruction of a private key required to access XRP may be irreversible. The XRP Custodian's loss of access to a private key associated with the Trust's XRP could adversely affect an investment in the Shares.***

Transfers of XRP among users are accomplished via XRP transactions (i.e., sending XRP from one user to another). The creation of an XRP transaction requires the use of a unique numerical code known as a "private key." In the absence of the correct private key corresponding to a holder's particular XRP, the XRP is inaccessible. The custody of the Trust's XRP is handled by the XRP Custodian, and the transfer of XRP to and from Authorized Participants is directed by the Sponsor. The Sponsor has evaluated the procedures and internal controls of the Trust's XRP Custodian to safeguard the Trust's XRP holdings. If the XRP Custodian's internal procedures and controls are inadequate to safeguard the Trust's XRP holdings, and the Trust's private key(s) is(are) lost, destroyed or otherwise compromised and no backup of the private key(s) is(are) accessible, the Trust will be unable to access its XRP, which could adversely affect an investment in the Shares. In addition, if the Trust's private key(s) is(are) misappropriated and the Trust's XRP holdings are stolen, the Trust could lose some or all of its XRP holdings, which could adversely impact an investment in the Shares.

***New competing digital assets may result in a reduction in demand for XRP, which could have a negative impact on the price of XRP and may have a negative impact on the performance of the Trust.***

XRP faces significant competition from other digital assets, as well as from other technologies or payment forms, such as SWIFT, ACH, remittance networks, credit cards and cash. There is no guarantee that XRP will become a dominant form of cross-border payments, store of value or method of exchange.

***Competition from central bank digital currencies ("CBDCs") and emerging payments initiatives involving financial institutions could adversely affect the price of XRP and other digital assets.***

Central banks in various countries have introduced digital forms of legal tender ("CBDCs"). China's CBDC project, known as Digital Currency Electronic Payment, has reportedly been tested in a live pilot program conducted in multiple cities in China. Central banks representing at least 130 countries have published retail or wholesale CBDC work ranging from research to pilot projects. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replace, XRP and other cryptocurrencies as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number of initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments and settlement activities, which could compete with, or reduce the demand for, XRP. As a result of any of the foregoing factors, the price of XRP could decrease, which could adversely affect an investment in the Trust.

#### The price of XRP may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory treatment.
*While the Trust does not invest in and will not hold stablecoins, it may nonetheless be exposed to risks that stablecoins pose for the XRP market and other digital asset markets. Stablecoins are digital assets designed to have a stable value over time as compared to typically volatile digital assets, and are typically marketed as being pegged to a fiat currency, such as the U.S. dollar, at a certain value. Although the prices of stablecoins are intended to be stable, their market value may fluctuate. This volatility has in the past apparently impacted the price of XRP. Stablecoins are a relatively new phenomenon and it is impossible to know all of the risks that they could pose to participants in the XRP market. In addition, some have argued that some stablecoins, particularly Tether, are improperly issued without sufficient backing in a way that, when the stablecoin is used to pay for XRP, could cause artificial rather than genuine demand for XRP, artificially inflating the price of XRP, and also argue that those associated with certain stablecoins may be involved in laundering money. On February 17, 2021, the New York Attorney General entered into an agreement with Tether's operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding the assets backing Tether. On October 15, 2021, the CFTC announced a settlement with Tether's operators in which they agreed to pay $42.5 million in fines to settle charges that, among others, Tether's claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in circulation with the "equivalent amount of corresponding fiat currency" held by Tether were untrue.*

*Bitfinex also agreed to pay the CFTC a $1.5 million fine to settle charges that Bitfinex offered off-exchange leveraged, margined, or financed transactions involving cryptocurrencies, including Solana, with U.S. customers who were not eligible contract participants and accepted funds (including in the form of Tether stablecoins) and orders in connection with such illegal off-exchange transactions, triggering an obligation to register with the CFTC, which the CFTC order asserts it violated. The CFTC previously fined Bitfinex in 2016 on similar charges.*

*USDC is a reserve-backed stablecoin issued by Circle Internet Financial that is commonly used as a method of payment in digital asset markets, including the XRP market. While USDC is designed to maintain a stable value at US $1.00 at all times, on March 10, 2023, the value of USDC fell below US $1.00 for multiple days after Circle Internet Financial disclosed that US $3.3 billion of the USDC reserves were held at Silicon Valley Bank, which had entered FDIC receivership earlier that day. Stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins, and therefore could adversely affect the value of the Shares.* 

*Given the foundational role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market, including the market for XRP. Because a large portion of the digital asset market still depends on stablecoins such as Tether and USDC, there is a risk that a disorderly de-pegging or a run on Tether or USDC could lead to dramatic market volatility in digital assets more broadly. Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins or potential manipulative activity when unbacked stablecoins are used to pay for other digital assets (including XRP), or regulatory concerns about stablecoin issuers or intermediaries, such as exchanges, that support stablecoins, could impact individuals' willingness to trade on trading venues that rely on stablecoins, reduce liquidity in the XRP market, and affect the price of XRP, and in turn impact an investment in the Shares.*

***The trading prices of many digital assets, including XRP, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading price of XRP, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.***

*The trading prices of many digital assets, including XRP, have experienced extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including XRP, over the course of 2017, followed by steep drawdowns throughout 2018 in digital asset trading prices, including XRP. These drawdowns notwithstanding, digital asset prices, including XRP, increased significantly again during 2019, decreased significantly again in the first quarter of 2020 amidst broader market declines as a result of the novel coronavirus outbreak, and increased significantly again over the remainder of 2020 and the first quarter of 2021. Digital asset prices, including XRP, continued to experience significant and sudden changes throughout 2021 followed by steep drawdowns in the fourth quarter of 2021. Digital assets, including XRP, continued to see steep drawdowns in 2022, and digital asset prices, including XRP, have continued to fluctuate through 2023, 2024, and to date in 2025. XRP has exhibited a historical annualized volatility of [__]% and maximum annual price decrease of [__]%.*

*Extreme volatility in the future, including further declines in the trading price of XRP, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Furthermore, negative perception and a lack of stability and standardized regulation in the digital asset economy may reduce confidence in the digital asset economy and may result in greater volatility in the price of XRP and other digital assets, including a depreciation in value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of XRP.*

***Validators may cease participating in validating activities because they are provided no direct financial incentive to participate or because certain jurisdictions may limit or otherwise regulate validating activities, which could negatively impact the value of XRP and the value of the Shares.***

*Unlike many other blockchain networks, validators on the XRP Ledger are not directly compensated for their participation in the consensus process. Running a validator on the XRP Ledger is generally considered a voluntary contribution to the health and decentralization of the network. Participants run validators for reasons other than direct financial gain, such as supporting the network's decentralization, ensuring its security, or for reputational benefits within the XRP community. However, because there is no financial incentive for entities or individuals to maintain validators, there is no guarantee that such entities or individuals will continue to do so. Additionally, entities or individuals running validators in certain jurisdictions may be limited or prohibited from continuing these activities as a result of regulation or governmental decree.* 

*Validators ceasing operations or participation in the consensus mechanism would make the XRP Ledger more vulnerable to malicious actors obtaining sufficient control to alter the blockchain and hinder transactions. Any reduction in confidence in the confirmation process and security of the XRP Ledger may adversely affect the Trust's investments in XRP. To the extent that a significant number of entities or individuals stop running validators, there would be serious negative consequences to the XRP Ledger's functionality, security and overall existence.*

***If the XRP Ledger is used to facilitate illicit activities or evade sanctions, businesses that facilitate transactions in XRP could be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of XRP and the value of the Shares.***

Digital asset networks have in the past been, and may continue to be, used to facilitate illicit activities. If the XRP Ledger is used to facilitate illicit activities or evade sanctions, businesses that facilitate transactions in XRP could be at increased risk of potential criminal or civil lawsuits, or of having banking or other services cut off, and XRP could be removed from digital asset trading platforms as a result of these concerns. Other service providers of such businesses may also cut off services if there is a concern that the XRP Ledger is being used to facilitate crime. Any of the aforementioned occurrences could increase regulatory scrutiny of the XRP Ledger and/or adversely affect the price of XRP, the attractiveness of the XRP Ledger and an investment in the Shares of the Trust.

The Trust and the Sponsor, acting on behalf of the Trust, directly interact with parties that are themselves subject to AML program requirements under the Bank Secrecy Act or similar laws.

The Authorized Participants are registered broker-dealers or financial institutions exempt from broker-dealer registration and therefore are subject to AML and countering the financing of terrorism obligations under the Bank Secrecy Act as administered by FinCEN and further overseen by the SEC and FINRA. In accordance with its regulatory obligations, the Authorized Participants conduct customer due diligence.

When the Trust and the Sponsor, acting on behalf of the Trust, buy, sell or deliver, as applicable, XRP, they transact directly with financial institution counterparties that are subject to U.S. federal and/or state licensing requirements or similar laws in non-U.S. jurisdictions and maintain practices and policies designed to comply with AML and KYC regulations or similar laws in non-U.S. jurisdictions. The Trust will not hold any XRP except those that have been delivered by the Trust's XRP trading counterparties in connection with creation requests.

If the Sponsor, the Trust, or an Authorized Participant were nevertheless to transact with such a sanctioned entity, the Sponsor, the Trust, and such Authorized Participant would be at increased risk of potential criminal or civil lawsuits.

#### A temporary or permanent "fork" of the XRP Ledger could adversely affect the value of the Shares.
A fork in the XRP Ledger could adversely affect the value of the Shares or the ability of the Trust to operate. A hard fork could also adversely affect the price of XRP at the time of announcement or adoption, or subsequently. For example, the announcement of a hard fork could lead to increased demand for the pre-fork digital asset, in anticipation that ownership of the pre-fork digital asset would entitle holders to a new digital asset following the fork. The increased demand for the pre-fork digital asset may cause the price of the digital asset to rise. After the hard fork, it is possible the aggregate price of the two versions of the digital asset running in parallel would be less than the price of the digital asset immediately prior to the fork. If the hard fork caused operational problems for either post-fork network or blockchain, the digital assets associated with the affected network could lose some or all of their value. Furthermore, while the Sponsor will, as permitted by the terms of the Trust Agreement, determine which network is generally accepted as the XRP Ledger and should therefore be considered the appropriate network for the Trust's purposes, there is no guarantee that the Sponsor will choose the network and the associated digital asset that would ultimately end up as the most valuable fork. Any of these events could therefore adversely impact the value of the Shares.

Forks may also occur as a network community's response to a significant security breach. For example, in July 2016, Ethereum "forked" into Ethereum and a new digital asset, Ethereum Classic, as a result of the XRP Ledger community's response to a significant security breach. In June 2016, an anonymous hacker exploited a smart contract running on the Ethereum blockchain to syphon approximately $60 million of ether held by The DAO, a distributed autonomous organization, into a segregated account. In response to the hack, most participants in the Ethereum community elected to adopt a "fork" that effectively reversed the hack. However, a minority of users continued to develop the original blockchain, referred to as "Ethereum Classic," with the digital asset on that blockchain now referred to as "ETC." ETC now trades on several digital asset exchanges. A fork may also occur as a result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible software that users run. Such a fork could lead to users and validators abandoning the digital asset and associated network with the flawed software. It is possible, however, that a substantial number of users and validators could adopt an incompatible version of the digital asset while resisting community-led efforts to merge the two chains. This could result in a permanent fork, as in the case of Ethereum and Ethereum Classic.

Furthermore, a hard fork can lead to new security concerns. For example, when the Ethereum and Ethereum Classic networks split in July 2016, replay attacks, in which transactions from one network were rebroadcast to nefarious effect on the other network, plagued Ethereum trading platforms through at least October 2016. An Ethereum trading platform announced in July 2016 that it had lost 40,000 Ethereum Classic, worth about $100,000 at that time, as a result of replay attacks. Similar replay attack concerns occurred in connection with the Bitcoin Cash and Bitcoin Satoshi's Vision networks split in November 2018. Another possible result of a hard fork is an inherent decrease in the level of security due to a fracturing of the network. After a hard fork, it may become easier for an individual validator or validating pool's power to exceed 50% of the validating power of a digital asset network that retained or attracted less validating power, making it more susceptible to attack.

Protocols may also be cloned. Unlike a fork, which modifies an existing blockchain and results in two competing networks, each with the same genesis block, a "clone" is a copy of a protocol's codebase but results in an entirely new blockchain and new genesis block. Tokens are created solely from the new "clone" network and, in contrast to forks, holders of tokens of the existing network that was cloned do not receive any tokens of the new network. A "clone" results in a competing network that has characteristics substantially similar to the network it was based on, subject to any changes as determined by the developer(s) that initiated the clone. A clone may also adversely affect the price of XRP at the time of announcement or adoption or subsequently. For example, on November 6, 2016, Rhett Creighton, a Zcash developer, cloned the Zcash Network to launch Zclassic, a substantially identical version of the Zcash Network that eliminated the Founders' Reward. Following the date the first Zclassic block was mined, the price of ZEC fell from $504.57 on November 5, 2016 to $236.01 on November 7, 2016 in the midst of a broader sell-off of ZEC beginning immediately after the Zcash Network launch on October 28, 2016.

In addition to forks, a digital asset may become subject to a similar occurrence known as an "airdrop." In an airdrop, the promoters of a new digital asset announce to holders of another digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. For example, in March 2017 the promoters of Stellar Lumens announced that anyone that owned bitcoin as of June 26, 2017, could claim, until August 27, 2017, a certain amount of Stellar Lumens. Airdrops could create operational, security, legal or regulatory, or other risks for the Trust, the Sponsor, the XRP Custodian, Authorized Participants, or other entities.

***In the event of a hard fork of the XRP Ledger, the Sponsor will, pursuant to the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust's purposes, and in doing so may adversely affect the value of the Shares.***

In the highly unlikely event of a hard fork of the XRP Ledger, the Sponsor will use its discretion to determine, promptly and in good faith, which digital asset network, among a group of incompatible forks of the XRP Ledger, is generally accepted as the XRP Ledger and should therefore be considered the appropriate network for the Trust's purposes. The Sponsor will base its determination on a variety of then-relevant factors, including, but not limited to, the Sponsor's beliefs regarding expectations of the core developers of XRP, users, services, businesses, validators and other constituencies, as well as the actual continued acceptance of, and validator and community engagement with, the XRP Ledger, along with market capitalization and trading activity. There is no guarantee that the Sponsor will choose the cryptocurrency that is ultimately the most valuable fork, and the Sponsor's decision may adversely affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders, the XRP Custodian, security vendors and the Benchmark Administrator on what is generally accepted as XRP and should therefore be considered "XRP" for the Trust's purposes, which may also adversely affect the value of the Shares as a result.

***In the event of a hard fork of the XRP Ledger, the XRP Custodian's operations may be interrupted or subject to additional security risks that could disrupt the Trust's ability to process creations and redemptions of Shares or otherwise threaten the security of the Trust's XRP holdings.***

In the event of a hard fork of the XRP Ledger, the XRP Custodian may temporarily halt the ability of customers (including the Trust) to deposit, withdraw or transfer XRP on the XRP Custodian's platform. Such a delay may be intended to permit the XRP Custodian to assess the resulting versions of the XRP Ledger, to determine how best to securely "split" the XRP from the Forked Asset, and to prevent malicious users from conducting "replay attacks" (*i.e.*, broadcasting transactions on both versions of the forked networks to put XRP Custodian assets at risk). As a result, the Trust is likely to suspend creations and redemptions during a period in which the XRP Custodian's operations are halted.

In addition, any losses experienced by the XRP Custodian due to a hard fork, including due to replay attacks or technological errors in assessing the fork, could have a materially adverse impact on an investment in the Shares.

#### Shareholders may not receive the benefits of any forks or "airdrops."
In addition to forks, a digital asset, including XRP, may become subject to a similar occurrence known as an "airdrop." In an airdrop, the promoters of a new digital asset announce to holders of another digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. Such airdrops are not uncommon on the XRP Ledger. Airdrops may be conducted by sending a token to the holders of set amounts of XRP or to particular public addresses on the XRP Ledger. Airdrops may involve a user being entitled to claim tokens on a decentralized application, second-layer network or entirely separate digital asset network. A user entitled to receive airdrops may be required to take little or significant actions in order to receive such airdropped tokens. Shareholders may not receive the benefits of any forks; the Trust may not choose, or be able, to participate in an airdrop; and the timing of receiving any benefits from a fork, airdrop or similar event is uncertain.

A right to receive any such benefit of a fork or airdrop is referred to as an "Incidental Right" and any digital asset acquired through an Incidental Right is known as an "IR Asset." Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets. Such assets are not considered assets of the Trust at any point in time and will not be taken into account for purposes of determining the Trust's NAV and the NAV per Share.

Pursuant to the Trust Agreement, to the extent that the Trust involuntarily receives such assets in a Trust wallet, it will, as soon as practicable and, if possible, immediately, distribute such assets to the Sponsor. Once such assets have been acquired, the Sponsor may take any lawful action necessary or desirable in connection with its acquisition thereof. In the event that the Sponsor decides to sell the Incidental Right(s) and/or IR Asset(s), it will seek to do so for cash. This may be a sale of the Incidental Right(s) and/or IR Asset(s) directly in exchange for cash, or in exchange for another digital asset that may subsequently be exchanged for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to the Depository Trust Company ("DTC") to be distributed to Shareholders in proportion to the number of Shares owned.

Although the Sponsor intends, if possible, to arrange for the sale of any Incidental Right(s) and/or IR Asset(s) it receives from the Trust and subsequently contribute such cash proceeds back to the Trust, it is under no obligation to do so. There are likely to be operational, tax, securities law, regulatory, legal and practical issues that significantly limit, or prevent entirely, the Sponsor's ability to realize a benefit from any such Incidental Right(s) and/or IR Asset(s). The Sponsor may choose to evaluate any such fork, airdrop or similar occurrence on a case-by-case basis in consultation with its legal advisers, tax consultants and custodian. In determining whether to attempt to acquire and/or retain any Incidental Right(s) and/or IR Asset(s), the Sponsor expects to take into consideration whatever factors it deems relevant in its discretion, including, without limitation:

● the availability of a safe and practical way to take custody of the Incidental Right or IR Asset;

● the cost or operational burden of taking possession and/or maintaining ownership of the Incidental Right or IR Asset and whether such cost or burden exceeds the benefits of owning such Incidental Rights or IR Asset or the proceeds that would be realized from a sale thereof;

● whether there are any legal or regulatory restrictions on or risks or consequences arising from, or tax implications with respect to, the acceptance, retention, ownership, sale, transfer, abandonment, distribution or disposal or disposition of the Incidental Right or IR Asset, regardless of whether there is a safe and practical way to take custody of and secure such Incidental Right or IR Asset;

● the existence of a suitable market into which the Incidental Right or IR Asset may be sold; and

● whether claiming, owning, selling, or otherwise taking any action in respect of Incidental Right or IR Asset may create legal or regulatory risks, liability, or burdens of any kind for the Sponsor (including, without limitation, if such Incidental Right or IR Asset is, or may be, a security under federal securities laws or a commodity interest under the Commodity Exchange Act).

The Sponsor is under no obligation to realize any economic benefit from any Incidental Right(s) and/or IR Asset(s) it receives from the Trust. The Sponsor may instead determine, in its sole discretion, to abandon such Incidental Rights or IR Assets permanently and irrevocably for no consideration. Before the Trust claims any Incidental Right(s) and/or IR Asset(s) resulting from a fork or airdrop on the XRP Ledger (other than XRP), the Trust would need to seek and obtain certain regulatory approvals, including an amendment to the Trust's registration statement of which this Prospectus is a part and approval of an application by the Exchange to amend its listing rules.

***If a malicious actor obtains control of more than 80% of the validating nodes on the XRP Ledger, or otherwise obtains control over the XRP Ledger through its influence over trusted validators or otherwise, such actor could manipulate the XRP Ledger, which could adversely affect the value of the Shares or the ability of the Trust to operate.***

All networked systems are vulnerable to various kinds of attacks. As with any computer network, the XRP Ledger contains certain vulnerabilities. The XRP Ledger relies on a decentralized network of validator nodes that agree on the order and validity of transactions. These nodes form the backbone of the consensus process. Each validator node maintains a Unique Node List, which is a list of other validators it trusts. For a malicious actor to take over, they would need to control a significant portion of the validators on the majority of these UNLs. To successfully alter the ledger, the malicious actor would likely need to control more than 80% of the validator nodes or the voting power on the most widely used UNLs.

If the malicious actor cannot control the validator nodes directly, they might attempt to compromise the validators that are already trusted by the network (i.e., those on the commonly used UNLs). This could involve hacking, bribery, deception or coercion.

Compared to other digital asset networks such as the Bitcoin network and Ethereum network, the XRP Ledger relies on a relatively small number of validators, and each validator maintains a UNL that is an even smaller subset of the validators. While this helps maintain a fast and efficient network, it could expose the XRP Ledger to additional vulnerabilities. For example, a malicious actor could attempt a "Sybil" attack whereby it would attempt to gain the trust of existing validators using a large number of fake identities. Such an attack would be difficult to execute because human intervention would be required for the malicious validators to become trusted, but the risk is made greater by the small number validators included on each validator's UNL.

A malicious actor could also conduct an "eclipse attack." In an eclipse attack, a malicious actor could isolate parts of the network so that the malicious actor's nodes can influence the consensus in isolated sections of the network, eventually leading to a split or takeover.

In April 2025, a malware incident was detected in a popular open-source JavaScript library linked to the XRP Ledger. The attack exploited a supply chain weakness, allowing harmful code to be introduced and potentially affecting applications that relied on the compromised library. Although the main XRP Ledger protocol and validator systems remained secure, certain third-party apps using the affected library may have faced risks such as unauthorized data access or operational disruptions. The developer community quickly identified and resolved the issue, and there have been no public reports of significant exploitation. Nevertheless, this event underscores the XRP Ledger's dependence on third-party software components. Similar future vulnerabilities could undermine trust in the XRP Ledger, interfere with connected applications, harm network stability, or otherwise negatively influence the value of the Shares or the Trust's operations.

#### The digital asset trading platforms on which XRP trades are relatively new and largely unregulated or may not be complying with existing regulations.
Digital asset markets, including spot markets for XRP, are growing rapidly. The digital asset trading platforms through which XRP and other digital assets trade are new and largely unregulated or may not be complying with existing regulations. These markets are local, national and international and include a broadening range of digital assets and participants. Significant trading may occur on systems and platforms with minimum predictability. Spot markets may impose daily, weekly, monthly or customer-specific transaction or withdrawal limits or suspend withdrawals entirely, rendering the exchange of XRP for fiat currency difficult or impossible. Participation in spot markets requires users to take on credit risk by transferring XRP from a personal account to a third party's account.

Digital asset trading platforms do not appear to be subject to, or may not comply with, regulation in a manner similar to other regulated trading platforms, such as national securities exchanges or designated contract markets. Many digital asset trading platforms are unlicensed, are unregulated, operate without extensive supervision by governmental authorities, and do not provide the public with significant information regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions. Digital asset trading platforms may be out of compliance with existing regulations.

As a result, trading activity on or reported by these digital asset trading platforms is generally significantly less regulated than trading in regulated U.S. securities and commodities markets and may reflect behavior that would be prohibited in regulated U.S. trading venues. Furthermore, many digital asset trading platforms lack certain safeguards put in place by more traditional exchanges to enhance the stability of trading on the platform and prevent flash crashes, such as limit-down circuit breakers. As a result, the prices of digital assets such as XRP on digital asset trading platforms may be subject to larger and/or more frequent sudden declines than assets traded on more traditional exchanges. Tools to detect and deter fraudulent or manipulative trading activities (such as market manipulation, front-running of trades, and wash-trading) may not be available to or employed by digital asset trading platforms or may not exist at all. Consequently, the marketplace may lose confidence in, or may experience problems relating to, these venues.

No digital asset trading platform on which XRP trades is immune from these risks. The closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in the XRP Ledger and can slow down the mass adoption of XRP. Further, digital asset trading platform failures or the failure of any other major component of the overall XRP ecosystem can have an adverse effect on XRP markets and the price of XRP, and could therefore have a negative impact on the performance of the Trust.

Negative perception, a lack of stability in the digital asset trading platforms, manipulation of XRP trading platforms by customers and/or the closure or temporary shutdown of such trading platforms due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in XRP generally and result in greater volatility in the market price of XRP and the Shares of the Trust. Furthermore, the closure or temporary shutdown of an XRP trading platform may impact the Trust's ability to determine the value of its XRP holdings or for the Trust's Authorized Participants to effectively arbitrage the Trust's Shares.

#### Digital asset trading platforms may be exposed to security breaches.
The nature of the assets held at XRP trading platforms makes them appealing targets for hackers and a number of XRP trading platforms have been victims of cybercrimes. Over the past several years, some digital asset trading platforms have been closed due to security breaches. In many of these instances, the customers of such digital asset trading platforms were not compensated or made whole for the partial or complete losses of their account balances in such digital asset trading platforms. While, generally speaking, smaller digital asset trading platforms are less likely to have the infrastructure and capitalization that make larger digital asset trading platforms more stable, larger digital asset trading platforms are more likely to be appealing targets for hackers and malware. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014, demonstrated that even the largest digital asset trading platforms could be subject to abrupt failure with consequences both for users of digital asset trading platforms and for the digital asset industry as a whole. In particular, in the two weeks that followed the February 7, 2014, halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other exchanges from around $795 on February 6, 2014, to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin had been stolen from its operational or "hot" wallets. Further, in August 2016, it was reported that almost 120,000 bitcoin worth around $78 million were stolen from Bitfinex, a large digital asset exchange. The value of bitcoin and other digital assets immediately decreased by more than 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-e, a now-defunct digital asset exchange, for facilitating crimes such as drug sales and ransomware attacks. In December 2017, Yapian, the operator of Seoul-based cryptocurrency exchange Youbit, suspended digital asset trading and filed for bankruptcy following a hack that resulted in a loss of 17% of Yapian's assets. Following the hack, Youbit users were allowed to withdraw approximately 75% of the digital assets in their exchange accounts, with any potential further distributions to be made following Yapian's pending bankruptcy proceedings. In January 2018, the Japanese digital asset trading platform, Coincheck was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset trading platform Bitgrail was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world's largest digital asset trading platforms, Binance, was hacked, resulting in losses of approximately $40 million.

#### Digital asset trading platforms may be exposed to fraud and market manipulation.
The blockchain infrastructure could be used by certain market participants to exploit arbitrage opportunities through schemes such as front-running, spoofing, pump-and-dump and fraud across different systems, platforms or geographic locations. As a result of reduced oversight, these schemes may be more prevalent in digital asset markets than in the general market for financial products.

The SEC has identified possible sources of fraud and manipulation in the digital asset markets generally, including, among others, (1) "wash trading"; (2) persons with a dominant position in XRP manipulating XRP pricing; (3) hacking of the XRP Ledger and trading platforms; (4) malicious control of the XRP Ledger; (5) trading based on material, nonpublic information (for example, plans of market participants to significantly increase or decrease their holdings in XRP, new sources of demand for XRP, etc.) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," including Tether; and (7) fraud and manipulation at XRP trading platforms.

Over the past several years, a number of digital asset trading platforms have been closed or faced issues due to fraud. In many of these instances, the customers of such digital asset trading platforms were not compensated or made whole for the partial or complete losses of their account balances in such digital asset trading platforms.

In 2019, there were reports claiming that 80.95% of bitcoin trading volume on digital asset trading platforms was false or noneconomic in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports alleged that certain overseas exchanges have displayed suspicious trading activity suggestive of a variety of manipulative or fraudulent practices. Other academics and market observers have put forth evidence to support claims that manipulative trading activity has occurred on certain digital asset exchanges. For example, in a 2017 paper titled "Price Manipulation in the Bitcoin Ecosystem" sponsored by the Interdisciplinary Cyber Research Center at Tel Aviv University, a group of researchers used publicly available trading data, as well as leaked transaction data from a 2014 Mt. Gox security breach, to identify and analyze the impact of "suspicious trading activity" on Mt. Gox between February and November 2013, which, according to the authors, caused the price of bitcoin to increase from around $150 to more than $1,000 over a two-month period. In August 2017, it was reported that a trader or group of traders nicknamed "Spoofy" was placing large orders on Bitfinex without actually executing them, presumably in order to influence other investors into buying or selling by creating a false appearance that greater demand existed in the market. In December 2017, an anonymous blogger (publishing under the pseudonym Bitfinex'd) cited publicly available trading data to support his or her claim that a trading bot nicknamed "Picasso" was pursuing a paint-the-tape-style manipulation strategy by buying and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial trading activity and thereby influence the price of such assets.

In November 2022, FTX, one of the largest digital asset trading platforms by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO. Around the same time, there were reports that approximately $300 million to $600 million of digital assets were removed from FTX. The full facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or other improper behavior. In February 2025, approximately $1.5 billion of ether was stolen from the Dubai-based Bybit exchange. Bybit claims the hack occurred when the company was making a routine transfer of ether from an offline "cold" wallet to a hot wallet, with attacker suspected to be agents of North Korea exploiting security controls to gain control of the assets.

The potential consequences of a digital asset trading platform's failure or failure to prevent market manipulation could adversely affect the value of the Shares. Any market abuse, and a loss of investor confidence in XRP, may adversely impact pricing trends in XRP markets broadly, as well as an investment in Shares of the Trust.

#### Digital asset trading platforms may be exposed to wash trading.
Digital asset trading platforms on which XRP trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic reasons, such as a desire for increased visibility on popular websites that monitor markets for digital assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.

In the United States, there have been allegations of wash trading even on regulated trading venues. Any actual or perceived false trading in the digital asset trading venue market, and any other fraudulent or manipulative acts and practices, could adversely affect the price of XRP and/or negatively affect the market perception of XRP.

To the extent that wash trading either occurs or appears to occur on trading platforms on which XRP trades, investors may develop negative perceptions about XRP and the digital assets industry more broadly, which could adversely impact the price XRP and, therefore, the price of Shares. Wash trading also may place more legitimate digital asset exchanges at a relative competitive disadvantage.

#### Digital asset trading platforms may be exposed to front-running.
Digital asset trading platforms on which XRP trades may be susceptible to "front-running," which refers to the process when someone uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized digital asset trading platforms. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who had introduced these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price while simultaneously exiting the position. Front-running happens via manipulation of gas prices or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of digital asset exchanges and digital assets more generally.

#### Momentum pricing.
The market price of XRP is not based on any kind of claim, nor is it backed by any physical asset. Instead, the market value depends in part on the expectation of being usable in future transactions and continued interest from investors. This strong correlation between an expectation and market value is the basis for the current (and probable future) volatility of the market price of XRP and may increase the likelihood of momentum pricing.

Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, is impacted by appreciation in value. Momentum pricing may result in speculation regarding future appreciation in the value of digital assets, which inflates prices and leads to increased volatility. As a result, XRP may be more likely to fluctuate in value due to changing investor confidence in future appreciation or depreciation in prices, which could adversely affect the price of XRP and, in turn, an investment in the Trust.

The value of XRP as represented by the Index may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing of XRP has previously resulted, and may continue to result, in speculation regarding future appreciation or depreciation in the price of XRP, further contributing to volatility and potentially inflating prices at any given time. These dynamics may impact the value of an investment in Trust.

Some market observers have asserted that in time, the price of XRP will fall to a fraction of its current value, or even to zero. XRP has not been in existence long enough for market participants to assess these predictions with any precision, but if these observers are even partially correct, an investment in the Shares may turn out to be substantially worthless.

***Political or economic crises may motivate large-scale sales of XRP, which could result in a reduction in the price of XRP and adversely affect an investment in the Shares.***

As an alternative to fiat currencies that are backed by central governments, XRP is subject to supply and demand forces based upon the desirability of an alternative, decentralized means of buying and selling goods and services, and it is unclear how such supply and demand will be impacted by geopolitical events. Nevertheless, political or economic crises may motivate large-scale acquisitions or sales of XRP, either globally or locally. Large-scale sales of XRP would result in a reduction in its price and adversely affect an investment in the Shares.

***Ownership of XRP is pseudonymous, and the supply of accessible XRP is unknown. Entities with substantial holdings in XRP may engage in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, which could result in a reduction in the price of XRP and adversely affect an investment in the Shares.***

There is no registry showing which individuals or entities own XRP or the quantity of XRP that is owned by any particular person or entity. It is possible, and in fact, reasonably likely, that a small group of early XRP adopters hold a significant proportion of the XRP that has been created to date. There are no regulations in place that would prevent a large holder of XRP from selling XRP it holds. To the extent such large holders of XRP engage in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, it could result in a reduction in the price of XRP and adversely affect an investment in the Shares.

***Irrevocable nature of blockchain-recorded transactions.***

XRP transactions recorded on the XRP Ledger are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory, control or consent of a majority of the XRP Ledger's aggregate hash rate. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer of XRP or a theft of XRP generally will not be reversible, and the Trust may not be capable of seeking compensation for any such transfer or theft. It is possible that, through computer or human error, or through theft or criminal action, the Trust's XRP could be transferred from custody accounts in incorrect quantities or to unauthorized third parties. To the extent that the Trust is unable to seek a corrective transaction with such third party or is incapable of identifying the third party that has received the Trust's XRP through error or theft, the Trust will be unable to revert or otherwise recover incorrectly transferred XRP. To the extent that the Trust is unable to seek redress for such error or theft, such loss could adversely affect the value of the Shares.

***A disruption of the internet may affect XRP Ledger operations, which may adversely affect the XRP industry and an investment in the Trust.***

The XRP Ledger relies on the internet. A significant disruption of internet connectivity could disrupt the XRP Ledger's functionality until such disruption is resolved. A disruption in the internet could adversely affect an investment in the Trust or the ability of the Trust to operate. In particular, some variants of digital assets have experienced a number of denial-of-service attacks, which have led to temporary delays in block creation and digital asset transfers.

Digital assets are also susceptible to border gateway protocol hijacking ("BGP hijacking"). Such an attack can be a very effective way for an attacker to intercept traffic en route to a legitimate destination. BGP hijacking impacts the way different nodes and validators are connected to one another to isolate portions of them from the remainder of the network, which could lead to a risk of the network allowing double-spending and other security issues. If BGP hijacking occurs on the XRP Ledger, participants may lose faith in the security of XRP, which could affect XRP's value and consequently the value of the Shares.

Any internet failures or internet connectivity-related attacks that impact the ability to transfer XRP could have a material adverse effect on the price of XRP and the value of an investment in the Shares.

***Potential amendments to the XRP Ledger's protocols and software could, if accepted and authorized by the XRP Ledger community, adversely affect an investment in the Trust.***

Development and maintenance of the source code for the XRP Ledger is largely driven by a community of developers and contributors. Ripple Labs is influential, for example, as it employs a team of engineers and developers who contribute significantly to the core codebase of the XRP Ledger. The XRP Ledger Foundation is also influential as it relates to the development and governance of the XRP Ledger. The XRP Ledger Foundation is an independent organization established to support the development and adoption of the XRP Ledger. While Ripple Labs remains a key contributor, the XRP Foundation aims to ensure that the ledger remains open and decentralized, promoting transparency and inclusivity in its governance and development. Being an open-source project, the XRP Ledger also has contributions from independent developers and other entities interested in its success. These community contributors can propose changes, submit pull requests, and report issues on the XRP Ledger's GitHub repository.

Any of these parties can propose amendments to the XRP Ledger's source code that, if accepted by validators and users, could alter the protocols and software of the XRP Ledger and the properties of XRP. These alterations would occur through software upgrades and could potentially include changes to the irreversibility of transactions and limitations on the issuance of new XRP or changes to the XRP supply, which could undermine the appeal and market price of XRP. Alternatively, software upgrades and other changes to the protocols of the XRP Ledger could fail to work as intended or could introduce bugs, coding defects or flaws, or security risks, or they could otherwise adversely affect, the speed, security, usability, or value of the XRP Ledger or XRP. As a result, the XRP Ledger could be subject to changes to its protocols and software in the future that may adversely affect an investment in the Trust.

***Decentralized governance of the XRP Ledger could have a negative impact on the performance of the Trust.***

Governance of decentralized networks, such as the XRP Ledger, is achieved through voluntary consensus and open competition. In other words, the XRP Ledger has no central decision-making body or clear manner in which participants can come to an agreement other than through overwhelming consensus. The lack of clarity on governance may adversely affect XRP's utility and ability to grow and face challenges, both of which may require solutions and directed effort to overcome problems, especially long-term problems. To the extent lack of clarity in corporate governance of the XRP Ledger leads to ineffective decision-making that slows development and growth, the value of the Shares may be adversely affected.

***Double-spending risks.***

The XRP Ledger is designed to be resistant to double-spending risks through its consensus algorithm. The consensus protocol ensures that once a transaction is confirmed by a supermajority of trusted validators, it is immutable and cannot be reversed. This immediate finality is a key defense against double-spending. Additionally, transactions on the XRP Ledger are atomic, meaning they are either fully executed or not executed at all. This prevents any partial completion that could lead to inconsistencies or double-spending. Nonetheless, if the consensus mechanism fails (e.g., due to a significant portion of validators being compromised), conflicting transactions could potentially be validated by different parts of the network. Additionally, if a malicious actor controlled or colluded with a supermajority of validators, they could attempt to manipulate the ledger to allow a double spend. However, this would require controlling or influencing over 80% of the trusted validators on the majority of UNLs (Unique Node Lists), which is considered highly improbable given the decentralized nature of the validators. A highly sophisticated network attack that isolates parts of the network could theoretically lead to inconsistent views of the ledger. However, this would require an advanced and coordinated effort, and even then, the network's design aims to prevent such scenarios from resulting in double-spends.

***Flaws in source code.***

In the past, flaws in the source code for digital asset networks have been exposed and exploited, including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create money in contravention of known network rules have occurred. The cryptography underlying XRP could prove to be flawed or ineffective, or developments in mathematics and/or technology, such as advances in digital computing, algebraic geometry and quantum computing, could make cryptography ineffective. In any of these circumstances, a malicious actor may be able to steal XRP held by others, which could adversely affect the demand for XRP and therefore adversely impact the price of XRP and the value of the Shares. Even if a digital asset other than XRP were affected by similar circumstances, any reduction in confidence in the robustness of the source code or cryptography underlying digital assets generally could negatively affect the demand for all digital assets, including XRP, and therefore adversely affect the value of the Shares.

***Competition from the emergence or growth of other digital assets or methods of investing in XRP could have a negative impact on the price of XRP and adversely affect the value of the Shares.***

As of October 9, 2025, XRP was the fifth largest digital asset by market capitalization as tracked by CoinMarketCap.com. As of October 9, 2025, there were over 8,000 alternative digital assets tracked by CoinMarketCap.com, having a total market capitalization of approximately $4.11 trillion (including the approximately $166.6 billion market cap of XRP), as calculated using market prices and total available supply of each digital asset, excluding tokens pegged to other assets. Many consortiums and financial institutions are also researching and investing resources into private or permissioned smart contracts platforms rather than open platforms like the XRP Ledger. Competition from the emergence or growth of alternative digital assets and smart contracts platforms, such as Solana, Avalanche or Cardano, could have a negative impact on the demand for, and price of, XRP and thereby adversely affect the value of the Shares.

Investors may invest in XRP through means other than the Shares, including through direct investments in XRP and other potential financial vehicles, possibly including securities backed by or linked to XRP and digital asset financial vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Sponsor's control, may make it more attractive to invest in other financial vehicles or to invest in XRP directly, which could limit the market for, and reduce the liquidity of, the Shares. In addition, to the extent digital asset financial vehicles other than the Trust tracking the price of XRP are formed and represent a significant proportion of the demand for XRP, large purchases or redemptions of the securities of these digital asset financial vehicles, or private funds holding XRP, could negatively affect the Index, the Trust's XRP holdings, the price of the Shares, and the NAV of the Trust.

The Trust and the Sponsor face competition with respect to the creation of competing exchange-traded XRP products. If the SEC were to approve many or all of the currently pending applications for such exchange-traded XRP products, many or all of such products, including the Trust, could fail to acquire substantial assets, initially or at all. The Trust's competitors may also charge a substantially lower fee than the Sponsor's Fee in order to achieve initial market acceptance and scale. Accordingly, the Sponsor's competitors may commercialize a competing product more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor's competitive position and the likelihood that the Trust will achieve initial market acceptance, and could have a detrimental effect on the scale and sustainability of the Trust. If the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching and maintaining the Trust and such shortfalls could impact the Sponsor's ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders. The Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a substandard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust's failure to reflect the performance of the price of XRP.

***Congestion or delay in the XRP Ledger may delay purchases or sales of XRP by the Trust.***

Increased transaction volume could result in delays in the recording of transactions due to congestion in the XRP Ledger. Moreover, unforeseen system failures, disruptions in operations, or poor connectivity may also result in delays in the recording of transactions on the XRP Ledger. Any delay in the XRP Ledger could affect an Authorized Participant's ability to buy or sell XRP Ledger at an advantageous price resulting in decreased confidence in the XRP Ledger. Over the longer term, delays in confirming transactions could reduce the attractiveness to merchants and other commercial parties as a means of payment. As a result, the XRP Ledger and the value of the Trust would be adversely affected.

***Anonymity and illicit financing risk.***

Although transaction details of peer-to-peer transactions are recorded on the XRP Ledger, a buyer or seller of digital assets on a peer-to-peer basis directly on the XRP Ledger may never know to whom the public key belongs or the true identity of the party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain of custody of digital assets. The opaque nature of the market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump-and-dump schemes. Digital assets have in the past been used to facilitate illicit activities. If a digital asset were used to facilitate illicit activities, businesses that facilitate transactions in such digital assets could be at increased risk of potential criminal or civil liability or lawsuits, or of having banking or other services cut off, and such digital asset could be removed from digital asset platforms. Any of the aforementioned occurrences could adversely affect the price of the relevant digital asset, the attractiveness of the respective blockchain network and an investment in the Shares. If the Trust or the Sponsor were to transact with a sanctioned entity, the Trust or the Sponsor would be at risk of potential criminal or civil lawsuits or liability. Transacting with a sanctioned entity could also have a material adverse effect on the Trust or the Sponsor's financial condition and operational results.

The Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust's activities. However, illicit financing risks are present in the digital asset markets, including markets for XRP. There can be no assurance that the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust or the Sponsor or their affiliates could face civil or criminal liability, fines, penalties, or other punishments, be subject to investigation, have their assets frozen, lose access to banking services or services provided by other service providers, or suffer disruptions to their operations, any of which could negatively affect the Trust's ability to operate or cause losses in value of the Shares.

While the Sponsor and the Trust are not "financial institutions" within the meaning of the implementing regulations of the Bank Secrecy Act and therefore not required to implement an AML program, the Sponsor and the Trust will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates have engaged in a thorough due diligence process and/or a thorough know-your-customer ("KYC") process, such as the Authorized Participants, XRP Trading Counterparties and Custodian. The Custodian must undergo counterparty due diligence by the Sponsor. Each Authorized Participant must undergo onboarding by the Sponsor prior to placing creation or redemption orders with respect to the Trust. As a result, the Sponsor and the Trust have instituted procedures reasonably designed to ensure that a situation would not arise where the Trust would engage in transactions with a counterparty whose identity the Sponsor and the Trust did not know.

Each Custodian has adopted and implemented an anti-money laundering and sanctions compliance program, which provides additional protections to ensure that the Sponsor and the Trust do not transact with a sanctioned party. Notably, each Custodian performs screening using blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor. Pursuant to these blockchain analytics screening programs, any XRP that is delivered to the Trust's custody account will undergo screening to assess whether the origins of that XRP are illicit.

Furthermore, Authorized Participants, as broker-dealers and BitGo, as a South Dakota trust company organized and chartered under the South Dakota Banking Law, are "financial institutions" subject to the Bank Secrecy Act, and U.S. economic sanctions laws. The Trust will only accept creation and redemption requests from Authorized Participants and trade with XRP Trading Counterparties who have represented to the Trust that they have implemented compliance programs that are designed to ensure compliance with applicable sanctions and AML laws. In addition, with respect to all XRP delivered by XRP Trading Counterparties, the XRP Trading Counterparties must represent to the Trust that they will form a reasonable belief (i) as to the identities of, and conduct necessary diligence with respect to, any counterparties from whom such party obtains XRP being transferred and (ii) that such XRP being transferred by such party to the Trust was not derived from, or associated with, unlawful or criminal activity. The Trust will not hold any XRP except that which has been delivered by XRP Trading Counterparties, in connection with Authorized Participant creation requests.

 ***Future and current regulations by a United States or foreign government or quasi-governmental agencies could have an adverse effect on an investment in the Trust.***

The regulation of XRP and related products and services continues to evolve, may take many different forms and will, therefore, impact XRP and its usage in a variety of manners. The inconsistent, unpredictable, and sometimes conflicting regulatory landscape may make it more difficult for XRP businesses to provide services, which may impede the growth of the XRP economy and have an adverse effect on consumer adoption of XRP. There is a possibility of future regulatory change altering, perhaps to a material extent, the nature of an investment in the Trust or the ability of the Trust to continue to operate. Additionally, changes to current regulatory determinations of XRP's status as not being a security, changes to regulations surrounding XRP futures or related products, or actions by a United States or foreign government or quasi-governmental agencies exerting regulatory authority over XRP, the XRP Ledger, XRP trading, or related activities impacting other parts of the digital asset market may adversely impact XRP and therefore may have an adverse effect on the value of an investment in the Trust.

XRP and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union, China, the United Kingdom, Australia, Japan, Russia, Israel, Poland, India, Hong Kong, Canada and Singapore. Cybersecurity attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition, ownership, sale and use of digital assets, including XRP. The effect of any existing regulation or future regulatory change on the Trust or XRP is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect XRP, particularly with respect to XRP spot markets, trading venues and service providers that fall within such jurisdictions' regulatory scope. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of XRP by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the XRP economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively affect the value of XRP and, in turn, the value of the Shares.

 ***Future regulations may require the Trust or the Sponsor to become registered, which may cause the Trust to liquidate.*** 

Current and future legislation, SEC and CFTC rulemaking, and other regulatory developments may impact the manner in which XRP is treated. While the SEC has not officially affirmed that XRP is not a security under U.S. federal securities laws, public statements by senior officials at the SEC, including a June 2018 speech by the director of the SEC's division of Corporation Finance, indicate that such officials do not believe that BTC is a security; however, more recently, statements by other SEC officials have shown reluctance to agree with that assessment Such statements are not official policy statements by the SEC and reflect only the speaker's views, which are not binding on the SEC or any other agency or court. If XRP is determined to be a "security" under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for XRP's utility as a means of exchange and accordingly for its continued adoption. In the face of such developments, the required registrations and compliance steps may result in extraordinary, nonrecurring expenses to the Trust. Specifically, the Trust and the Sponsor may be subject to additional regulatory requirements including under the 1940 Act, and the Sponsor may be required to register as an investment adviser under the Investment Advisers Act. If the Sponsor determines not to comply with such additional regulatory and registration requirements, the Sponsor will terminate the Trust. Any such termination could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders. Alternatively, compliance with these requirements could result in additional expenses to the Trust or significantly limit the ability of the Trust to pursue its investment objectives. These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders.

 ***XRP may also be subject to regulation in foreign jurisdictions, the effect of any such regulation which is unknown.***

XRP and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union, China, the United Kingdom, Australia, Russia, Israel, Poland, India and Canada. Cybersecurity attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition, ownership, sale and use of digital assets, including XRP. The effect of any existing regulation or future regulatory change on the Trust or XRP is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares. Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect XRP, particularly with respect to digital asset exchanges, trading venues and service providers that fall within such jurisdictions' regulatory scope. For example, On May 21, 2021, Chinese Vice Premier Liu He and the State Council issued a statement aiming to crack down on bitcoin mining in China. Over the subsequent weeks, multiple regions began to shut down mining operations, including what was estimated to be the three largest Chinese mining regions in Xinjiang, Sichuan, and Inner Mongolia. This resulted in a material decrease in the global bitcoin hash rate. Such laws, regulations or directives may conflict with those of the United States, may negatively impact the acceptance of XRP by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the XRP economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively affect the value of XRP and, in turn, the value of the Shares.

**Risks Associated with XRP Trading Markets**

***The Trust is subject to risks due to its concentration in a single asset: XRP. Any losses suffered as a result of a decrease in the value of XRP or disruption of the XRP trading markets, generally, can be expected to reduce the value of the Shares and will not be offset by other gains if the Trust were to invest in other assets.***

Unlike certain funds that may invest in diversified assets, the Trust's investment strategy is concentrated in a single asset: XRP. This concentration maximizes the degree of the Trust's exposure to a variety of market risks associated with XRP and the XRP trading market. By concentrating its investment strategy solely in XRP, any losses suffered as a result of a decrease in the value of individual XRP or disruption of the XRP trading markets, generally, can be expected to reduce the value of the Shares and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

***The value of the Shares relates directly to the value of the XRP held by the Trust and fluctuations in the price of XRP could materially and adversely affect an investment in the Shares.***

Digital assets such as XRP were only introduced within the past 15 years, and the medium to long term value of the Shares is subject to a number of factors over time relating to the capabilities and development of blockchain technologies, such as the recentness of their development, their dependence on the internet and other technologies, their dependence on the role played by users, developers validators and the potential for malicious activity. The investment objective of the Trust is to provide exposure to the value of the Trust's XRP holdings, less the Trust's liabilities (including estimated accrued expenses). The price of XRP has fluctuated widely and may continue to experience significant price fluctuations.

Several factors may affect the price of XRP, including:

● An increase in the global XRP supply or a decrease in global Solana demand;

● Global or regional political, economic or financial events and situations;

● Investors' expectations with respect to interest rates, the rates of inflation of fiat currencies or XRP, and digital asset and currency exchange rates;

● The liquidity, solvency, security and withdrawal policies of digital asset trading platforms;

● Manipulative trading activity on digital asset trading platforms, which, in many cases, are unregulated;

● Investment and trading activities of hedge funds and other large XRP investors;

● A "short squeeze" resulting from speculation on the price of XRP, if aggregate short exposure exceeds the number of Shares available for purchase;

● An active derivatives market for XRP or for digital assets generally;

● Forks in the Solana Network;

● Monetary policies of governments, trade restrictions, currency devaluations and revaluations, and any restrictions on the use of XRP as a form of payment or the ability to purchase and sell XRP in trading markets;

● Regulatory measures, if any, that restrict the ability to buy, sell or hold XRP or use XRP as a form of payment;

● Increased competition from other forms of digital assets or payment services;

● Transaction costs relating to the acquisition and transfer of XRP; and

● Global or regional political, economic or financial events and situations.

If XRP markets continue to be subject to sharp fluctuations, you may experience losses if you need to sell your Shares at a time when the price of XRP is lower than it was when you made your prior investment. Even if you are able to hold Shares for the long term, your Shares may never generate a profit, since XRP markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations.

In addition, investors should be aware that there is no assurance that XRP will maintain its long-term value in terms of future purchasing power. In the event that the price of XRP declines, the Sponsor expects the value of an investment in the Shares to decline.

***The platforms on which users trade XRP are relatively new and, in some cases, largely unregulated, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.***

Over the past several years, a number of XRP trading platforms have been closed or faced issues due to fraud, failure, security breaches or governmental regulations. Particularly for operators outside of the United States, XRP trading platforms are not regulated in ways similar to national securities exchanges and other highly regulated trading environments. As a result, capital requirements, clearing infrastructure and technical and operational security requirements may vary. The nature of the assets held at XRP trading platforms makes them appealing targets for hackers and a number of XRP trading platforms have been victims of cybercrimes. In many of these instances, the customers of such XRP trading platforms were not compensated or made whole for the partial or complete losses of their account balances in such trading platforms. No XRP trading platform is immune from these risks.

While the Trust itself does not buy or sell XRP on XRP trading platforms, certainty in XRP trading markets may impact the Trust's operation and the value of the Shares. Negative perception, a lack of stability in the XRP trading markets and the closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in the XRP Ledger and result in greater volatility in the prices of XRP. Furthermore, the closure or temporary shutdown of a XRP trading platform used in calculating the Index may result in a loss of confidence in the Trust's ability to determine its NAV on a daily basis. These potential consequences of such a XRP trading platform's failure could adversely affect the value of the Shares. Further, the failure of the XRP market, major XRP trading platforms or any other major component of the overall XRP ecosystem can have a direct adverse effect on the liquidity and price of XRP and could therefore have a negative impact on the performance of the Trust.

***The value of XRP may be subject to momentum pricing whereby the current XRP price may account for speculation regarding future appreciation in value. Momentum pricing may result in greater volatility and adversely affect an investment in the Shares.***

Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for anticipated future appreciation in value. The Sponsor believes that momentum pricing of XRP has resulted, and may continue to result, in speculation regarding future appreciation in the value of XRP, inflating and making more volatile the price of XRP. As a result, XRP may be more likely to fluctuate in value due to changing investor confidence in future appreciation (or depreciation) in the price of XRP, which could adversely affect an investment in the Shares.

**Risk Factors Related to the XRP Exchange Market**

***The value of the Shares relates directly to the value of the XRP held by the Trust and fluctuations in the price of XRP could materially and adversely affect an investment in the Shares.***

The Shares are designed to mirror as closely as possible the performance of the price of XRP, as measured by the Index, and the value of the Shares relates directly to the value of the XRP held by the Trust, less the Trust's liabilities (including estimated accrued but unpaid fees and expenses). The Index is an independently calculated value based on an aggregation of executed trade flow of major XRP spot exchanges ("XRP Exchanges" and the general market environment of XRP Exchanges, the "XRP Exchange Market"). Only trades from the selected XRP Exchanges (the "Selected Exchanges") will be considered in the Index computation. The price of XRP has fluctuated widely over the past several years and may continue to experience significant price fluctuations. Several factors may affect the XRP Index Price, including, but not limited to:

● Total XRP in existence (estimated at approximately 60 billion as of October 9, 2025);

● Global XRP demand, which is influenced by the growth of retail merchants' and commercial businesses' acceptance of XRP as payment for goods and services, the security of online XRP Exchanges and digital wallets that hold XRP, the perception that the use and holding of XRP is safe and secure, the lack of regulatory restrictions on their use and the reputation of XRP for illicit use;

● Global XRP supply, which is influenced by similar factors as global XRP demand, in addition to fiat currency needs by miners (for example, to invest in equipment or pay electricity bills) and taxpayers who may liquidate XRP holdings around tax deadlines to meet tax obligations;

● Investors' expectations with respect to the rate of inflation of fiat currencies;

● Investors' expectations with respect to the rate of deflation of XRP;

● Interest rates;

● Currency exchange rates, including the rates at which XRP may be exchanged for fiat currencies;

● Fiat currency withdrawal and deposit policies of XRP Exchanges and liquidity of such XRP Exchanges;

● Interruptions in service from or failures of major XRP Exchanges;

● Cyber theft of XRP from online XRP wallet providers, or news of such theft from such providers, or from individuals' XRP wallets;

● Investment and trading activities of large investors, including private and registered funds, that may directly or indirectly invest in XRP;

● Monetary policies of governments, trade restrictions, currency devaluations and revaluations;

● Regulatory measures, if any, that restrict the use of XRP as a form of payment or the purchase of XRP on the XRP Exchange Market;

● The availability and popularity of businesses that provide XRP-related services;

● The maintenance and development of the open-source software protocol of the XRP Ledger;

● Increased competition from other forms of cryptocurrency or payment services;

● Global or regional political, economic or financial events and situations;

● Expectations among XRP economy participants that the value of XRP will soon change; and

● Fees associated with processing a XRP transaction.

If XRP markets continue to be subject to sharp fluctuations, you may experience losses if you need to sell your Shares at a time when the price of XRP is lower than it was when you made your prior investment. Even if you are able to hold Shares for the long term, your Shares may never generate a profit, since XRP markets have historically experienced extended periods of flat or declining prices, as well as sharp fluctuations.

In addition, investors should be aware that there is no assurance that XRP will maintain their long-term value in terms of future purchasing power or that the acceptance of XRP payments by mainstream retail merchants and commercial businesses will continue to grow. In the event that the price of XRP declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

***Due to the unregulated nature and lack of transparency surrounding the operations of XRP Exchanges, the marketplace may lose confidence in XRP Exchanges, upon which the Trust is dependent.***

XRP Exchanges are relatively new and, in some cases, unregulated. Furthermore, while many prominent XRP Exchanges provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance, many XRP Exchanges do not provide this information. As a result, the marketplace may lose confidence in XRP Exchanges, including prominent exchanges that handle a significant volume of XRP trading.

For example, in 2019 there were reports claiming that 80-95% of bitcoin trading volume on digital asset exchanges was false or non-economic in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports may indicate that the digital asset exchange market is significantly smaller than expected and that the United States makes up a significantly larger percentage of the digital asset exchange market than is commonly understood. Nonetheless, any actual or perceived false trading in the digital asset exchange market and the XRP Exchange Market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of XRP and/or negatively affect the market perception of XRP.

In addition, over the past several years, some XRP Exchanges have been closed due to fraud and manipulative activity, business failure or security breaches. In many of these instances, the customers of such XRP Exchanges were not compensated or made whole for the partial or complete losses of their account balances in such XRP Exchanges. While smaller XRP Exchanges are less likely to have the infrastructure and capitalization that make larger XRP Exchanges more stable, larger XRP Exchanges are more likely to be appealing targets for hackers and malware and may be more likely to be targets of regulatory enforcement action. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014, demonstrated that even the largest digital asset exchanges could be subject to abrupt failure with consequences for users of XRP Exchanges and for the XRP industry as a whole. In particular, in the two weeks that followed the February 7, 2014 halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other exchanges from around $795 on February 6, 2014 to $578 on February 20, 2014.

In January 2015, Bitstamp announced that approximately 19,000 bitcoin had been stolen from its operational or "hot" wallets. Further, in August 2016, it was reported that almost 120,000 bitcoin worth around $78 million were stolen from Bitfinex, a large digital asset exchange. The value of bitcoin immediately decreased over 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now-defunct digital asset exchange, for facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017, Yapian, the operator of Seoul-based cryptocurrency exchange Youbit, suspended digital asset trading and filed for bankruptcy following a hack that resulted in a loss of 17% of Yapian's assets. Following the hack, Youbit users were allowed to withdraw approximately 75% of the digital assets in their exchange accounts, with any potential further distributions to be made following Yapian's pending bankruptcy proceedings. In January 2018, the Japanese digital asset exchange Coincheck was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset exchange Bitgrail was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world's largest digital asset exchanges, Binance, was hacked, resulting in losses of approximately $40 million. Further, in November 2022, FTX, one of the largest digital asset exchanges by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO. Around the same time, there were reports that approximately $300-600 million of digital assets were removed from FTX and the full facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or other improper behavior. Various claims and issues related to FTX have not yet been resolved.

XRP trading venues that are regulated typically must comply with minimum net worth, cybersecurity, and AML requirements, but are not typically required to protect customers to the same extent as regulated securities exchanges or futures exchanges.

Some academics and market observers have put forth evidence to support claims that manipulative trading activity has occurred on certain digital asset exchange. For example, in a 2017 paper titled "Price Manipulation in the Bitcoin Ecosystem" sponsored by the Interdisciplinary Cyber Research Center at Tel Aviv University, a group of researchers used publicly available trading data, as well as leaked transaction data from a 2014 Mt. Gox security breach, to identify and analyze the impact of "suspicious trading activity" on Mt. Gox between February and November 2013, which, according to the authors, caused the price of bitcoin to increase from around $150 to more than $1,000 over a two-month period. In August 2017, it was reported that a trader or group of traders nicknamed "Spoofy" was placing large orders on Bitfinex without actually executing them, presumably in order to influence other investors into buying or selling by creating a false appearance that greater demand existed in the market. In December 2017, an anonymous blogger (publishing under the pseudonym Bitfinex'd) cited publicly available trading data to support his or her claim that a trading bot nicknamed "Picasso" was pursuing a paint-the-tape-style manipulation strategy by buying and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial trading activity and thereby influence the price of such assets.

Furthermore, many digital asset exchange lack certain safeguards put in place by exchanges for more traditional assets to enhance the stability of trading on the exchanges and prevent "flash crashes," such as limit-down circuit breakers. As a result, the prices of XRP on trading venues may be subject to larger and/or more frequent sudden declines than assets traded on more traditional exchanges. The lack of certain safeguards also may permit "front-running" (trading by other persons ahead of the Trust with the intention of obtaining better results than the Trust). Such trading could occur in the event that an individual associated with a trading venue uses information regarding the Trust's trading activity to the detriment of the Trust. In addition, the lack of trading safeguards may permit "wash trading" (sales of XRP by the Trust for a loss followed by repurchases of XRP that, under IRS rules, may prevent the Trust from claiming a tax loss on the sale of XRP).

Operational problems or failures by XRP trading venues and fluctuations in XRP prices may reduce confidence in these venues or in XRP generally, which could adversely affect the price of XRP and therefore adversely affect an investment in the Shares.

Negative perception, a lack of stability in the XRP Exchange Markets and the closure or temporary shutdown of XRP Exchanges due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in the XRP Ledger and result in greater volatility in the prices of XRP. Furthermore, the closure or temporary shutdown of a XRP Exchange used in calculating the XRP Index Price may result in a loss of confidence in the Trust's ability to determine its XRP Holdings on a daily basis or for the Trust's Authorized Participants to effectively arbitrage the Trust's Shares. These potential consequences of such a XRP Exchange's failure could adversely affect the value of the Shares.

***Since there is no limit on the number of XRP that the Trust may acquire, the Trust itself, as it grows, may have an impact on the supply and demand of XRP that ultimately may affect the price of the Shares in a manner unrelated to other factors affecting the global market for XRP.***

The Trust Agreement places no limit on the number of XRP the Trust may hold. Moreover, the Trust may issue an unlimited number of Shares, subject to registration requirements, and therefore acquire an unlimited number of XRP in existence at any point in time. The global market for XRP is characterized by supply and demand constraints that generally are not present in the markets for commodities or other assets such as gold and silver. The XRP Ledger's mathematical protocols under which XRP are created or "mined" permit the creation of a limited, predetermined number of XRP not to exceed 21 million. Furthermore, the rate of creation or issuance of XRP cannot be increased ahead of the protocol's schedule.

If the number of XRP acquired by the Trust is large enough relative to global XRP supply and demand, further creations and redemptions of Shares could have an impact on the supply of and demand for XRP in a manner unrelated to other factors affecting the global market for XRP. Such an impact could affect the XRP Index Price, which would directly affect the price at which Shares are traded on Nasdaq or the price of future Baskets created or redeemed by the Trust.

***The Shares may trade at a discount or premium in the trading price relative to the Trust's XRP Holdings per Share as a result of non-concurrent trading hours between Nasdaq and the XRP Exchange Market.***

The value of a Share may be influenced by non-concurrent trading hours between Nasdaq and various XRP Exchanges, including those that are included within the Index's methodology. While Nasdaq is open for trading in the Shares for a limited period each day, the XRP Exchange Market is a 24-hour marketplace; however, trading volume and liquidity on the XRP Exchange Market are not consistent throughout the day and XRP Exchanges, including the larger-volume markets, have been known to shut down temporarily or permanently due to security concerns, distributed denial-of-service ("DDoS") attacks and other reasons. As a result, during periods when Nasdaq is open but large XRP Exchanges (or a substantial number of smaller XRP Exchanges) are either lightly traded or closed, trading spreads and the resulting premium or discount on the Shares may widen and, therefore, increase the difference between the price of the Shares and the Trust's XRP Holdings per Share. Premiums or discounts may have an adverse effect on an investment in the Shares if a Shareholder sells or acquires its Shares during a period of discount or premium, respectively.

***If XRP prices on the XRP Exchange Market move negatively during hours when Nasdaq is closed, trading prices on Nasdaq may "gap" down at market open.***

The value of a Share may be influenced by non-concurrent trading hours between Nasdaq and various XRP Exchanges, including those that represent components of the Index. While Nasdaq is open for trading in the Shares for a limited period each day, the XRP Exchange Market is a 24-hour marketplace. During periods when Nasdaq is closed but XRP Exchanges are open, significant changes in the price of XRP on the Exchange Market could result in a difference in performance between the value of XRP as measured by the Index and the most recent XRP Holdings per Share or closing trading price. To the extent that the price of XRP on the Exchange Market and the value of XRP as measured by the Index move significantly in a negative direction after the close of Nasdaq, the trading price of the Shares may "gap" down to the full extent of such negative price shift when Nasdaq reopens. To the extent that the price of XRP on the Exchange Market drops significantly during hours Nasdaq is closed, investors may not be able to sell their Shares until after the "gap" down has been fully realized, resulting in an inability to mitigate losses in a rapidly negative market.

***XRP Exchanges are subject to the risk of fraud and manipulation.***

The XRP market globally and in the United States is not subject to comparable regulatory guardrails as exist in regulated securities markets. Furthermore, many XRP trading venues lack certain safeguards put in place by exchanges for more traditional assets to enhance the stability of trading on the exchanges and prevent "flash crashes," such as limit-down circuit breakers. As a result, the prices of XRP on trading venues may be subject to larger and/or more frequent sudden declines than assets traded on more traditional exchanges. Tools to detect and deter fraudulent or manipulative trading activities such as market manipulation, front-running of trades, and wash trading may not be available to or employed by digital asset exchanges, or may not exist at all. The SEC has identified possible sources of fraud and manipulation in the XRP market generally, including, among others (1) wash trading; (2) persons with a dominant position in XRP manipulating XRP pricing; (3) hacking of the XRP Ledger and trading platforms; (4) malicious control of the XRP Ledger; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease their holdings in XRP, new sources of demand for XRP) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," including Tether, the activities of stablecoin issuers and their regulatory treatment; and (7) fraud and manipulation at XRP trading platforms. The effect of potential market manipulation, front-running, wash trading, and other fraudulent or manipulative trading practices may inflate the volumes actually present in the crypto market and/or cause distortions in price, which could adversely affect the Trust or cause losses to Shareholders.

***XRP Exchanges may be exposed to front-running.***

XRP Exchanges on which XRP trades may be susceptible to "front-running," which refers to the process when someone uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized exchanges. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who had introduced these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price while simultaneously exiting the position. Front-running happens via manipulations of gas prices or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of digital asset exchanges and digital assets more generally.

***XRP Exchanges may be exposed to wash trading.***

XRP Exchanges on which XRP trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic reasons, such as a desire for increased visibility on popular websites that monitor markets for digital assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.

In the United States, there have been allegations of wash trading even on regulated venues. Any actual or perceived false trading in the digital asset exchange market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of XRP and/or negatively affect the market perception of XRP.

To the extent that wash trading either occurs or appears to occur in XRP Exchanges on which XRP trades, investors may develop negative perceptions about XRP and the digital assets industry more broadly, which could adversely impact the price of XRP and, therefore, the price of Shares. Wash trading also may place more legitimate digital asset exchanges at a relative competitive disadvantage.

***A possible "short squeeze" due to a sudden increase in demand for the Shares that largely exceeds supply may lead to price volatility in the Shares.***

Investors may purchase Shares to hedge existing XRP or other digital currencies, commodity or currency exposure or to speculate on the price of XRP. Speculation on the price of XRP may involve long and short exposures. To the extent that aggregate short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may, in turn, dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements in the Shares that are not directly correlated to the price of XRP.

***Purchasing activity in the XRP Exchange Market associated with Basket creations or redemptions may affect the XRP Index Price and Share trading prices, adversely affecting an investment in the Shares.***

Purchasing activity associated with acquiring XRP with proceeds received by the Trust in connection with the creation of Baskets may increase the market price of XRP on the XRP Exchange Market, which will result in higher prices for the Shares. Increases in the market price of XRP may also occur as a result of the purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in the market price of XRP that may result from increased purchasing activity of XRP connected with the issuance of Baskets. Consequently, the market price of XRP may decline immediately after Baskets are created.

Selling activity associated with sales of XRP withdrawn from the Trust in connection with the redemption of Baskets may decrease the market price of XRP on the XRP Exchange Market, which will result in lower prices for the Shares. Decreases in the market price of XRP may also occur as a result of the selling activity of other market participants. If the XRP Index Price declines, the trading price of the Shares will generally also decline.

***An investment in the Shares may be adversely affected by competition from other methods of investing in XRP.***

The Trust competes with direct investments in XRP and other potential financial vehicles, possibly including securities backed by or linked to XRP and digital currency financial vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Sponsor's control, may make it more attractive to invest in other financial vehicles or to invest in XRP directly, which could limit the market for the Shares and reduce the liquidity of the Shares.

***The XRP Index Price may be affected by the sale of other digital currency financial vehicles that invest in and track the price of XRP.***

To the extent digital currency financial vehicles other than the Trust tracking the price of XRP are formed and represent a significant proportion of the demand for XRP, large redemptions of the securities of these digital currency financial vehicles, or private funds holding XRP, could negatively affect the XRP Index Price, the Trust's XRP Holdings and the price of the Shares.

***The impact of geopolitical or economic events on the supply and demand for XRP is uncertain but could motivate large-scale sales of XRP, which could result in a reduction in the XRP Index Price and adversely affect an investment in the Shares.***

As an alternative to fiat currencies that are backed by central governments, digital assets such as XRP, which are relatively new, are subject to supply and demand forces based on the desirability of an alternative, decentralized means of buying and selling goods and services, and it is unclear how such supply and demand will be impacted by geopolitical events. Nevertheless, political or economic crises may motivate large-scale acquisitions or sales of XRP either globally or locally. Large-scale sales of XRP would result in a reduction in the XRP Index Price and could adversely affect an investment in the Shares.

***Demand for XRP is driven, in part, by its status as a prominent and secure digital asset. It is possible that a digital asset other than XRP could have features that make it more desirable to a material portion of the digital asset user base, resulting in a reduction in demand for XRP, which could have a negative impact on the price of XRP and adversely affect an investment in the Shares.***

As of ________, 202_, XRP was the seventh largest digital asset by market capitalization as tracked by CoinMarketCap.com. As of ________, 202_, there were over 8,000 alternative digital assets tracked by CoinMarketCap.com, having a total market capitalization of approximately $2.18 trillion (including the approximately $33.5 billion market cap of XRP), as calculated using market prices and total available supply of each digital asset, excluding tokens pegged to other assets. Many consortiums and financial institutions are also researching and investing resources into private or permissioned smart contracts platforms rather than open platforms like the XRP Ledger. Competition from the emergence or growth of alternative digital assets and smart contracts platforms, such as Solana, Avalanche or Cardano, could have a negative impact on the demand for, and price of, XRP and thereby adversely affect the value of the Shares.

Investors may invest in XRP through means other than the Shares, including through direct investments in XRP and other potential financial vehicles, possibly including securities backed by or linked to XRP and digital asset financial vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Sponsor's control, may make it more attractive to invest in other financial vehicles or to invest in XRP directly, which could limit the market for, and reduce the liquidity of, the Shares. In addition, to the extent digital asset financial vehicles other than the Trust tracking the price of XRP are formed and represent a significant proportion of the demand for XRP, large purchases or redemptions of the securities of these digital asset financial vehicles, or private funds holding XRP, could negatively affect the XRP Index Price, the XRP Holdings, the price of the Shares, the NAV and the NAV per Share.

**Risk Factors Related to the Trust and the Shares**

***As the Sponsor and its management have no meaningful history of operating an investment vehicle like the Trust, their experience may be inadequate or unsuitable to manage the Trust.***

The Sponsor has no meaningful history of past performance in managing investment vehicles like the Trust. Affiliates of the Sponsor have operated similar products in Europe for several years. The past performances of the Sponsor's management in other investment vehicles, including their experiences in the XRP and private funds industries, are no indication of their ability to manage an investment vehicle such as the Trust. If the experience of the Sponsor and its management is inadequate or unsuitable to manage an investment vehicle such as the Trust, the operations of the Trust may be adversely affected.

***The value of the Shares could decrease if unanticipated operational or trading problems arise.***

The mechanisms and procedures governing the creation, redemption and offering of the Shares and storage of the XRP have been developed specifically for this product. There may be unanticipated problems or issues with respect to the mechanics of the Trust's operations and the trading of the Shares that could have an adverse effect on an investment in the Shares. In addition, although the Trust is not actively "managed" by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor's past experience and qualifications may not be suitable for solving these problems or issues.

***The Shares may trade at a price which that is at, above or below the Trust's XRP Holdings per Share and any discount or premium in the trading price relative to the Trust's XRP Holdings per Share may widen as a result of non-concurrent trading hours.***

The Shares may trade on Nasdaq at, above or below the Trust's XRP Holdings per Share. The Trust's XRP Holdings per Share will fluctuate with changes in the market value of the Trust's assets. The trading price of the Shares will fluctuate in accordance with changes in the Trust's XRP Holdings per Share as well as market supply and demand. The price difference may be due, in large part, to the fact that supply and demand forces at work in the public trading market for Shares are closely related, but not identical, to the same forces influencing the XRP Index Price. Consequently, an Authorized Participant may be able to create or redeem a Basket of Shares at a discount or a premium to the public trading price per Share.

Authorized Participants, or their clients or customers, may have an opportunity to participate directly in the spot markets and they may profit in these instances if they can create a Basket at a discount to the public trading price of the Shares or can redeem a Basket at a premium over the public trading price of the Shares. The Sponsor expects that the exploitation of such arbitrage opportunities by Authorized Participants and their clients and customers will tend to cause the public trading price to track the XRP Holdings per Share closely over time. Such arbitrage opportunities will not be available to Shareholders who are not Authorized Participants.

***The Trust is a passive investment vehicle. The Trust is not actively managed and will be affected by a general decline in the price of XRP.***

The Sponsor does not actively manage the XRP held by the Trust. This means that the Sponsor does not sell XRP at times when its price is high, or acquire XRP at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional XRP investors to attempt to reduce the risks of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares.

***If Authorized Participants are able to purchase or sell large aggregations of XRP in the open market at prices that are different than the XRP Index Price, the arbitrage mechanism intended to keep the price of the Shares closely linked to the XRP Index Price may not function properly and the Shares may trade at a discount or premium to the XRP Holdings per Share.***

The arbitrage mechanism on which the Trust relies to keep the price of the Shares closely linked to the XRP Index Price may not function properly if Authorized Participants are able to purchase or sell large aggregations of XRP in the open market at prices that are materially higher or lower than the XRP Index Price. Authorized Participants may purchase or sell XRP on public or private markets not included among the XRP Exchanges included in the Index, and such transactions may take place at prices materially higher or lower than the XRP Index Price. Furthermore, while the Index provides a reference rate for the price of XRP by identifying the principal exchange of XRP at any given time, the prices on each individual XRP Exchange are not necessarily equal to the value of a XRP as represented by the Index.

Although the average price variance between the XRP Index Price and the price of XRP on the XRP Exchanges, both individually and as a group, has historically been immaterial, the price of XRP on an individual XRP Exchange has historically been, and could in the future be, materially higher or lower than the XRP Index Price. Under either such circumstance, the arbitrage mechanism will function to link the price of the Shares to the prices at which Authorized Participants are able to purchase or sell large aggregations of XRP. To the extent such prices differ materially from the XRP Index Price, the price of the Shares may no longer track, whether temporarily or over time, the XRP Index Price, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the market price of XRP and the XRP Index Price.

***Arbitrage transactions intended to keep the price of Shares closely linked to the price of XRP may be problematic if the process for the creation and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.***

If the processes of creation and redemption of Shares (which depend on timely transfers of XRP to and by the Custodian) encounter any unanticipated difficulties due to, for example, the price volatility of XRP, the insolvency, business failure or interruption, default, failure to perform, security breach, or other problems affecting the Custodian, an Authorized Participant or Authorized Participant Designee, the closing of XRP trading platforms due to fraud, failures, security breaches or otherwise, or network outages or congestion, spikes in transaction fees demanded by miners, or other problems or disruptions affecting the XRP Ledger, then potential market participants, such as the Authorized Participants and their customers, who would otherwise be willing to create or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying XRP may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. Alternatively, in the case of a network outage or other problems affecting the XRP Ledger, the processing of transactions on the XRP Ledger may be disrupted, which in turn may prevent XRP Trading Counterparties, Authorized Participants, Authorized Participant Designees or other market participants from depositing or withdrawing XRP from their accounts, which in turn could affect the creation or redemption of Baskets. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of XRP and may fall or otherwise diverge from NAV. Furthermore, in the event that the market for XRP should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering XRP in return for Baskets, the price of Shares may diverge from the value of XRP.

***The use of cash creations and redemptions, to the extent used by Authorized Participants, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of XRP and, as a result, the price of the Shares may fall or otherwise diverge from NAV.***

To the extent Authorized Participants effectuate creations and redemptions for cash, there may be delays in trade execution due to potential operational issues arising from implementing a cash creation and redemption model, which involves more complex operational steps (and therefore execution risk) than in-kind creation and redemption models. Such delays could cause the execution price associated with such trades to materially deviate from the Index price used to determine the NAV. Even though the Authorized Participant is responsible for the dollar cost of such difference in prices, Authorized Participants could default on their obligations to the Trust, or such potential risks and costs could lead to Authorized Participants, who would otherwise be willing to create or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying XRP, to elect to not participate in the Trust's Share creation and redemption processes. This may adversely affect the arbitrage mechanism intended to keep the price of the Shares closely linked to the price of XRP and, as a result, the price of the Shares may fall or otherwise diverge from NAV. If the arbitrage mechanism is not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV, which could harm Shareholders by causing them to buy Shares at a price higher than the value of the underlying XRP held by the Trust or to sell Shares at a price lower than the value of the underlying XRP held by the Trust, causing Shareholders to suffer losses.

***The inability of Authorized Participants and market makers to hedge their XRP exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.***

Authorized Participants and market makers will generally want to hedge their exposure in connection with Basket creation and redemption orders. To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient XRP liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the price of XRP, wide spreads between prices quoted on different XRP trading platforms, etc.), such conditions may make it difficult to create or redeem Baskets or cause them not to create or redeem Baskets. In addition, the hedging mechanisms employed by Authorized Participants and market makers to hedge their exposure to XRP may not function as intended, which may make it more difficult for them to enter into such transactions. Such events could negatively impact the market price of Shares and the spread at which Shares trade on the open market. To the extent Authorized Participants wish to use futures to hedge their exposure, note that while growing in recent years, the market for exchange-traded XRP futures has a limited trading history and operational experience and may be less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures markets. The liquidity of the market will depend on, among other things, the adoption of XRP and the commercial and speculative interest in the market.

***The Authorized Participants serve in such capacity for several competing exchange-traded XRP products, which could adversely affect the market for the Shares.***

Only an Authorized Participant may engage in creation or redemption transactions directly with the Trust. Some or all of the Trust's Authorized Participants are expected to serve as authorized participants or market makers for one or more exchange-traded XRP products that compete with the Trust. This may make it more difficult to engage or retain Authorized Participants for the Trust. Furthermore, because there is no obligation on the part of the Authorized Participants to engage in creation and redemption or market making activities with respect to the Trust's Shares, decisions by the Authorized Participants to not engage with the Trust or its Shares may result in a decline in the liquidity of the Shares and the price of the Shares may fluctuate independently of the price of Trust's XRP (i.e., at a greater premium or discount to the Trust's NAV).

***The postponement, suspension or rejection of creation or redemption orders may adversely affect an investment in the Shares.***

The Trust may, in its discretion, suspend the right of creation or redemption or may postpone the redemption or purchase settlement date, for (1) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable, or (2) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust. When determining whether such an emergency exists, the Sponsor may consider, among other things, the overall impact such emergency has had on price, volume, volatility and liquidity in XRP markets; the Sponsor's view on the how long such emergency will persist; and the Sponsor's view on whether such emergency is likely to ease or worsen. An emergency could include, but is not limited to, situations where the Trust is unable to transact in XRP or where the Trust is unable to value its XRP holdings, such as a circumstance where a digital asset trading platform experiences technical failure, power outage, network error or other circumstance resulting in a market-wide halt to trading, or the Trust is unable to access the XRP in the Trust's XRP custody account at the Custodian due to technical or operating issues at the Trust or the Custodian. Such disruptions may have an effect on overall XRP liquidity or cause price spreads of XRP to widen, which may have a detrimental effect on the value of the Shares.

In addition, the Trust may reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary market, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying holdings.

Furthermore, in connection with an In-Kind Creation Order (as defined below), if an Authorized Participant Designee fails to deliver XRP in accordance with the Trust's creation and redemption procedures as described herein and in the relevant Authorized Participant Agreement, the Sponsor may convert such In-Kind Creation Order to a Cash Creation Order. In such an event, an Authorized Participant will be solely responsible for delivering the Basket Cash Amount to the Trust.

***The Trust could experience unforeseen difficulties in operating and maintaining key elements of its technical infrastructure.***

The XRP Account has been designed specifically to provide security for the Trust's assets and may be expanded, updated and altered from time to time. Any effort to expand, update or alter the security system is likely to be complex, and unanticipated delays in the completion of these projects may lead to unanticipated project costs, operational inefficiencies or vulnerabilities to security breaches. In addition, there may be problems with the design or implementation of the XRP Account or with an expansion or upgrade thereto that are not evident during the testing phases of design and implementation, and that may only become apparent after the Trust has utilized the infrastructure. Any issues relating to the performance and effectiveness of the security procedures used by the Trust and the Custodian to protect the XRP Account, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs (together, the "Security Procedures"), may have an adverse impact on an investment in the Shares.

The Security Procedures implemented by the Custodian are technical and complex, and the Trust depends on the Security Procedures to protect the storage, acceptance and distribution of data relating to XRP and the digital wallets into which the Trust deposits its XRP. The Security Procedures may not protect against all errors, software flaws (i.e., bugs) or vulnerabilities. Defects in the Security Procedures may only be discovered after a failure in a Custodian's safekeeping and storage of the Trust's XRP.

It is not uncommon for businesses in the digital asset space to experience large losses due to fraud and breaches of their security systems. For example, in September 2015, the global bitcoin payment agent BitPay lost approximately $1.8 million of bitcoin due to a hacker's fraudulent impersonation of BitPay's CFO, whereby the hacker was able to access the CFO's email account and successfully request BitPay's custodian to transfer funds.

Furthermore, the Trust's private keys required to transfer the Trust's XRP are stored in vaults located across the world, including but not limited to the United States and Europe, including Switzerland, which could be subject to (i) hostile regulatory treatment of XRP, (ii) unforeseen social, economic or political unrest and (iii) natural or man-made disaster.

***The Trust's and the Custodian' ability to adopt technology in response to changing security needs or trends poses a challenge to the safekeeping of the Trust's XRP.***

XRP Exchanges and large holders of XRP must adapt to technological change in order to secure and safeguard client accounts. While the Sponsor believes the Security Procedures in place have been reasonably designed to safeguard the Trust's XRP from theft, loss, destruction or other issues relating to hackers and technological attack, such assessment is based on known technology and threats. As technological change occurs, the security threats to the Trust's XRP will likely adapt and previously unknown threats may emerge. Furthermore, the Sponsor believes that the Trust may become a more appealing target of security threats as the size of the Trust's assets grows. To the extent that the Trust or the Custodians are unable to identify and mitigate or stop new security threats, the Trust's XRP may be subject to theft, loss, destruction or other attack, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets.

***Security threats to the XRP Account could result in the halting of Trust operations, the suspension of redemptions, and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.***

Security breaches, computer malware and computer hacking attacks have been a prevalent concern in the XRP Exchange Market since the launch of the XRP Ledger. Any security breach caused by hacking, which involves efforts to gain unauthorized access to information or systems, or to cause intentional malfunctions or loss or corruption of data, software, hardware or other computer equipment, and the inadvertent transmission of computer viruses, could harm the Trust's business operations or result in loss of the Trust's assets. Any breach of the Trust's infrastructure could result in damage to the Trust's reputation and reduce demand for the Shares, resulting in a reduction in the price of the Shares. Furthermore, the Sponsor believes that, as the Trust's assets grow, it may become a more appealing target for security threats such as hackers and malware.

The Sponsor believes that the Security Procedures that the Sponsor and Custodian utilize are reasonably designed to safeguard the Trust's XRP from theft, loss, destruction or other issues relating to hackers and technological attack. Nevertheless, the Security Procedures cannot guarantee the prevention of any loss due to a security breach, software defect or act of God that may be borne by the Trust, absent gross negligence, willful misconduct or bad faith on the part of the Sponsor, the Custodian or their agents.

The Security Procedures and operational infrastructure may be breached due to the actions of outside parties, error or malfeasance of an employee of the Sponsor or the Custodian, or otherwise, and, as a result, an unauthorized party may obtain access to the XRP Account, private keys, data or XRP. Additionally, outside parties may attempt to fraudulently induce employees of the Custodian or the Sponsor to disclose sensitive information in order to gain access to the Trust's infrastructure. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant until a predetermined event and often are not recognized until launched against a target, the Sponsor may be unable to anticipate these techniques or implement adequate preventative measures. If an actual or perceived breach of the XRP Account occurs, the market perception of the effectiveness of the Trust could be harmed, which could result in a reduction in the price of the Shares.

In the event of a security breach of the XRP Account, the Trust may cease operations, suspend redemptions or suffer a reduction in assets, the occurrence of each of which could result in a reduction in the price of the Shares.

***A loss of confidence or breach in the Trust's security and technology policies may adversely affect the Trust and the value of an investment in the Shares.***

The Trust, Sponsor, Custodian and each of their agents will take measures to protect the Trust and its XRP from unauthorized access, damage or theft. However, it is possible that the Security Procedures in place may not prevent improper access to, or damage or theft of the Trust's XRP. A security breach could harm the Trust's reputation or result in the loss of some or all of the Trust's XRP, which represent the Trust's only asset. A resulting perception that the Security Procedures do not adequately protect the Trust's XRP could result in a loss of current or potential Shareholders, reducing demand for, and price of, the Shares.

***XRP transactions are irrevocable and stolen or incorrectly transferred XRP may be irretrievable. As a result, any incorrectly executed XRP transactions could adversely affect an investment in the Shares.***

XRP transactions are not reversible without the consent and active participation of the recipient of the transaction. Once a transaction has been verified and recorded in a block that is added to the XRP Ledger, an incorrect transfer of XRP or a theft of XRP generally will not be reversible and the Trust may not be capable of seeking compensation for any such transfer or theft. Although the Trust's transfers of XRP will regularly be made to or from the XRP Account, it is possible that, through computer or human error, or through theft or criminal action, the Trust's XRP could be transferred from the Custodian in incorrect amounts or to unauthorized third parties, or to uncontrolled accounts.

For example, in September 2014, the Chinese digital asset exchange Huobi announced that it had sent approximately 900 bitcoin and 8,000 litecoin (worth approximately $400,000 at the prevailing market prices at the time) to the wrong customers, although it claimed that many customers returned the bitcoin and litecoin. To the extent that the Trust is unable to seek a corrective transaction with such third party or is incapable of identifying the third party that has received the Trust's XRP through error or theft, the Trust will be unable to revert or otherwise recover incorrectly transferred Trust XRP. The Trust will also be unable to convert or recover Trust XRP transferred to uncontrolled accounts. To the extent that the Trust is unable to seek redress for such error or theft, such loss could adversely affect an investment in the Shares.

***The Trust's XRP may be subject to loss, damage, theft or restriction on access.***

There is a risk that some or all of the Trust's XRP could be lost, stolen or destroyed. The Sponsor believes that the Trust's XRP held in the XRP Account will be an appealing target to hackers or malware distributors seeking to destroy, damage or steal the Trust's XRP. Although the Custodian uses Security Procedures with various elements, neither the Custodian nor the Sponsor can guarantee the prevention of such loss, damage or theft, whether caused intentionally, accidentally or by an act of God. Access to the Trust's XRP could also be restricted by natural events (such as an earthquake or flood) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the Shares.

***Shareholders' limited rights of legal recourse against the Trust, Trustee, Sponsor, Administrator, Transfer Agent, Cash Custodian and Custodian and the Trust's lack of direct insurance protection expose the Trust and its Shareholders to the risk of loss of the Trust's XRP for which no person is liable.***

The Trust is not a banking institution and is not a member of the FDIC or Securities Investor Protection Corporation ("SIPC") and, therefore, investments in the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. Likewise, the Custodian is not depository institutions and are not members of the FDIC or SIPC and, therefore, the Trust's assets held with the Custodian are not subject to FDIC or SIPC insurance coverage. In addition, neither the Trust nor the Sponsor insure the Trust's XRP.

While the Custodian has advised the Sponsor that it has insurance coverage up to $250 million that covers losses of the digital assets it custodies on behalf of its clients, including the Trust's XRP, resulting from theft, Shareholders cannot be assured that the Custodian will maintain adequate insurance, that such coverage will cover losses with respect to the Trust's XRP, or that sufficient insurance proceeds will be available to cover the Trust's losses in full. The Custodian's insurance may not cover the type of losses experienced by the Trust. Alternatively, the Trust may be forced to share such insurance proceeds with other clients or customers of such Custodian, which could reduce the amount of such proceeds that are available to the Trust. In addition, the XRP insurance market is limited, and the level of insurance maintained by the Custodian may be substantially lower than the assets of the Trust held by such Custodian. While the Custodian maintains certain capital reserve requirements depending on the assets under custody, and such capital reserves may provide additional means to cover client asset losses, the Trust cannot be assured that the Custodian will maintain capital reserves sufficient to cover actual or potential losses with respect to the Trust's digital assets.

Furthermore, under the Custody Agreement, the Custodian's liability is limited. The Custodian and its affiliates, including their officers, directors, agents, and employees, are not liable for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized use of the Trust or Sponsor's site or services. This includes damages arising from any contract, tort, negligence, strict liability, or other legal grounds, even if BitGo was previously advised of, knew, or should have known about the possibility of such damages. However, this exclusion of liability does not extend to cases of BitGo's fraud, willful misconduct, or gross negligence. In situations of gross negligence, BitGo's liability is specifically limited to the value of the digital assets or fiat currency that were affected by the negligence. Additionally, the total liability of BitGo for direct damages is capped at the fees paid or payable to them under the relevant agreement during the three-month period immediately preceding the first incident that caused the liability.

Moreover, in the event of an insolvency or bankruptcy of the Custodian (in the case of the XRP Account) in the future, given that the contractual protections and legal rights of customers with respect to digital assets held on their behalf by third parties are relatively untested in the bankruptcy of an entity such as the Custodian in the virtual currency industry, there is a risk that customers' assets – including the Trust's assets – may be considered the property of the bankruptcy estate of the Custodian (in the case of the XRP Account), and customers – including the Trust – may be at risk of being treated as general unsecured creditors of such entities and subject to the risk of total loss or markdowns on the value of such assets.

However, due to the novelty of digital asset custodial arrangements courts have not yet considered the treatment of custodied digital assets as financial assets under Article 8 of the New York Uniform Commercial Code, and it is not possible to predict with certainty how they would rule in such a scenario. If the Custodian became subject to insolvency proceedings and a court were to rule that the custodied XRP was part of such Custodian's general estate and not the property of the Trust, then the Trust would be treated as a general unsecured creditor in the Custodian's insolvency proceedings and the Trust could be subject to the loss of all or a significant portion of its assets. Moreover, in the event of the bankruptcy of the Custodian, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held with such Custodian, all of which could significantly and negatively impact the Trust's operations and the value of the Shares.

Under the Trust Agreement, the Sponsor will not be liable for any liability or expense incurred, including, without limitation, as a result of any loss of XRP by the Custodian, absent fraud, gross negligence, bad faith or willful misconduct on the part of the Sponsor. As a result, the recourse of the Trust or the Shareholders to the Sponsor, including in the event of a loss of XRP by the Custodian, is limited.

The Shareholders' recourse against the Sponsor and the Trust's other service providers for the services they provide to the Trust, including, without limitation, those relating to the holding of XRP or the provision of instructions relating to the movement of XRP, is limited. For the avoidance of doubt, neither the Sponsor, the Trustee, any of their affiliates, nor any other party has guaranteed the assets or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations or liabilities of any service provider to the Trust, including, without limitation, the Custodian. Consequently, a loss may be suffered with respect to the Trust's XRP that is not covered by the Custodian's insurance and for which no person is liable in damages. As a result, the recourse of the Trust or the Shareholders, under applicable law, is limited.

***XRP held by the Trust are not subject to FDIC or SIPC protections.***

The Trust is not a banking institution or otherwise a member of the Federal Deposit Insurance Corporation ("FDIC") or Securities Investor Protection Corporation ("SIPC") and, therefore, deposits held with or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. The undivided interests in the Trust's XRP represented by Shares in the Trust are not insured directly by the Trustee or the Sponsor.

***The Custodian' limited liability under the Custody Agreements may impair the ability of the Trust to recover losses relating to its XRP and any recovery may be limited, even in the event of fraud, to the market value of the XRP at the time the fraud is discovered.***

Under the Custody Agreement, BitGo and its affiliates, including their officers, directors, agents, and employees, are not liable for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized use of the Trust or Sponsor's site or services. This includes damages arising from any contract, tort, negligence, strict liability, or other legal grounds, even if BitGo was previously advised of, knew, or should have known about the possibility of such damages. However, this exclusion of liability does not extend to cases of BitGo's fraud, willful misconduct, or gross negligence. In situations of gross negligence, BitGo's liability is specifically limited to the value of the digital assets or fiat currency that were affected by the negligence. Additionally, the total liability of BitGo for direct damages is capped at the fees paid or payable to them under the relevant agreement during the three-month period immediately preceding the first incident that caused the liability.

In addition, BitGo shall not be liable for delays, suspension of operations, whether temporary or permanent, failure in performance, or interruption of service which results directly or indirectly from any cause or condition beyond the reasonable control of BitGo, including, but not limited to, any delay or failure due to an act of God, natural disasters, act of civil or military authorities, act of terrorists, including, but not limited to, cyber-related terrorist acts, hacking, government restrictions, exchange or market rulings, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond the reasonable control of BitGo.

***The Trust may not have adequate sources of recovery if its XRP are lost, stolen or destroyed.***

If the Trust's XRP are lost, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources sufficient to satisfy the Trust's claim. For example, as to a particular event of loss, the only source of recovery for the Trust might be limited to a Custodian or, to the extent identifiable, other responsible third parties (for example, a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust.

***If a Custody Agreement is terminated or a Custodian fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian, which could pose a challenge to the safekeeping of the Trust's XRP, and the Trust's ability to continue to operate may be adversely affected.***

The Trust is dependent on the Custodian and the XRP Trading Counterparties to operate. The Custodian performs essential functions in terms of safekeeping the Trust's XRP in the Vault Accounts. In addition, the XRP Trading Counterparties facilitate the buying and selling or settlement of XRP by the Trust in connection with cash creations and redemptions between the Trust and the Authorized Participants, the selling or transfer of XRP to pay the Sponsor's Fee, any other Trust expenses, to the extent applicable, and in extraordinary circumstances, to liquidate the Trust's XRP. If the Custodian or XRP Trading Counterparties fail to perform the functions they perform for the Trust, the Trust may be unable to operate or create or redeem Creation Units, which could force the Trust to liquidate or adversely affect the price of the Shares.

The Sponsor could decide to replace the Custodian as the custodian of the Trust's XRP, pursuant to the Custody Agreement. Similarly, the Custodian could terminate their agreement. The Custodian may terminate the Custody Agreement for any reason upon providing at least thirty (30) days' written notice to the Trust and to the Sponsor, or immediately if the Custodian perceives a risk of legal or regulatory non-compliance associated with the Trust's custodial account activity, among others. Transferring maintenance responsibilities of a XRP Account at the Custodian to another custodian will likely be complex and could subject the Trust's XRP to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets.

Also, if the Custodian becomes insolvent, suffers business failure, ceases business operations, defaults on or fails to perform their obligations under their contractual agreements with the Trust, or abruptly discontinues the services they provide to the Trust for any reason, the Trust's operations would be adversely affected.

The Sponsor may not be able to find a party willing to serve as the custodian of the Trust's XRP under the same terms as the current Custody Agreement or at all. To the extent that the Sponsor is not able to find a suitable party willing to serve as the custodian, the Sponsor may be required to terminate the Trust and liquidate the Trust's XRP. In addition, to the extent that the Sponsor finds a suitable party but must enter into a modified custody agreement that is less favorable for the Trust, the value of the Shares could be adversely affected. If the Trust is unable to find a replacement custodian, its operations could be adversely affected.

***The Sponsor may need to find and appoint a replacement custodian quickly, which could pose a challenge to the safekeeping of the Trust's XRP.***

The Sponsor could decide to replace the Custodian as the custodian of the Trust's XRP. Transferring maintenance responsibilities of the Trust's account with a Custodian to another party will likely be complex and could subject the Trust's XRP to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets. The Sponsor may not be able to find a party willing to serve as the custodian under the same terms as the current Custody Agreements. To the extent that the Sponsor is not able to find a suitable party willing to serve as the custodian, the Sponsor may be required to terminate the Trust and liquidate the Trust's XRP.

***The Custodian and Cash Custodian could become insolvent.***

If the Custodian or Cash Custodian becomes insolvent or subject to a receivership or bankruptcy proceeding, the Trust's operations may be adversely affected, and there is a risk that the insolvency, receivership or bankruptcy of a Custodian may result in the loss of all or a substantial portion of the Trust's assets or in a significant delay in the Trust having access to those assets. The Trust's assets will be held in one or more accounts maintained for the Trust by the Custodian. Further, the Custodian has agreed to hold Trust assets for the benefit of the Trust as the entitlement holder. The Trust assets will not be commingled with assets of the Custodian' other customers or with the Custodian's proprietary assets. While other types of assets held in a similarly segregated manner have been deemed not to be part of the custodian's bankruptcy estate under various regulatory regimes, bankruptcy courts have not yet fully addressed the appropriate treatment of custodial holdings of digital assets and any such determination may be highly fact-specific.

Given that the contractual protections and legal rights of customers with respect to digital assets held on their behalf by third parties are relatively untested in a bankruptcy or receivership proceeding of an entity such as either Custodian, in the event of an insolvency, receivership or bankruptcy proceeding with respect to a Custodian, there is a risk that the Trust's assets may be considered the property of the bankruptcy estate of such Custodian, and that customers of such Custodian – including the Trust – may be at risk of being treated as general unsecured creditors of such Custodian and subject to the risk of total loss or markdowns on value of such assets. Moreover, even if the Trust's assets ultimately are not treated as part of a Custodian's bankruptcy estate, the automatic stay could apply until the bankruptcy court made such a determination, and the limited precedent and fact-dependent nature of the determination could delay or preclude the return of such assets to the Trust. Further, the bankruptcy court may permit a Custodian to retain possession or custody of its customers' assets until any claims the estate may have against the customers (including the Trust) are resolved.

An actual or perceived business failure or interruption, default, failure to perform security breach or other problems affecting a Custodian, Cash Custodian or XRP Trading Counterparties could harm the Trust's operations, result in partial or total loss of the Trust's assets, damage the Trust's reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares.

***The liquidity of the Shares may be affected if Authorized Participants cease to perform their obligations under the Authorized Participant Agreements.***

In the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant portion of the Shares' daily trading volume on Nasdaq terminates its Authorized Participant Agreement, the liquidity of the Shares would likely decrease, which could adversely affect the market price of, and an investment in, the Shares.

***There is no guarantee that an active trading market for the Shares will continue to develop.***

There can be no assurance an active trading market of the Shares will develop on Nasdaq. The Sponsor may elect to terminate the Trust if it determines, at its sole discretion, that the Trust is not an economically viable size, i.e., if the Trust fails to raise sufficient revenue to cover the costs associated with launching and maintaining the Trust, which could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders.

To the extent that Nasdaq halts trading in the Shares, whether on a temporary or permanent basis, investors may not be able to buy or sell Shares, thus adversely affecting an investment in the Shares. If an active trading market for the Shares does not exist or continue to exist, the market prices and liquidity of the Shares may be adversely affected.

***The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.***

If the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time that is disadvantageous to Shareholders, such as when the XRP Index Price is lower than it was at the time when Shareholders purchased their Shares. In such a case, when the Trust's XRP are sold as part of the Trust's liquidation, the resulting proceeds distributed to Shareholders will be less than if the XRP Index Price were higher at the time of sale. See "Description of the Trust Agreement—The Trustee—Termination of the Trust" for more information about the termination of the Trust, including when the termination of the Trust may be triggered by events outside the direct control of the Sponsor, the Trustee or the Shareholders.

***The Trust Agreement includes a provision that restricts the right of a beneficial owner of a statutory trust from bringing a derivative action.***

Under Delaware law, the right of a beneficial owner of a statutory trust (such as a Shareholder of the Trust) to bring a derivative action (i.e., to initiate a lawsuit in the name of a the statutory trust in order to assert a claim belonging to the statutory trust against a fiduciary of the statutory trust or against a third party when the statutory trust's management has refused to do so) may be restricted by the terms of the governing instrument of the statutory trust. The Trust Agreement provides that in addition to any other requirements of applicable law, no Shareholder shall have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not affiliates of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding. Therefore, the Trust Agreement limits the likelihood that a Shareholder could successfully assert a derivative action.

***The Administrator is solely responsible for determining the value of the XRP, and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.***

The Administrator will determine the Trust's XRP Holdings and XRP Holdings per Share on a daily basis as soon as practicable after 4:00 p.m. ET on each business day. The Administrator's determination is made utilizing data from the Custodian' operations and the XRP Index Price, calculated at 4:00 p.m. ET on such day. To the extent that the Trust's XRP Holdings or XRP Holdings per Share are incorrectly calculated, the Administrator may not be liable for any error and such misreporting of valuation data could adversely affect an investment in the Shares.

***Additional Trust Expenses resulting from unanticipated events may become payable by the Trust, adversely affecting an investment in the Shares.***

In consideration for the Sponsor's Fee, the Sponsor has contractually assumed the Sponsor-assumed Fees, which are certain operational and periodic expenses of the Trust. See "Activities of the Trust—Trust Expenses." Additional Trust Expenses (for example, expenses relating to litigation) are not assumed by the Sponsor and are instead borne by the Trust and paid through the sale of the Trust's XRP. Because the Trust does not generate any income, every time that it delivers XRP to the Sponsor for the Sponsor's Fee or sells XRP for the Additional Trust Expenses, the number of XRP represented by each Share will gradually decrease over time. In addition, the Sponsor may, at its sole discretion, increase the Sponsor's Fee or decrease the Sponsor-paid Expenses which could result in a greater decline in the number of XRP that the Trust holds. Such an increase in the Sponsor's Fee or decrease in the Sponsor-paid Expenses could occur if the expenses of the Trust materially increase. Alternatively, the Sponsor could choose to decrease the Sponsor's Fee in response to competitive pressures from other digital currency financial vehicles similar to the Trust. The Sponsor will balance such competitive pressures and the costs that it incurs in acting as Sponsor for the Trust when determining the Sponsor's Fee. The Sponsor has no current intention of increasing or decreasing the Sponsor's Fee or modifying the terms of the Trust Agreement related to Sponsor-paid Expenses, and there are no specific circumstances under which the Sponsor has determined it would do so.

***The Trust's delivery or sale of XRP to pay expenses or other operations of the Trust could result in Shareholders incurring tax liability without an associated distribution from the Trust.***

Assuming that the Trust is treated as a grantor trust for U.S. federal income tax purposes, each delivery of XRP by the Trust to pay the Sponsor's Fee or other expenses and each sale of XRP by the Trust to pay Additional Trust Expenses will be a taxable event to Shareholders. Thus, the Trust's payment of expenses could result in Shareholders' incurring tax liability without an associated distribution from the Trust. Any such tax liability could adversely affect an investment in the Shares. See "U.S. Federal Income Tax Consequences."

***If the Trust incurs Additional Trust Expenses in U.S. dollars, the Trust will sell XRP to pay these expenses. The sale of the Trust's XRP to pay expenses at a time of low XRP prices could adversely affect the value of the Shares.***

The Sponsor will sell XRP held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis, irrespective of then-current XRP prices on the XRP Exchange Market. The Trust is not actively managed and no attempt will be made to protect against or to take advantage of fluctuations in the price of XRP. Consequently, if the Trust incurs expenses in U.S. dollars, the Trust's XRP may be sold at a time when the XRP prices on the XRP Exchange Market are low, resulting in a negative impact on the value of the Shares.

***The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent, the Administrator or the Custodian under the Trust Documents.***

Under the Trust Documents, each of the Sponsor, the Trustee, the Transfer Agent, the Administrator and the Custodian have a right to be indemnified by the Trust for certain liabilities or expenses that it incurs without gross negligence, bad faith or willful misconduct on its part. Therefore, the Sponsor, Trustee, Transfer Agent, the Administrator or Custodian may require that the assets of the Trust be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the Trust's XRP Holdings and the value of the Shares.

***Intellectual property rights claims may adversely affect the Trust and an investment in the Shares.***

The Sponsor is not aware of any intellectual property rights claims that may prevent the Trust from operating and holding XRP; however, third parties may assert intellectual property rights claims relating to the operation of the Trust and the mechanics instituted for the investment in, holding of and transfer of XRP. Regardless of the merit of an intellectual property or other legal action, any legal expenses to defend or payments to settle such claims would be Additional Trust Expenses and be borne by the Trust through the sale of the Trust's XRP. Additionally, a meritorious intellectual property rights claim could prevent the Trust from operating and force the Sponsor to terminate the Trust and liquidate the Trust's XRP. As a result, an intellectual property rights claim against the Trust could adversely affect an investment in the Shares.

**Risk Factors Related to the Regulation of the Trust and the Shares**

***Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or commodity pools under the Commodity Exchange Act.***

The Investment Company Act is designed to protect investors by preventing insiders from managing investment companies to their benefit and to the detriment of public investors, such as the issuance of securities having inequitable or discriminatory provisions; the management of investment companies by irresponsible persons; the use of unsound or misleading methods of computing earnings and asset value; changes in the character of investment companies without the consent of investors; and investment companies from engaging in excessive leveraging. To accomplish these ends, the Investment Company Act requires the safekeeping and proper valuation of fund assets, greatly restricts transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund management.

The Trust is not registered as an investment company under the Investment Company Act and the Sponsor believes that the Trust is not required to register under such Act. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies.

The Trust will not hold or trade in commodity futures contracts regulated by the CEA, as administered by the CFTC. Furthermore, the Sponsor believes that the Trust is not a commodity pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading adviser in connection with the operation of the Trust. Consequently, Shareholders will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.

***Regulatory changes or actions may alter the nature of an investment in the Shares or restrict the use of XRP or the operation of the XRP Ledger or the XRP Exchange Market in a manner that adversely affects an investment in the Shares.***

*As XRP and digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies have been examining the operations of digital asset networks, digital asset users and the digital asset spot market. Many of these state and federal agencies have brought enforcement actions and issued advisories and rules relating to digital asset markets. The SEC had charged certain large U.S. digital asset trading platforms of supporting trading and settlement of securities in violation of the U.S. federal securities laws. Specifically, the SEC alleged that these exchanges are operating as unregistered securities exchanges, brokers and clearing agencies. For example, on June 5, 2023, the SEC filed lawsuits against cryptocurrency exchanges Coinbase and Binance alleging, among other things, their operation of an unlicensed securities exchange. Although the SEC has not alleged that XRP is a security, the outcome of these enforcement actions and others may result in the substantial restructuring of the digital asset market in the United States. Moreover, until these actions are resolved, the structure of the digital asset market in the United States will remain subject to substantial regulatory risk, which may impact the demand for digital assets and the continued availability of existing exchanges and offerings. The U.S. Congress is also actively preparing new legislation to address certain market structure issues relating to digital assets and stablecoins. The outcome of this legislation is unknown. Both the outcome of the pending SEC enforcement actions and federal legislation are highly uncertain and may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares and/or the ability of the Trust to continue to operate.*

*Although neither the SEC nor the CFTC has exerted direct authority over XRP or XRP spot trading activity, the SEC and CFTC have broad authority over the regulation of issuances of securities (including digital asset securities) and commodity interests (including derivative instruments utilizing or referencing digital assets). The SEC and CFTC's engagement with the digital asset industry has had a material impact on the development of digital asset markets, including initial coin offerings, margin trading, regulated and unregulated derivatives markets, and decentralized finance markets. For example, the SEC has issued guidance as to the application of the securities laws to digital assets and initiated enforcement actions against certain digital asset issuers and offerings on the basis that such digital assets and offerings are securities under U.S. securities laws. In these actions, the SEC reasoned that the unregistered offer and sale of digital assets can, in certain circumstances, including ICOs, be considered an illegal public offering of securities. Similarly, the CFTC, together with the Department of Justice, has initiated enforcement actions against digital asset trading platforms relating to violations of the CEA, on the basis that such platforms engaged in illegal, off-exchange retail commodity transactions in digital assets and digital asset derivative transactions. Further enforcement actions against participants in the digital asset industry could have negative impacts the price of digital assets, including XRP.*

In August 2021, then Chair of the previous chair of the SEC, Gary Gensler, stated that he believed investors using digital asset trading platforms are not adequately protected, and that activities on the platforms can implicate the securities laws, commodities laws and banking laws, raising a number of issues related to protecting investors and consumers, guarding against illicit activity, and ensuring financial stability. It is not possible to predict whether the U.S. Congress will grant additional authorities to the SEC or other regulators, what the nature of such additional authorities might be, how they might impact the ability of digital assets markets to function or how any new regulations that may flow from such authorities might impact the value of digital assets generally and XRP held by the Trust specifically.

On January 21, 2025, the SEC's acting Chairman Mark T. Uyeda announced the formation of the SEC Crypto Task Force. The task force has an objective of developing a comprehensive and clear regulatory framework for crypto assets. Following this the task force announcement, on January 23, 2025, President Trump executed the Strengthening American Leadership in Digital Financial Technology Executive Order. It is currently unknown how the actions or recommendations of the task force and this Executive Order or future governmental actions may impact the status of XRP or any other digital asset as a "security" or how XRP or the Trust would be treated under any new or revised regulatory framework.

In addition to the SEC's prior administration's actions targeting digital assets and trading platforms directly, the SEC had also targeted regulated investments that provide exposure to digital assets indirectly. For example, in a letter regarding the SEC's review of proposed rule changes to list and trade shares of certain digital asset-related investment vehicles on public markets, the SEC staff stated that it has significant investor protection concerns regarding the markets for digital assets, including the potential for market manipulation and fraud. In March 2018, it was reported that the SEC was examining as many as 100 investment funds with strategies focused on digital assets. The reported focus of the examinations is on the accuracy of risk disclosures to investors in these funds, digital asset pricing practices, and compliance with rules meant to prevent the theft of investor funds, as well as on information gathering so that the SEC can better understand new technologies and investment products. It has further been reported that some of these funds have received subpoenas from the SEC's Enforcement Division. Additionally, the SEC's Division of Examinations (then the Office of Compliance Inspections and Examinations ("OCIE")) stated that digital assets remained an examination priority for 2024. In particular, the Division of Examinations stated it intended to focus its examinations on the offer, sale, recommendation of, advice regarding, trading in, and other activities in crypto assets or related products.

On January 21, 2025, the SEC's acting Chairman Mark T. Uyeda announced the formation of the SEC's Crypto Task Force. The task force has an objective of developing a comprehensive and clear regulatory framework for crypto assets. In April 2025, Paul Atkins was sworn in as Chair of the SEC and has launched an extremely pro crypto regulatory agenda with a focus on supporting innovation, providing regulatory clarity and cooperating with the Commodities and Futures Trading Commission to establish a clear framework for digital assets in the U.S. markets. It is currently unknown how the actions or recommendations of the SEC's new administration may impact the status of XRP or any other digital asset as a "security" or how XRP or the Trust would be treated under any new or revised regulatory framework.

For example, in May 2025, the staff of the Division of Trading and Markets of the SEC released guidance in the form of frequently asked questions relating to crypto asset activities. The SEC staff's guidance addressed several key points for broker-dealers acting as Authorized Participants. According to the guidance, broker-dealers may custody non-security crypto assets and may treat crypto asset securities as being held at a permissible "control location" under Exchange Act Rule 15c3-3(c). The guidance also clarified that broker-dealers may conduct non-security crypto asset businesses, including facilitating transactions in crypto asset securities that settle in crypto rather than cash. In addition, broker-dealers may hold crypto assets as proprietary positions for net capital purposes, subject to applicable haircuts and other limitations. Furthermore, the SEC staff indicated that broker-dealers may engage in in-kind creations and redemptions for spot crypto exchange-traded products. However, this guidance is non-binding, and may be modified, superseded, or withdrawn at any time without notice, as emphasized in the guidance. Additionally, there is no guarantee that Authorized Participants will actually transact in-kind at all despite this guidance.

In addition, President Trump's January 23, 2025 Executive Order, titled "Strengthening American Leadership in Digital Financial Technology, aimed to reorient the federal government's approach to digital assets. The Executive Order emphasized the importance of the digital asset industry in innovation and economic development, and outlined policies to support the growth and use of digital assets, blockchain technology and related technologies. President Trump's order also revoked former President Biden's March 9, 2022 Executive Order, titled, "Responsible Development of Digital Assets" and the U.S. Department of Treasury's July 7, 2022 "Framework for International Engagement of Digital Assets" and all policies, directives and guidance issued pursuant to those items produced by the previous administration. The consequences of federal regulation of digital assets and digital asset activities could have a material adverse effect on the Trust and the Shares. If the Sponsor determines not to comply with such regulatory and registration requirements, it may seek to cease certain or all of the Trust's operations. Any such action could have a material adverse effect on our business, financial condition and results of operations.

In May 2025, the staff of the Division of Trading and Markets of the SEC released guidance in the form of frequently asked questions relating to crypto asset activities. The SEC staff's guidance addressed several key points for broker-dealers acting as Authorized Participants. According to the guidance, broker-dealers may custody non-security crypto assets and may treat crypto asset securities as being held at a permissible "control location" under Exchange Act Rule 15c3-3(c). The guidance also clarified that broker-dealers may conduct non-security crypto asset businesses, including facilitating transactions in crypto asset securities that settle in crypto rather than cash. In addition, broker-dealers may hold crypto assets as proprietary positions for net capital purposes, subject to applicable haircuts and other limitations. Furthermore, the SEC staff indicated that broker-dealers may engage in in-kind creations and redemptions for spot crypto exchange-traded products. However, this guidance is non-binding, and may be modified, superseded, or withdrawn at any time without notice, as emphasized in the guidance. Additionally, there is no guarantee that Authorized Participants will actually transact in-kind at all despite this guidance.

President Trump's January 23, 2025 Executive Order, titled "Strengthening American Leadership in Digital Financial Technology, aimed to reorient the federal government's approach to digital assets. The Executive Order emphasized the importance of the digital asset industry in innovation and economic development, and outlined policies to support the growth and use of digital assets, blockchain technology and related technologies. President Trump's order also revoked former President Biden's March 9, 2022 Executive Order, titled, "Responsible Development of Digital Assets" and the U.S. Department of Treasury's July 7, 2022 "Framework for International Engagement of Digital Assets" and all policies, directives and guidance issued pursuant to those items produced by the previous administration. The consequences of federal regulation of digital assets and digital asset activities could have a material adverse effect on the Trust and the Shares. If the Sponsor determines not to comply with such regulatory and registration requirements, it may seek to cease certain or all of the Trust's operations. Any such action could have a material adverse effect on our business, financial condition and results of operations.

In 2025, Congress undertook significant legislative efforts to address the rapidly evolving landscape of digital assets and cryptocurrencies, culminating in the passage of two landmark bills: the Digital Asset Market Clarity Act of 2025 (the "CLARITY Act") and the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the "GENIUS Act"). These legislative actions represent the first comprehensive federal frameworks for the regulation of digital assets and stablecoins in the United States.

The CLARITY Act, which was passed by the House of Representatives but awaits consideration by the Senate, was designed to resolve longstanding regulatory uncertainty regarding the classification and oversight of digital assets. The CLARITY Act establishes a clear framework for distinguishing between digital assets that are securities, commodities, or payment stablecoins. It delineates the respective jurisdictions of the SEC and the CFTC, granting the CFTC exclusive authority over "digital commodities" and the SEC authority over "digital securities." The CLARITY Act also introduces criteria for determining when a digital asset is sufficiently decentralized to be treated as a commodity rather than a security.

In addition, the CLARITY Act imposes registration requirements and operational standards for digital asset intermediaries, including exchanges, brokers, and dealers. It mandates consumer protection measures, anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance, and enhanced disclosure obligations. The Act aims to foster innovation while providing market participants with greater regulatory certainty and aligning U.S. policy with emerging international standards. The U.S. Senate is currently considering its own version of market structure legislation but it is unclear whether such legislation will pass during the current Congress which expires at the end of 2025.

The GENIUS Act, signed into law in July 2025, establishes the first federal regulatory framework for the issuance and operation of payment stablecoins—digital assets designed to maintain a stable value relative to a fiat currency, such as the U.S. dollar. The GENIUS Act requires that all payment stablecoins be fully backed on a one-to-one basis by high-quality liquid assets, such as U.S. dollars or short-term U.S. Treasury securities, and subjects issuers to rigorous reserve, audit, and disclosure requirements.

The GENIUS Act introduces a dual licensing regime, allowing stablecoin issuers to operate under either federal or state regulatory oversight, provided that state regimes are "substantially similar" to federal standards. Issuers with more than $10 billion in outstanding stablecoins must obtain a federal license. The GENIUS Act also imposes strict AML, sanctions compliance, and consumer protection obligations, including prioritizing stablecoin holders' claims in the event of issuer insolvency. Notably, the Act prohibits non-financial public companies from issuing stablecoins without special approval and restricts the payment of interest or yield on stablecoins.

These legislative efforts were accompanied by additional measures, such as the Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing a retail central bank digital currency without congressional authorization. While the CLARITY Act and the GENIUS Act represent significant progress toward a comprehensive regulatory regime for digital assets, substantial uncertainty remains regarding the implementation and interpretation of these new laws. The effectiveness of these frameworks will depend on subsequent rulemaking by federal and state regulators, interagency coordination, and the evolving approach to enforcement. Market participants may face transitional risks as regulatory standards are developed and applied, and there is potential for further legislative or regulatory changes as the digital asset ecosystem continues to evolve.

The continued evolution of federal, state and foreign government regulators and policymakers will continue to impact the viability and success of digital asset markets, broadly, and XRP, specifically.

***If regulatory changes or interpretations of an Authorized Participant's activities require the regulation of an Authorized Participant as a money services business under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act or as a money transmitter or virtual currency business under state regimes for the licensing of such businesses, an Authorized Participant may be required to register and comply with such regulations, which could result in extraordinary, recurring and/or nonrecurring expenses to the Authorized Participant or increased commissions for the Authorized Participant's clients, thereby reducing the liquidity of the Trust.***

*To the extent that the activities of an Authorized Participant cause it to be deemed a "money services business" under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, an Authorized Participant may be required to comply with FinCEN regulations, including those that would mandate an Authorized Participant to implement AML programs, make certain reports to FinCEN and maintain certain records. Similarly, the activities of an Authorized Participant may require it to be licensed as a money transmitter or as a virtual currency business, such as under NYDFS's BitLicense scheme.*

*Such additional regulatory obligations may cause the Authorized Participant to incur Additional Trust Expenses, possibly increasing the levels of the commissions that an Authorized Participant charges its clients in a material and adverse manner. If an Authorized Participant determines not to comply with such additional regulatory and registration requirements, an Authorized Participant may terminate its role as an Authorized Participant of the Trust. Such a termination may decrease the liquidity of the Trust.*

*Additionally, to the extent an Authorized Participant is found to have operated without appropriate state or federal licenses, it may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which would harm the reputation of the Trust or its Sponsor, decrease the liquidity of the Trust, and have a material adverse effect on the price of the Shares.*

***Banks may not provide banking services, or may cut off banking services, to businesses that provide XRP-related services or that accept XRP as payment, which could damage the public perception of XRP and the utility of XRP as a payment system and could decrease the price of XRP and adversely affect an investment in the Shares.***

*A number of companies that provide XRP-related services have been unable to find banks that are willing to provide them with bank accounts and banking services. Similarly, a number of such companies have had their existing bank accounts closed by their banks. Banks may refuse to provide bank accounts and other banking services to XRP-related companies or companies that accept XRP for a number of reasons, such as perceived compliance risks or costs. The difficulty that many businesses that provide XRP-related services have and may continue to have in finding banks willing to provide them with bank accounts and other banking services may be currently decreasing the usefulness of XRP as a payment system and harming public perception of XRP or could decrease its usefulness and harm its public perception in the future. Similarly, the usefulness of XRP as a payment system and the public perception of XRP could be damaged if banks were to close the accounts of many or of a few key businesses providing XRP-related services. This could decrease the price of XRP and therefore adversely affect an investment in the Shares.*

***If regulatory changes or interpretations of the Trust's or Sponsor's activities require registration as money services businesses under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act or as money transmitters or digital currency businesses under state regimes for the licensing of such businesses, the Trust and/or Sponsor could suffer reputational harm and also extraordinary, recurring and/or nonrecurring expenses, which would adversely impact an investment in the Shares.***

*If regulatory changes or interpretations of the Trust's or Sponsor's activities require the registration of the Trust or Sponsor as a money services business under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, the Trust or Sponsor may be required to register and comply with such regulations. If regulatory changes or interpretations of the Trust's or Sponsor's activities require the licensing or other registration as a money transmitter or business engaged in digital currency activity (e.g., under the New York BitLicense regime) (or equivalent designation) under state law in any state in which the Trust or Sponsor operates, the Trust or Sponsor may be required to seek licensure or otherwise register and comply with such state law. In the event of any such requirement, to the extent that the Sponsor decides to continue the Trust, the required registrations, licensure and regulatory compliance steps may result in extraordinary, nonrecurring expenses to the Trust. Regulatory compliance would include, among other things, implementing AML and consumer protection programs. The Sponsor may also decide to terminate the Trust. Any termination of the Trust in response to the changed regulatory circumstances may be at a time that is disadvantageous to Shareholders.*

*To the extent the Trust or its Sponsor is found to have operated without appropriate state or federal licenses, it may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which would harm the reputation of the Trust or its Sponsor, decrease the liquidity of the Trust, and have a material adverse effect on the price of the Shares. If the Sponsor decides to comply with such additional federal or state regulatory obligations and continue the Trust, the required registrations, licensure and regulatory compliance steps may result in extraordinary, nonrecurring expenses to the Trust, possibly affecting an investment in the Shares in a material and adverse manner. Furthermore, the Trust and its service providers may not be capable of complying with certain federal or state regulatory obligations applicable to money services businesses' money transmitters and businesses involved in digital currency business activity. If the Sponsor determines not to comply with such requirements, the Sponsor will act to dissolve and liquidate the Trust. Any such termination could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders.*

***It may be illegal now, or in the future, to acquire, own, hold, sell or use XRP in one or more countries, and ownership of, holding or trading in the Shares may also be considered illegal and subject to sanction.***

Although currently XRP is not regulated or is lightly regulated in most countries, including the United States, one or more countries such as China, India or Russia may take regulatory actions in the future that severely restricts the right to acquire, own, hold, sell or use XRP or to exchange XRP for fiat currency. Such an action may also result in the restriction of ownership, holding or trading in the Shares. Such a restriction could result in the termination and liquidation of the Trust at a time that is disadvantageous to Shareholders, or may adversely affect an investment in the Shares.

#### XRP's status as a "security" under U.S. federal securities laws remains unsettled.
In December 2020, the U.S. Securities and Exchange Commission (the "SEC") filed a complaint (the "Ripple Complaint") against Ripple Labs, Inc. ("Ripple Labs") and two of its executives (the "Ripple Defendants") in the United States District Court for the Southern District of New York ("S.D.N.Y."), alleging that the Ripple Defendants had conducted unregistered securities offerings by selling XRP in violation of Section 5 of the Securities Act of 1933. Section 5 of the Securities Act prohibits the offer or sale of a "security" unless a registration statement is in effect or has been filed with the SEC as to such offer and sale. The Ripple Defendants did not dispute that they had offered and sold XRP through interstate commerce without filing a registration statement with the SEC. Accordingly, the central question before the S.D.N.Y. was whether the Ripple Defendants' offers and sales of XRP constituted the offer or sale of a security.

On July 13, 2023, the S.D.N.Y. issued a landmark decision distinguishing between the XRP token itself and the manner in which it was sold. The court rejected the SEC's argument that XRP was inherently a security, instead holding that XRP is not, in and of itself, a security. The court found that Ripple's direct sales of XRP to certain sophisticated individuals and entities pursuant to written contracts did constitute unregistered offers and sales of securities in violation of Section 5 of the Securities Act. However, the court also found that Ripple's programmatic sales of XRP on digital asset trading platforms in the secondary market did not constitute unregistered sales of securities. Similarly, distributions of XRP to employees as compensation or to third parties to incentivize development on the XRP Ledger were not found to be unregistered sales of securities.

Following these rulings, the S.D.N.Y. entered a final judgment in the case on August 7, 2024. The SEC subsequently filed a notice of appeal to the United States Court of Appeals for the Second Circuit (the "Second Circuit") on October 2, 2024, seeking review of the final judgment.

In August 2025, Ripple and the SEC reached a settlement, bringing the litigation to a close. Under the terms of the settlement, Ripple agreed to pay a $125 million civil penalty in connection with its unregistered institutional sales of XRP. Both parties filed a joint stipulation to dismiss their respective appeals in the Second Circuit, and each party agreed to bear its own legal costs. The settlement also includes compliance measures restricting Ripple's future institutional sales and requiring adherence to applicable regulatory guidelines. The resolution of the case provides regulatory clarity that XRP, when sold on public exchanges in secondary market transactions, is not considered a security under U.S. law, while direct institutional sales remain subject to securities regulations. This outcome is widely viewed as a significant development for Ripple, XRP, and the broader digital asset industry, as it establishes important legal distinctions regarding the classification and sale of digital assets in the United States.

If XRP is determined to be a "security" under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for XRP as a digital asset and the Trust. The Trust could be considered an unregistered "investment company" under SEC rules, which could necessitate the Trust's liquidation. In this case, the Trust and the Sponsor may be deemed to have participated in an illegal offering of securities and there is no guarantee that the Sponsor will be able to register the Trust under the Investment Company Act at such time or take such other actions as may be necessary to ensure the Trust's activities comply with applicable law, which could force the Sponsor to liquidate the Trust.

It may also become more difficult for XRP to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could in turn negatively affect the liquidity and general acceptance of XRP and cause users to migrate to other digital assets. Further, if any other digital asset with widespread markets is determined to be a "security" under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for XRP as a digital asset due to negative publicity or a decline in the general acceptance of digital assets. In addition, digital asset trading platforms that feature digital assets that are determined to be securities may face penalties or be required to shut down if they do not have the licenses required to facilitate electronic markets in securities, which could result in a reduction of the liquidity of XRP markets. As such, any determination that XRP or any other digital asset is a security under federal or state securities laws may adversely affect the price of XRP and, as a result, the value of the Shares.

To the extent that XRP is deemed to fall within the definition of a security under U.S. federal securities laws, the Trust and the Sponsor may be subject to additional requirements under the Investment Company Act and the Advisers Act. The Sponsor or the Trust may be required to register as an investment adviser under the Advisers Act. Such additional registration may result in extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders.

#### Future and current regulations by a U.S. or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust.
The regulation of XRP and related products and services continues to evolve, may take many different forms and will, therefore, impact XRP and its usage in a variety of manners. The inconsistent, unpredictable and sometimes conflicting regulatory landscape may make it more difficult for XRP businesses to provide services, which may impede the growth of the XRP economy and have an adverse effect on consumer adoption of XRP. There is a possibility of future regulatory change altering, perhaps to a material extent, the nature of an investment in the Shares or the ability of the Trust to continue to operate. Additionally, changes to current regulatory determinations of XRP's status as not being a security, changes to regulations surrounding XRP futures or related products, or actions by a United States or foreign government or quasi-governmental agency exerting regulatory authority over XRP, the XRP Ledger, XRP trading, or related activities impacting other parts of the digital asset market, may adversely impact XRP and therefore may have an adverse effect on the value of an investment in the Trust.

XRP and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union, China, the United Kingdom, Australia, Russia, Israel, Poland, India and Canada. Cybersecurity attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition, ownership, sale and use of digital assets, including XRP. The effect of any existing regulation or future regulatory change on the Trust or XRP is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect digital assets, particularly with respect to digital asset exchanges, trading venues and service providers that fall within such jurisdictions' regulatory scope. For example, on May 21, 2021, Chinese Vice Premier Liu He and the State Council issued a statement aiming to crack down on bitcoin mining in China. Over the subsequent weeks, multiple regions began to shut down mining operations, including what was estimated to be the three largest Chinese mining regions in Xinjiang, Sichuan, and Inner Mongolia. This resulted in a material decrease in the global bitcoin hash rate. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of digital assets by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the digital assets economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively affect the value of digital assets, including XRP, and, in turn, the value of the Shares.

***Trading on digital asset trading platforms outside the United States is not subject to U.S. regulation and may be less reliable than U.S. trading platforms.***

To the extent any of the Trust's trading is conducted on digital asset trading platforms outside the United States, trading on such trading platforms is not regulated by any U.S. governmental agency and may involve certain risks not applicable to trading on U.S. trading platforms. Certain foreign markets may be more susceptible to disruption than U.S. trading platforms. These factors could adversely affect the performance of the Trust.

***As XRP and the broader digital assets ecosystem have grown, they have begun to attract more regulatory attention around the globe. The future regulatory environment is uncertain and may vary by country or even within countries. Failure to appropriately regulate the digital assets ecosystem could stifle innovation, which could adversely impact the value of the Shares.***

Current and future legislation, CFTC and SEC rulemaking, and other regulatory developments may impact the manner in which XRP is treated for classification and clearing purposes. In particular, XRP may be classified by the CFTC as a "commodity interest" under the Commodity Exchange Act and certain transactions in XRP may be deemed to be commodity futures or XRP may be classified by the SEC as a "security" under U.S. federal securities laws. As of the date of this Prospectus, the Sponsor is not aware of any rules that have been proposed to regulate XRP as a commodity interest or a security. Although the federal district court in the S.D.N.Y. has recently held that under certain transaction structures that XRP is not a security, this ruling is not yet definitive and the Sponsor and the Trust cannot be certain as to how future regulatory developments will impact the treatment of XRP under U.S. law. In the face of such developments, the required registrations and compliance steps may result in extraordinary, non-recurring expenses to the Trust. If the Sponsor decides to terminate the Trust in response to the changed regulatory circumstances, the Trust may be dissolved or liquidated at a time that is disadvantageous to Shareholders.

To the extent that XRP is deemed to fall within the definition of a "commodity interest" under the Commodity Exchange Act, the Trust and the Sponsor may be subject to additional regulation under the Commodity Exchange Act and CFTC regulations. These additional requirements may result in extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders.

Further, if any other digital asset with widespread markets is determined to be a "commodity interest" under the Commodity Exchange Act, it may have material adverse consequences for XRP as a digital asset due to negative publicity or a decline in the general acceptance of digital assets. In addition, trading platforms that feature digital assets that are determined to be commodity interests may face penalties or be required to shut down if they do not have the licenses required to facilitate the trading and clearance of such commodity interests, which could result in a reduction of the liquidity of XRP markets.

XRP and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union, China, the United Kingdom, Australia, Russia, Israel, Poland, India and Canada. Cybersecurity attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition, ownership, sale and use of digital assets, including XRP. The effect of any existing regulation or future regulatory change on the Trust or XRP is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares. Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect digital assets, particularly with respect to digital asset exchanges, trading venues and service providers that fall within such jurisdictions' regulatory scope. For example, on May 21, 2021, Chinese Vice Premier Liu He and the State Council issued a statement aiming to crack down on bitcoin mining in China. Over the subsequent weeks, multiple regions began to shut down mining operations, including what was estimated to be the three largest Chinese mining regions in Xinjiang, Sichuan, and Inner Mongolia. This resulted in a material decrease in the global bitcoin hash rate. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of digital assets by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the digital assets economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively affect the value of digital assets, including XRP, and, in turn, the value of the Shares.

***The ongoing activities of the Trust may generate tax liabilities for Shareholders.***

As described below under *"United States Federal Income Tax Consequences—Taxation of U.S. Shareholders,"* it is expected that each Shareholder will include in the computation of their taxable income their proportionate share of the taxable income and expenses of the Trust and amounts realized in connection with the use of XRP or the sale of XRP to pay Trust expenses or facilitate redemption transactions. The Trust does not anticipate making distributions to Shareholders, so any tax liability that a Shareholder incurs as a result of holding Shares will need to be satisfied from some other source of funds. Sales of XRP to fund cash redemptions are expected to result in gains and losses, with such gains and losses expected to be treated as incurred by the Shareholder that is being redeemed. These gains or losses generally would equal the difference between the amount realized from the sale of the XRP and the Shareholder's tax basis for the portion of the Shareholder's pro rata share of the XRP held in the Trust that is sold to fund the redemption, as determined in the manner described above. A redemption of some or all of a Shareholder's Shares in exchange for the cash received from such sale is not expected to be treated as a separate taxable event for the Shareholder. Shareholders receiving a redemption in kind generally will not be taxed on the distribution in kind. If a Shareholders sells Shares in order to raise funds to satisfy such a tax liability, the sale itself may generate additional taxable gain or loss.

***The IRS may disagree with or seek to challenge the Trust's treatment as a grantor trust.***

The Sponsor intends to take the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata share of the Trust's assets and a pro rata portion of the Trust's income, gain, losses and deductions will "flow through" to each beneficial owner of Shares.

In order to qualify as a grantor trust, the Trust must not be in a trade or business and no person may have a power to vary the investment of the Shareholders to take advantage of market fluctuations. The IRS has generally classified digital assets as "property", so the mere holding of digital assets would not raise issues in regard to grantor trust classification. However, the Trust will expand and contract over time with creations and redemptions of Baskets by Authorized Participants. The Trust is relying on informal guidance from the IRS that receipt of contributions in cash do not create a power to vary if they are required to immediately converted into the assets identical to those already held by the Trust. The receipt of Incidental Rights and IR Assets also create a potential issue because the Trust may from time to time be granted property that the Trust did not voluntarily acquire. Again, the Trust is relying on informal guidance from the IRS that acquiring different property without choosing to acquire the different property is not itself a power to vary.

If the Trust is incorrect in its interpretation of authority, the Trust could be classified as a partnership or as an association taxable as a corporation. If the Trust is classified as a partnership, the Trust would not generally be taxable at the Trust level, but would be required to issue Form K-1s to the Shareholders. If the Trust is classified as an association taxable as a corporation, the Trust will be subject to corporate tax at the Trust level, and the Shareholder's return on investment may be reduced.

***Shareholders could incur a tax liability without an associated distribution of the Trust.***

In the normal course of business, it is possible that the Trust could incur a taxable gain in connection with the sale of XRP (including deemed sales of XRP as a result of the Trust using XRP to pay its expenses, including the Sponsor's Fee) that is otherwise not associated with a distribution to Shareholders, or in connection with the receipt cash from the Sponsor in connection with the Sponsor's sale of Incidental Right(s) and/or IR Asset(s). Shareholders may be subject to tax due to the grantor trust status of the Trust even though there is not a corresponding distribution from the Trust.

***The tax treatment of XRP and transactions involving XRP for United States federal income tax purposes may change.***

Under current IRS guidance, XRP is treated as property, not as currency, for U.S. federal income tax purposes and transactions involving payment in XRP in return for goods and services are treated as barter exchanges. Such exchanges result in capital gain or loss measured by the difference between the price at which XRP is exchanged and the taxpayer's basis in the XRP. However, because XRP is a new technological innovation, because IRS guidance has taken the form of administrative pronouncements that may be modified without prior notice and comment, and because there is as yet little case law on the subject, the U.S. federal income tax treatment of an investment in XRP or in transactions relating to investments in XRP may change from that described in this Prospectus, possibly with retroactive effect. Any such change in the U.S. federal income tax treatment of XRP may have a negative effect on prices of XRP and may adversely affect the value of the Shares. In this regard, the IRS has indicated that it has made it a priority to issue additional guidance related to the taxation of virtual currency transactions, such as transactions involving XRP. While it has started to issue such additional guidance, whether any future guidance will adversely affect the U.S. federal income tax treatment of an investment in XRP or in transactions relating to investments in XRP is unknown. Moreover, future developments that may arise with respect to digital currencies may increase the uncertainty with respect to the treatment of digital currencies for U.S. federal income tax purposes.

***The tax treatment of XRP and transactions involving XRP for state and local tax purposes is not settled.***

Because XRP is a new technological innovation, the tax treatment of XRP for state and local tax purposes, including, without limitation state and local income and sales and use taxes, is not settled. It is uncertain what guidance, if any, on the treatment of XRP for state and local tax purposes may be issued in the future. A state or local government authority's treatment of XRP may have negative consequences, including the imposition of a greater tax burden on investors in XRP or the imposition of a greater cost on the acquisition and disposition of XRP generally. Any such treatment may have a negative effect on prices of XRP and may adversely affect the value of the Shares.

***A "fork" of the XRP Ledger or an airdrop could result in Shareholders incurring a tax liability.***

If a fork occurs in the XRP Ledger, the Trust Agreement requires that the Sponsor analyze the transaction according to several criteria and promptly determine which digital asset network is generally accepted as the XRP Ledger and should therefore be considered the appropriate network for the Trust's purposes. The Sponsor will base its determination on a variety of then-relevant factors, including, but not limited to, the Sponsor's beliefs regarding expectations of the core developers of XRP, users, services, businesses, validators and other constituencies, as well as the actual continued acceptance of, validating power on, and community engagement with, the XRP Ledger. The outcome of such determination shall determine which asset is "XRP" and which is the Forked Asset, an IR Asset. Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets, including Forked Assets. Such assets are not considered assets of the Trust at any point in time. Once it has been determined by the Sponsor which asset is XRP and which is the Forked Asset, the Sponsor will, as soon as practicable, and, if possible, immediately, distribute the Forked Asset to the Sponsor. Once acquired, the Sponsor may take any lawful action necessary or desirable in connection with its acquisition of such asset. In the event that the Sponsor decides to sell the Forked Asset, it will seek to do so for cash. This may be a sale of the Forked Asset directly in exchange for cash, or in exchange for another digital asset which may subsequently be exchanged for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to DTC to be distributed to Shareholders in proportion to the number of Shares owned. The receipt of cash in connection with this distribution may cause Shareholders to incur a U.S. federal, state, local, or foreign tax liability. In addition, the IRS may not accept the Trust's position that disclaimed Incidental Rights or IR Assets do not represent a taxable incident. Any tax liability could adversely impact an investment in the Shares and may require Shareholders to prepare and file tax returns. Any tax liability could adversely impact an investment in the Shares and may require Shareholders to prepare and file tax returns.

Under the IRS guidance on digital assets, hard forks, airdrops and similar occurrences with respect to digital assets will under certain circumstances be treated as taxable events giving rise to ordinary income. In the absence of guidance to the contrary, it is possible that any such income recognized by a U.S. tax-exempt Shareholder would constitute "unrelated business taxable income" ("UBTI"). A tax-exempt Shareholder should consult its tax adviser regarding whether such Shareholder may recognize UBTI as a consequence of an investment in Shares.

***Non-U.S. Holders may be subject to U.S. federal withholding tax on income derived from forks, airdrops and similar occurrences.***

IRS guidance on digital assets does not address whether income recognized by a non-U.S. person as a result of a fork, airdrop or similar occurrence could be subject to the 30% withholding tax imposed on U.S.-source "fixed or determinable annual or periodical" income. Non-U.S. Shareholders should assume that, in the absence of guidance, a withholding agent (including the Sponsor) is likely to withhold 30% of any such income recognized by a non-U.S. Shareholder in respect of its Shares, including by deducting such withheld amounts from proceeds that such non-U.S. Shareholder would otherwise be entitled to receive in connection with a distribution of cash in connection with the Sponsor's sale of an IR Right and/or IR Asset and contributing such cash back to the Trust.

***The intended tax treatment of the Trust will limit the flexibility of the Trust's investment decisions.***

The Trust is intended to be a grantor trust for Federal income tax purposes. A grantor trust is not permitted to change the investment of the Shareholders to take advantage of market fluctuations. Thus, the Sponsor may allow the Trust to hold when an actively managed fund would sell. The Sponsor may distribute proceeds when an actively managed fund would reinvest the proceeds. In addition, a fund treated as a grantor trust may not participate in trading or lending activity without raising a risk of change in status. This means that the returns of the Trust may be less than a successfully actively managed fund.

***WHFIT reporting risks.***

In general, the widely held fixed investment trust ("WHFIT") regulations require asset-by-asset reporting. This can result in large and complex information statements to Shareholders. To qualify for certain simplified reporting rules under the WHFIT regulations, the Trust intends to manage its annual expenses and sales proceeds (other than proceeds from pro rata sales to fund redemptions) to no more than five percent of the net asset value of the Trust. However, the Trust is not required to meet this limitation. If the Trust were to fail the five percent test, the general asset-by-asset rules would apply, and the information statements given to Shareholders would be complex.

In the final year of the Trust, it would not be unusual for expenses and sales proceeds and to exceed five percent of the Trust's net asset value. The WHFIT regulations provide a special exception to the five percent test in the final year of the Trust. To meet this exception, Shareholders receiving a distribution in kind on the termination of the Trust would be required to be treated as exchanging their Shares for cash. The Trust currently has no scheduled termination date.

**Risk Factors Related to the Index**

#### The Index and XRR each have a limited history.
The Index, which was launched on February 27, 2025, is based on materially the same methodology (except calculation time) as the XRR, which was first introduced on April 22, 2025. The Index and the XRR have a limited history and their value is an average composite reference rate calculated using volume-weighted trading price data from the Selected Exchanges. A longer history of actual performance through various economic and market conditions would provide greater and more reliable information for an investor to assess Index's performance. The Benchmark Administrator has substantial discretion at any time to change the methodology used to calculate the Index, including the Selected Exchanges that contribute prices to the Trust's NAV. The Benchmark Administrator does not have any obligation to take into consideration the needs of the Trust, the Shareholders, or anyone else in connection with such changes. There is no guarantee that the methodology currently used in calculating the Index will appropriately track the price of XRP in the future. Neither Compass Financial Technologies SA nor the Benchmark Administrator has any obligation to take into consideration the needs of the Trust or the Shareholders in determining, composing, or calculating the Index or in the selection of the Selected Exchanges used. For more information on how the Selected Exchanges are chosen, see *"THE TRUST AND XRP PRICES — COMPASS CRYPTO REFERENCE INDEX 4PM NEW YORK XRP."*

Although the Index is intended to accurately capture the market price of XRP, third parties may be able to purchase and sell XRP on public or private markets not included among the Selected Exchanges, and such transactions may take place at prices materially higher or lower than the Index price. Moreover, there may be variances in the price of XRP on the various Selected Exchanges, including as a result of differences in fee structures or administrative procedures on different Selected Exchanges. While the Index provides a U.S. dollar-denominated price of XRP based on the volume-weighted price of XRP on certain Selected Exchanges, at any given time, the prices on each such Selected Exchange may not be equal to the price of XRP as represented by the Index. It is possible that the price of XRP on the Selected Exchanges could be materially higher or lower than the Index price. To the extent the Index price differs materially from the actual prices available on a Selected Exchange, or from the global market price of XRP, the price of the Shares may no longer track, whether temporarily or over time, the global market price of XRP, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the market price of XRP. To the extent such prices differ materially from the Index price, investors may lose confidence in the Shares' ability to track the market price of XRP, which could adversely affect the value of the Shares.

The pricing sources (Selected Exchanges) used by the Index are digital asset trading venues that facilitate the buying and selling of XRP and other digital assets. Although many pricing sources refer to themselves as "exchanges," they are not registered with, or supervised by, the SEC or the CFTC and they do not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among others, purchases and sales of XRP may be subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention. These circumstances could affect the price of XRP used in Index calculations and, therefore, could adversely affect the XRP price as reflected by the Index.

The Selected Exchanges may change over time. For more information on the inclusion criteria for Selected Exchanges in the Index, see *"THE TRUST AND XRP PRICES — COMPASS CRYPTO REFERENCE INDEX 4PM NEW YORK XRP."*

The Index is based on various inputs which may include price data from various third-party digital asset trading platforms. Neither Compass Financial Technologies SA nor the Benchmark Administrator guarantees the validity of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial source.

The Trust utilizes the Index to establish its NAV and NAV per Share. In the event that the Index is incorrectly calculated, is not timely calculated or changes its calculation methodology in the future, such an occurrence may adversely impact an investment in the Shares or the Trust's operations.

Although the Index and XRR are designed to accurately capture the market price of XRP, third parties may be able to purchase and sell XRP on public or private markets not included among the Selected Exchanges of the Index and XRR, and such transactions may take place at prices materially higher or lower than the level of the Index used to establish the NAV. To the extent such prices differ materially from the level of the Index used to establish the NAV, investors may lose confidence in the Shares' ability to track the market price of XRP, which could adversely affect an investment in the Shares.

#### The Benchmark Administrator could experience systems failures or errors.
If the computers or other facilities of the Benchmark Administrator, data providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination of the Index may be delayed. Errors in Index data, the Index computations and/or construction may occur from time to time and may not be identified and/or corrected for a period of time or at all, which may have an adverse impact on the Trust and the Shareholders. Any of the foregoing may lead to errors in the Index, which may lead to a different investment outcome for the Trust and its Shareholders than would have been the case had such events not occurred. The Index is the reference price for calculating the Trust's NAV. Consequently, losses or costs associated with the Index's errors or other risks described above will generally be borne by the Trust and the Shareholders and neither the Sponsor nor its affiliates or agents make any representations or warranties regarding the foregoing.

If the Index is not available, the Trust's holdings may be fair valued in accordance with the policy approved by the Sponsor. If the Index is not available, or if the Sponsor determines, in its sole discretion, that the Index does not reflect an accurate XRP price, the Trust's holdings may be "fair valued" in accordance with the valuation policies approved by the Sponsor. Those valuation policies stipulate that when seeking to fair value XRP, the Sponsor may apply all available factors the Sponsor deems relevant at the time of the determination, and may be based on analytical values determined by the Sponsor using third-party valuation models. Pursuant thereto, the Sponsor expects to utilize a volume-weighted average price or volume-weighted median price of XRP provided by a secondary pricing source ("Secondary Source"). If a Secondary Source is not available or the Sponsor in its sole discretion determines the Secondary Sources are unreliable, the price set by the Trust's principal market as of 4:00 p.m. ET, on the valuation date would be considered for utilization. In the event the principal market price is not available or the Sponsor in its sole discretion determines the principal market valuation is unreliable the Sponsor will use its best judgment to determine a good faith estimate of fair value based upon all available factors. The Sponsor does not anticipate that the need to "fair value" XRP will be a common occurrence.

To the extent the valuation determined in accordance with the policy approved by the Sponsor differs materially from the actual market price of XRP, the price of the Shares may no longer track, whether temporarily or over time, the global market price of XRP, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the global market price of XRP. To the extent such prices differ materially from the market price for XRP, investors may lose confidence in the Shares' ability to track the market price of XRP, which could adversely affect the value of the Shares. The Sponsor does not anticipate that the need to "fair value" XRP will be a common occurrence.

#### The Index could fail to track the global XRP price, and a failure of the Index could adversely affect the value of the Shares.
Although the Index is intended to accurately capture the market price of XRP, third parties may be able to purchase and sell XRP on public or private markets not included among the Selected Exchanges, and such transactions may take place at prices materially higher or lower than the Index price. Moreover, there may be variances in the price of XRP on the various Selected Exchanges, including as a result of differences in fee structures or administrative procedures on different Selected Exchanges. While the Index provides a U.S. dollar-denominated composite for the price of XRP based on the volume-weighted price of XRP on certain Selected Exchanges, at any given time, the prices on each such Selected Exchange or pricing source may not be equal to the price of XRP as represented by the Index. It is possible that the price of XRP on the Selected Exchanges could be materially higher or lower than the Index price. To the extent the Index price differs materially from the actual prices available on a Selected Exchange, or from the global market price of XRP, the price of the Shares may no longer track, whether temporarily or over time, the global market price of XRP, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the market price of XRP. To the extent such prices differ materially from the Index price, investors may lose confidence in the Shares' ability to track the market price of XRP, which could adversely affect the value of the Shares.

#### The Sponsor can discontinue using the Index and use a different pricing or valuation methodology instead.
The Sponsor, in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark or standard other than the Index at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another index, benchmark or standard better aligns with the Trust's investment objective and strategy. The Sponsor may make this decision for a number of reasons, including, but not limited to, a determination that the Index price of XRP differs materially from the global market price of XRP and/or that third parties are able to purchase and sell XRP on public or private markets not included among the Selected Exchanges, and such transactions may take place at prices materially higher or lower than the Index price. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance. In the event that the Sponsor intends to establish the Trust's NAV by reference to an index, benchmark or standard other than the Index, it will provide Shareholders with notice in a prospectus supplement and/or through a current report on Form 8-K or in the Trust's annual or quarterly reports.

#### The Index price used to calculate the value of the Trust's XRP may be volatile, adversely affecting the value of the Shares.
The price of XRP on public digital asset trading platforms has a limited history, and during this history, XRP prices on the digital asset markets more generally, and on digital asset trading platforms individually, have been volatile and subject to influence by many factors, including operational interruptions. While the Index is designed to limit exposure to the interruption of individual digital asset trading platforms, the Index price, and the price of XRP generally, remains subject to volatility experienced by digital asset exchanges, and such volatility could adversely affect the value of the Shares.

Furthermore, because the number of liquid and credible digital asset trading platforms is limited, the Index will necessarily be composed of a limited number of digital asset trading platforms. If a digital asset trading platform were subjected to regulatory, volatility or other pricing issues, the Benchmark Administrator would have limited ability to remove such digital asset trading platform from the Index, which could skew the price of XRP as represented by the Index. Trading on a limited number of digital asset trading platforms may result in less favorable prices and decreased liquidity of XRP and, therefore, could have an adverse effect on the value of the Shares.

***The Index price being used to determine the NAV of the Trust may not be consistent with GAAP. To the extent that the Trust's financial statements are determined using a different pricing source that is consistent with GAAP, the NAV reported in the Trust's periodic financial statements may differ, in some cases significantly, from the Trust's NAV determined using the Index pricing.***

The Trust will determine the NAV of the Trust on each business day based on the value of XRP as reflected by the Index. The methodology used to calculate the Index price to value XRP in determining the NAV of the Trust may not be deemed consistent with GAAP. To the extent the methodology used to calculate the Index is deemed inconsistent with GAAP, the Trust will utilize an alternative GAAP-consistent pricing source for purposes of the Trust's periodic financial statements. Creation and redemption of Baskets, the Sponsor's Fee and other expenses borne by the Trust will be determined using the Trust's NAV determined daily based on the Index. Such NAV of the Trust determined using the Index price may differ, in some cases significantly, from the NAV reported in the Trust's periodic financial statements.

#### The Index is subject to the limitations of its methodology and the XRP market.
*Though the Index is designed to be representative of the XRP market or otherwise align with its stated objective, it may not be representative in every case or achieve its stated objective in all instances. The Index is designed and calculated strictly to follow the rules of its methodology, and any Index price or other output is limited in its usefulness to such design and calculation. In addition, the Index will necessarily be composed of a limited number of potential principal markets, and thus the Index may not reflect the value of XRP on crypto exchanges not considered in the Index. Furthermore, the Benchmark Administrator does not publicize its methodology at any given time, which may limit the ability of investors to evaluate the XRP prices that establish the value of the Index.*

*The XRP market can be volatile, including those market interests that the Index intends to measure or upon which the Index is dependent in order to achieve its stated objective. For example, illiquidity can have an impact on the quality or amount of data available to the Benchmark Administrator for calculation, and may cause the Index to produce unpredictable or unanticipated results. In addition, market trends and changes to market structure may render the objective of the Index unachievable or cause the Index to become impractical to replicate.*

#### Risks Related to Pricing.
The Trust's portfolio will be priced, including for purposes of determining the NAV, based upon the Index. The price of XRP in U.S. dollars or in other currencies available from other data sources may not be equal to the prices used to calculate the NAV.

An Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per share, although some creations or redemptions may take place in kind, and the Trust will therefore maintain its intended fractional exposure to a specific amount of XRP per share.

The NAV of the Trust will change as fluctuations occur in the market price of the Trust's XRP holdings as reflected in the Index. Shareholders should be aware that the public trading price per Share may be different from the NAV for a number of reasons, including price volatility; trading activity; the closing of XRP trading platforms due to fraud, failure, security breaches or otherwise; and the fact that supply-and-demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply-and-demand forces influencing the market price of XRP.

Shareholders also should note that the size of the Trust in terms of total XRP held may change substantially over time and as Baskets are created and redeemed.

In the event that the value of the Trust's XRP holdings or XRP holdings per Share is incorrectly calculated, neither the Sponsor nor the Administrator will be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares.

***Index tracking risk.***

Although the Trust will attempt to structure its portfolio so that investments track the Index, the Trust may not achieve the desired degree of correlation between its performance and that of the Index and thus may not achieve its investment objective. The difference in performance may be due to factors such as fees, transaction costs, redemptions of, and subscriptions for, Shares, pricing differences or the cost to the Trust of complying with various new or existing regulatory requirements.

***The value of XRP as reflected by the Index may be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility which could adversely affect an investment in the Shares.***

Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for anticipated future appreciation in value. The Index is determined using data from various XRP Exchanges. The Sponsor believes that momentum pricing of XRP has resulted, and may continue to result, in speculation regarding future appreciation in the value of XRP, inflating and making the Index more volatile. As a result, XRP may be more likely to fluctuate in value due to changing investor confidence in future appreciation or depreciation in the Index, which could adversely affect an investment in the Shares.

**Risk Factors Related to Potential Conflicts of Interest**

***Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders, which may permit them to favor their own interests to the detriment of the Trust and its Shareholders.***

The Sponsor will manage the business and affairs of the Trust. Conflicts of interest may arise among the Sponsor and its affiliates, including the Benchmark Administrator and the Authorized Participants, on the one hand, and the Trust and its Shareholders, on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust and its Shareholders. These potential conflicts include, among others, the following:

● The Sponsor has no fiduciary duties to, and is allowed to take into account the interests of parties other than, the Trust and its Shareholders in resolving conflicts of interest;

● The Trust has agreed to indemnify the Sponsor and its affiliates pursuant to the Trust Agreement;

● The Sponsor is responsible for allocating its own limited resources among different clients and potential future business ventures, to each of which it owes fiduciary duties;

● The Sponsor may select service providers that are affiliates, which may create or give the appearance of a conflict of interest with Shareholders' best interest;

● The Sponsor's staff also services affiliates of the Sponsor and their respective clients and cannot devote all of its, or their, respective time or resources to the management of the business and affairs of the Trust;

● The Sponsor, its affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with the Trust;

● There is an absence of arm's-length negotiation with respect to certain terms of the Trust, and, where applicable, there has been no independent due diligence conducted with respect to this offering; and

● The Sponsor decides whether to retain separate counsel, accountants or others to perform services for the Trust.

By investing in the Shares, investors agree and consent to the provisions set forth in the Trust Agreement. See "Description of the Trust Agreement."

For a further discussion of the conflicts of interest among the Sponsor, Authorized Participants, Benchmark Administrator, Custodian, Cash Custodian, Trust and others, see "Conflicts of Interest."

***Affiliates of the Sponsor may invest in or trade XRP without regard to the interests of the Trust or its Shareholders.***

Affiliates of the Sponsor have substantial direct investments in XRP. Such affiliates of the Sponsor are permitted to manage such investments, taking into account their own interests, without regard to the interests of the Trust or its Shareholders. Affiliates of the Sponsor may obtain exposure to XRP through investment in the Shares.

To the extent that any substantial investment in XRP is initiated, materially increased or materially reduced, such investment can affect the XRP Index Price. The initiation of, or material increases in, a substantial investment in XRP may result in an increase in the XRP Index Price. A material reduction in a substantial investment may result in a decrease in the XRP Index Price, having a negative impact on the value of Shares. See "Conflicts of Interest—Proprietary Trading/Other Clients."

***Shareholders cannot be assured of the Sponsor's continued services, the discontinuance of which may be detrimental to the Trust.***

Shareholders cannot be assured that the Sponsor will be willing or able to continue to serve as sponsor to the Trust for any length of time. If the Sponsor discontinues its activities on behalf of the Trust and a substitute sponsor is not appointed, the Trust will terminate and liquidate the XRP held by the Trust.

Appointment of a substitute sponsor will not guarantee the Trust's continued operation, successful or otherwise. Because a substitute sponsor may have no experience managing a digital currency financial vehicle, a substitute sponsor may not have the experience, knowledge or expertise required to ensure that the Trust will operate successfully or to continue to operate at all. Therefore, the appointment of a substitute sponsor may not necessarily be beneficial to the Trust or an investment in the Shares and the Trust may terminate. See "Conflicts of Interest—The Sponsor."

***The development and commercialization of the Trust is subject to competitive pressures.***

The Trust and the Sponsor face competition with respect to the creation of competing products. The Sponsor's competitors may have greater financial, technical and human resources than the Sponsor. Smaller or early-stage companies may also prove to be effective competitors, particularly through collaborative arrangements with large and established companies. In addition, the timing of the Trust in reaching the market and the fee structure of the Trust relative to similar products may have a detrimental effect on the scale and sustainability of the Trust. Accordingly, the Sponsor's competitors may commercialize a product involving XRP more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor's competitive position, the likelihood that the Trust will achieve initial market acceptance and the Sponsor's ability to generate meaningful revenues from the Trust, which in turn could cause the Sponsor to dissolve and terminate the Trust.

In addition, to the extent that the Trust incurs transaction expenses in connection with the creation and redemption process, litigation expenses, indemnification obligations under the Trust's service provider agreements and other extraordinary expenses that are not borne by the Sponsor, such expenses will be borne by the Trust. To the extent that the Trust fails to attract a sufficiently large amount of investors, the effect of such expenses on the value of the Shares may be significantly greater than would be the case if the Trust had attracted more assets.

***The Custodian owes no fiduciary duties to the Trust or the Shareholders, is not required to act in their best interest and could resign or be removed by the Sponsor, which could trigger early termination of the Trust.***

The Custodian is not a trustee for, and owes no fiduciary duties to, the Trust or the Shareholders. In addition, the Custodian has no duty to continue to act as a custodian of the Trust. The Custodian can terminate their role as custodian for any reason whatsoever upon the notice period provided under the relevant Custody Agreement. The Custodians may also be terminated. If the Custodian resigns or is removed without replacement such that the Trust does not have an available custody solution for its XRP, the Trust will dissolve in accordance with the terms of the Trust Agreement.

***The Custodian' abilities to adopt technology in response to changing security needs or trends pose a challenge to the safekeeping of the Trust's XRP.***

The history of the XRP Exchange Market has shown that XRP Exchanges and large holders of XRP must adapt to technological change in order to secure and safeguard client accounts. While the Custodian is required in their respective agreements to safeguard the Vault Accounts from theft, loss, destruction or other issues relating to hackers and technological attacks, their ability to do so is based on known technology and threats. As technological change occurs, the security threats to the Vault Accounts will likely adapt and previously unknown threats may emerge. Furthermore, the Sponsor believes that the Trust may become a more appealing target of security threats as the size of the Trust's assets grows. To the extent that the Custodian is unable to identify and mitigate or stop new security threats, the Vault Accounts may be subject to theft, loss, destruction or other attack, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets.

***The Sponsor and its affiliates, or another entity (i.e., a seed investor), may invest in the Trust.***

The Sponsor, its affiliates, or a seed investor, may invest in the Trust at or near the establishment of the Trust, which may facilitate the Trust achieving a specified size or scale. Seed investors may contribute all or a majority of the assets in the Trust. There is a risk that such seed investors may redeem their investments in the Trust. Such redemptions could have a significant negative impact on the Trust, including on its liquidity.

***Shareholders may be adversely affected by the lack of independent advisers representing investors in the Trust.***

The Sponsor has consulted with counsel, accountants and other advisers regarding the formation and operation of the Trust. No counsel has been appointed to represent an investor in connection with the offering of the Shares. Accordingly, an investor should consult his, her or its own legal, tax and financial advisers regarding the desirability of an investment in the Shares. Lack of such consultation may lead to an undesirable investment decision with respect to investment in the Shares.

***Shareholders may be adversely affected by the lack of regular shareholder meetings and no voting rights.***

Under the Trust Agreement, Shareholders have limited voting rights and the Trust will not have regular Shareholder meetings and take no part in the management or control of the Trust. Accordingly, Shareholders do not have the right to authorize actions, appoint service providers or take other actions as may be taken by shareholders of other trusts or companies where shares carry such rights. Shareholders, may, however, remove and replace the Sponsor by the affirmative vote of a majority of the outstanding Shares. The Shareholders' limited voting rights, however, give almost all control under the Trust Agreement to the Sponsor and the Trustee. The Sponsor may take actions in the operation of the Trust that may be adverse to the interests of Shareholders. The Sponsor's operation of the Trust could adversely affect an investment in the Shares.

#### USE OF PROCEEDS
Proceeds received by the Trust from the issuance of Baskets consist of XRP or cash. Deposits of XRP are held by the Custodian on behalf of the Trust until (i) transferred out or sold in connection with the redemption of Baskets or (ii) transferred or sold by the Sponsor to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor. Deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) transferred in connection with the purchase of XRP, (ii) delivered out in connection with redemptions of Baskets or (iii) transferred to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor.

When the Trust uses cash proceeds from creation transactions to purchase XRP, the Trust will receive XRP from a third party that is not an Authorized Participant. The Trust—not any Authorized Participant—is responsible for selecting the third party to deliver the XRP. Furthermore, the third party will not be acting as an agent of any Authorized Participant with respect to the delivery of the XRP to the Trust or acting at the direction of any Authorized Participant with respect to the delivery of the XRP to the Trust. In connection with cash redemptions of Baskets, the Trust will redeem Shares by delivering XRP to a third party that is not an Authorized Participant. The Trust—not any Authorized Participant—is responsible for selecting the third party to receive the XRP. In addition, the third party will not be acting as an agent of any Authorized Participant with respect to the receipt of the XRP from the Trust or acting at the direction of any Authorized Participant with respect to the receipt of the XRP from the Trust.

#### OVERVIEW OF THE XRP INDUSTRY AND MARKET
This section of the Prospectus provides a more detailed description of XRP, including: information about the historical development of XRP; how a person holds XRP; how to use XRP in transactions; how to trade XRP; the spot markets where XRP can be bought, held and sold; and the XRP OTC market.

#### XRP and the XRP Ledger
XRP is a digital asset that is created and transmitted through the operations of the XRP Ledger, a decentralized ledger upon which XRP transactions are processed and settled.

XRP can be used to pay for goods and services or it can be converted to fiat currencies, such as the U.S. dollar. The XRP Ledger is based on a shared public ledger similar to the Bitcoin network and other distributed ledgers. However, the XRP Ledger differentiates itself from other digital asset networks in that its stated primary function is transactional utility, not store of value. The XRP Ledger is designed to be a global real-time payment and settlement system. As a result, the XRP Ledger and XRP aim to improve the speed at which parties on the network may transfer value while also reducing the fees and delays associated with the traditional methods of interbank payments.

Unlike a centralized system, no single entity controls the XRP Ledger. Instead, a network of independent nodes validates transactions pursuant to a consensus-based algorithm. It is this mechanism, as opposed to the proof-of-work mechanism utilized by the Bitcoin blockchain, that allows the XRP Ledger to be fast, energy-efficient and scalable, and therefore suitable for its most prominent use case, the facilitation of cross-border financial transactions. Unlike proof-of-work systems, which require massive computational power to secure the network, the consensus-based algorithm utilized by the XRP Ledger is extremely lightweight in terms of energy usage, as it relies on trusted validators rather than mining. The XRP Ledger can handle up to 1,500 transactions per second, far more than the Bitcoin or Ethereum blockchain. This makes the XRP Ledger suitable for high-volume use cases, such as cross-border payments. Lastly, because validators do not need to spend resources on mining, transaction fees are extremely low (typically a fraction of a cent per transaction).

Although launched in 2012, the concept for XRP and the XRP Ledger traces back to 2004 when a web developer started work on a decentralized payment system that would enable users to create and trade their own cryptocurrencies in a peer-to-peer manner. More of an alternative payment system than a cryptocurrency itself, it laid the conceptual foundation of what would become XRP and the XRP Ledger. The project was eventually handed over to Jed McCaleb, Arthur Britto and David Schwartz in 2011 who were seeking to address some of their concerns related to the scalability of bitcoin and the energy intensive nature of the "proof-of-work" validation mechanism utilized by the Bitcoin network that relied on "mining." Their goal was to create a decentralized ledger that used a network of validators that would agree on transactions in a fast and secure manner, without relying upon mining. This led to the development of a consensus-based algorithm. It is this mechanism, as opposed to the proof-of-work mechanism utilized by the Bitcoin blockchain or the "proof-of-stake" mechanism utilized by the Ethereum network, that allows the XRP Ledger to be fast, energy-efficient and scalable, and therefore suitable for its most prominent use case, the facilitation of cross-border financial transactions. Proponents of the consensus-based algorithm often cite several key advantages it offers. The first is near-instantaneous settlement of transactions, which normally occurs within 3 – 5 seconds. The second is energy efficiency. Unlike proof-of-work systems, which require massive computational power to secure the network, the consensus-based algorithm is relatively light in terms of energy usage, as it relies on trusted validators rather than mining. A third advantage is scalability. The XRP Ledger can handle up to 1,500 transactions per second, far more than the Bitcoin or Ethereum blockchain. This makes the XRP Ledger an attractive option for high-volume use cases, such as cross-border payments. Lastly, because validators do not need to spend resources on mining, transaction fees are extremely low (typically a fraction of a cent per transaction).

Transactions are validated on the XRP Ledger by a network of independent validator nodes. These nodes do not mine new blocks but participate in a consensus process to ensure that transactions are valid and correctly ordered on the XRP Ledger. Any node can be a validator, but for practical purposes, the XRP Ledger depends on a list of trusted validators known as the Unique Node List or "UNL." Validators are entities (which can be individuals, institutions, or other organizations) that run nodes to participate in the consensus process. These validators ensure the integrity and accuracy of the ledger. Each node in the network maintains a Unique Node List – a list of other validators that the node trusts to reliably validate transactions. The XRP Ledger's decentralized architecture means that different nodes may maintain different UNLs, but there needs to be some overlap in the UNLs for the consensus mechanism to work effectively. Similar to the Bitcoin network, anyone can join and start using the XRP Ledger; however, unlike the Bitcoin network, which operates on a fully permissionless blockchain, the XRP Ledger is maintained by a network of trusted nodes that accept or reject transactions on the XRP Ledger.

A transaction on the XRP Ledger begins when a user submits a transaction to the XRP Ledger network. The submitted transaction is broadcast to all validator nodes. Validators do not immediately confirm transactions as final; instead, they go through a process of reaching consensus on which transactions should be included in the next ledger version. Each validator collects incoming transactions into a proposed ledger, called a candidate ledger, and then exchanges their proposed candidate ledgers (also known as proposals) with other validators. The actual consensus process happens over several rounds. In each round, validators attempt to come to an agreement on which transactions should be included in the next ledger version. In each round, validators examine the transactions in the proposed ledger from the previous round and compare it to the proposals from other validators in their UNL. If the validator sees that a supermajority (typically 80% of validators) of trusted validators have proposed the same set of transactions, the validator updates its proposal to align with the majority. After a few rounds of exchanging proposals, when a supermajority (typically 80%) of validators have agreed on the same set of transactions, that version of the ledger is considered valid. All participating validators then update their copy of the ledger with the new, agreed-upon transactions. The final ledger version is broadcast to all nodes, and it becomes the new "official" state of the ledger.

Prior to engaging in XRP transactions directly on the XRP Ledger, a user generally must first install on its computer or mobile device a XRP Ledger software program that will allow the user to generate a private and public key pair associated with a XRP address. The XRP Ledger software program and the XRP address also enable the user to connect to the XRP Ledger and transfer XRP to, and receive XRP from, other users.

Each XRP Ledger address, or wallet, is associated with a unique "public key" and "private key" pair. To receive XRP, the XRP recipient must provide its public key to the party initiating the transfer. This activity is analogous to a recipient for a transaction in U.S. dollars providing a routing address in wire instructions to the payor so that cash may be wired to the recipient's account. The payor approves the transfer to the address provided by the recipient by "signing" a transaction that consists of the recipient's public key with the private key of the address from where the payor is transferring the XRP. The recipient, however, does not make public or provide to the sender its related private key.

XRP can be held in different types of wallets, including hardware wallets, software wallets and custodial wallets provided by digital asset trading platforms. The wallet essentially holds the private keys that control the account on the XRP Ledger. The private key is crucial for signing transactions on the ledger. Whoever possesses the private key associated with an XRP Ledger account effectively controls the XRP held by that account. While XRP is the native asset, the XRP Ledger also supports the holding and transferring of other assets (like USD, EUR, or other digital assets) through a system of trust lines. However, these other assets are not XRP itself; they are IOUs issued by institutions or individuals on the ledger.

Neither the recipient nor the sender reveal their private keys in a transaction, because the private key authorizes transfer of the funds in that address to other users. Therefore, if a user loses his or her private key, the user may permanently lose access to the XRP contained in the associated address. Likewise, XRP is irretrievably lost if the private key associated with them is deleted and no backup has been made. When sending XRP, a user's XRP Ledger software program must validate the transaction with the associated private key. In addition, since every computation on the XRP Ledger requires processing power, there is a transaction fee involved with the transfer that is paid by the payor. The resulting digitally validated transaction is sent by the user's XRP Ledger software program to the XRP Ledger validators to allow transaction confirmation.

Some XRP transactions are conducted "off-blockchain" (i.e., through centralized book-entries) and are therefore not recorded on the XRP Ledger. These "off-blockchain transactions" involve the transfer of control over, or ownership of, a specific digital wallet holding XRP or the reallocation of ownership of certain XRP in a pooled-ownership digital wallet, such as a digital wallet owned by a digital asset trading platforms. In contrast to on-blockchain transactions, which are publicly recorded on the XRP Ledger, information and data regarding off-blockchain transactions are generally not publicly available. Therefore, off-blockchain transactions are not truly XRP Ledger transactions in that they do not involve the transfer of transaction data on the XRP Ledger and do not reflect a movement of XRP between addresses recorded in the XRP Ledger. For these reasons, off-blockchain transactions are subject to risks as any such transfer of XRP ownership is not protected by the protocol behind the XRP Ledger or recorded in, and validated through, the ledger mechanism.

XRP can also be held in escrow on the XRP Ledger, meaning the XRP is locked up and released only when certain conditions are met (e.g., at a specific time or when a particular event occurs). This is a native feature of the ledger, providing flexibility for complex financial contracts. XRP can also be held in payment channels, which allow for off-ledger transactions to occur between two parties, with the final balance being settled on the ledger later. Each XRP Ledger account must also hold a minimum reserve of XRP (currently 10 XRP) which cannot be spent. This ensures that only legitimate accounts are created and maintained. The XRP Ledger supports multi-signature accounts, where multiple keys can be required to authorize transactions. This adds an extra layer of security for holding and transferring large amounts of XRP.

As of late 2023, it was estimated that over 1,500 projects existed on the XRP Ledger. It is also estimated as of December 2022 that over 100 developers were working on the XRP Ledger and related projects.

#### Summary of an XRP Transaction
The following is a summary of a payment transaction of XRP on the XRP Ledger.

A transaction is initiated by a user who holds an XRP Ledger account. The user uses their wallet (software, hardware, or digital asset trading platform-based) to create a transaction. This transaction includes details such as the destination address, the amount of XRP to be transferred, and any additional flags or conditions (e.g., destination tag, which is used for transactions to exchanges or multi-user platforms).

To authenticate the transaction, the user's wallet signs the transaction using the private key associated with their XRP Ledger account. The private key is critical, as it proves ownership of the account and authorizes the movement of funds. The signing process involves creating a cryptographic signature unique to the transaction details and the private key. This signature ensures that the transaction cannot be altered after it is signed.

Once signed, the transaction is submitted to the XRP Ledger network. This involves broadcasting the transaction to a network of decentralized validator nodes. The transaction is propagated across the network, where it is received by multiple validators. Validators are independent nodes that maintain a copy of the XRP Ledger and participate in the consensus process.

The XRP Ledger uses a unique consensus algorithm rather than proof-of-work or proof-of-stake. Validators participate in a consensus round, where they agree on the set of transactions to be included in the next ledger version. During this process, validators check the validity of each transaction (e.g., ensuring the sender has sufficient funds, the transaction is correctly signed, etc.). If 80% or more of the validators agree that the transaction is valid, it is included in the next block added to the XRP Ledger.

The XRP Ledger operates in "ledger versions," where each version is a new snapshot of the ledger's state, including all confirmed transactions since the last version. When a transaction is confirmed through consensus, it is included in the next ledger version. Once the ledger version is closed and published (which happens approximately every 3-5 seconds), the transaction is considered final and irreversible. The recipient's balance is updated, and the sender's balance is deducted accordingly. In addition, a small transaction fee (measured in drops, where 1 XRP = 1,000,000 drops) is deducted from the sender's account, which is then irrevocably destroyed. Each block and each transaction included in a block is assigned a unique transaction hash, which can be used to track and verify the block and individual transactions on the XRP Ledger. Once recorded in the ledger, the transaction is immutable, providing a permanent record of the transfer.

**XRP Markets and Exchanges**

XRP can be transferred in direct peer-to-peer transactions through the direct sending of XRP over the XRP Ledger from one XRP address to another. While XRP was originally intended to be used primarily as a means to conduct cross-border payments, XRP can also be used to pay other users of the XRP Ledger for goods and services under what resembles a barter system. Consumers can also pay merchants and other commercial businesses for goods or services through direct peer-to-peer transactions on the XRP Ledger or through third-party service providers.

In addition to using XRP to engage in cross-border transactions or payment for goods and services, investors may purchase and sell XRP to speculate as to the price of XRP in the XRP market, or as a long-term investment to diversify their portfolio. The price of XRP within the market is determined, in part, by the supply of and demand for XRP in the global XRP market, market expectations for the adoption of XRP as a store of value or as a viable cross-border payments facilitator, the number of merchants that accept XRP as a form of payment, the regulatory challenges faced by Ripple Labs and XRP, and the volume of peer-to-peer transactions, among other factors.

XRP spot markets typically permit investors to open accounts with the market and then purchase and sell XRP via websites or through mobile applications. Prices for trades on XRP spot markets are typically reported publicly. An investor opening a trading account on a digital asset trading platform must deposit an accepted government-issued currency into its account with the trading platform, or a previously acquired digital asset, before they can purchase or sell assets on the trading platform. The process of establishing an account with a digital asset trading platform and trading XRP is different from, and should not be confused with, the process of users sending XRP from one XRP address to another XRP address on the XRP Ledger. This latter process is an activity that occurs on the XRP Ledger, while the former is an activity that occurs entirely within the order book operated by the digital asset trading platform. The digital asset trading platform typically records the investor's ownership of XRP in its internal books and records, rather than on the XRP Ledger. The digital asset trading platform ordinarily does not transfer XRP to the investor on the XRP Ledger unless the investor makes a request to the exchange to withdraw the XRP in its platform trading account to an off-platform XRP wallet.

Outside of the spot markets, XRP can be traded OTC. The OTC market is largely institutional in nature, and OTC market participants generally consist of institutional entities, such as firms that offer two-sided liquidity for XRP, investment managers, proprietary trading firms, high-net-worth individuals that trade XRP on a proprietary basis, entities with sizeable XRP holdings, and family offices. The OTC market provides a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve large blocks of XRP. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions will agree upon a price—often via phone or email—and then one of the two parties will then initiate the transaction. For example, a seller of XRP could initiate the transaction by sending the XRP to the buyer's XRP address. The buyer would then wire U.S. dollars to the seller's bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on digital asset trading platforms.

XRP futures, a significant and growing market, are available on major centralized exchanges. XRP futures are popular among both retail and professional traders due to XRP's price volatility and strong liquidity on certain exchanges. XRP futures contracts are among the more liquid cryptocurrency derivatives, often generating hundreds of millions of dollars in daily trading volume, with total open interest ranging from $300 million to over $800 million depending on market conditions.

**Limits on XRP Supply**

Unlike other digital assets such as bitcoin or ether, XRP was not mined gradually over time. Instead, all 100 billion XRP tokens were created at the time of the XRP Ledger's launch in 2012. This means that every XRP token that exists today was generated from the outset, without the need for a mining process. Of the 100 billion XRP generated by the XRP Ledger's code, the founders of Ripple Labs retained 20 billion XRP and the rest, nearly 80 billion XRP, was provided to Ripple Labs or will be released to Ripple Labs at established intervals.

In 2017, to address concerns about the large portion of XRP held by Ripple Labs, the company introduced an escrow mechanism to lock up a significant portion of its XRP holdings. Under this mechanism, Ripple Labs placed 55 billion XRP (55% of the total supply) into a series of time-locked escrow accounts. The escrow releases 1 billion XRP per month over 55 months. This process adds a level of predictability and transparency about how much XRP can enter the market each month. If Ripple Labs does not use all of the 1 billion XRP released in a given month, the remaining amount is placed back into escrow for future release. The purpose of this escrow system is to reassure the market that Ripple Labs will not release too much XRP at once, which could potentially disrupt XRP's price or market dynamics.

**Modifications to the XRP Ledger Protocol**

Modifications to the XRP Ledger protocol involves a structured process. The first step is identifying a need or improvement that could benefit the XRP Ledger. This might be related to performance, security, new features or other enhancements. The proposer drafts a formal proposal outlining the suggested change. This proposal typically includes technical details, rationale, potential benefits and any drawbacks or risks.

The proposal is shared with the XRP Ledger community, typically through forums such as the XRP Ledger GitHub repository or community discussion platforms. This allows for initial feedback, questions, and suggestions from developers, validators and other stakeholders. During this phase, the proposer may refine the proposal based on community input. Open dialogue is crucial to ensure the proposal addresses the community's needs and concerns.

If the proposal is generally well-received, the next step involves writing the necessary code to implement the change. This is often done by the proposer or a group of developers with expertise in the XRP Ledger's codebase. The new code is rigorously tested in various environments. This might include test networks (such as the XRP Ledger Testnet) to ensure that the change does not introduce bugs or vulnerabilities and works as intended under different scenarios. The code is then reviewed by other developers, especially those with a deep understanding of the XRP Ledger. This peer review process is critical to maintain the integrity and security of the ledger.

Once the code is developed and tested, it is proposed as an "amendment" to the XRP Ledger. The amendment process is a governance mechanism that allows validators to vote on whether to adopt the proposed changes. Validators on the network signal their approval or disapproval of the amendment by updating their validator configuration. For the amendment to be activated, it must receive approval from at least 80% of the validators on the network for two weeks continuously. If the amendment meets the required threshold, it is automatically activated on the XRP Ledger, and the new functionality or modification becomes part of the ledger's protocol.

Once activated, the changes are deployed across the XRP Ledger. All nodes running the XRP Ledger software must update to the latest version to remain compatible with the network. Even after deployment, the change is monitored to ensure it behaves as expected in the live environment. If any issues arise, the community may need to address them through additional updates or modifications.

After the change is implemented, the relevant documentation (such as the XRP Ledger technical documentation, API references, etc.) is updated to reflect the new features or modifications. The community is informed of the successful implementation through official channels, including developer blogs, forums, and updates to the GitHub repository.

There are currently several amendments merged into development branches or in testing including Permission Delegation (which will allow accounts to delegate some permissions to other accounts) and Single Asset Vault (which allows for a pooling of assets from multiple depositors into a single structure). Other updates, such as native lending protocols, confidential multi-purpose tokens and zero-knowledge proof protocols are contemplated for future amendments.

**Forms of Attack Against the XRP Ledger**

All networked systems are vulnerable to various kinds of attacks. As with any computer network, the XRP Ledger contains certain vulnerabilities. The XRP Ledger relies on a decentralized network of validator nodes that agree on the order and validity of transactions. These nodes form the backbone of the consensus process. Each validator node maintains a Unique Node List, which is a list of other validators it trusts. For a malicious actor to take over, they would need to control a significant portion of the validators on the majority of these UNLs. To successfully alter the ledger, the malicious actor would likely need to control more than 80% of the validator nodes or the voting power on the most widely used UNLs.

If the malicious actor cannot control the validator nodes directly, they might attempt to compromise the validators that are already trusted by the network (i.e., those on the commonly used UNLs). This could involve hacking, bribery, deception or coercion.

A malicious actor could also conduct an "eclipse attack." In an eclipse attack, a malicious actor could isolate parts of the network so that the malicious actor's nodes can influence the consensus in isolated sections of the network, eventually leading to a split or takeover.

This is not intended as an exhaustive list of all forms of attack against the XRP Ledger. For additional information, see the "*Risk Factors*" section of this Prospectus.

**Market Participants**

**Validators**

Validators are crucial to the operation and security of the XRP Ledger. Validators participate in the consensus process by validating and agreeing on the order and validity of transactions. They ensure that transactions are consistent across the network, which helps prevent issues like double-spending. Validators also maintain a copy of the entire XRP Ledger and work together to decide which transactions are included in each new ledger version. They confirm transactions approximately every 3-5 seconds, making the ledger both fast and reliable. Validators vote on proposed changes to the XRP Ledger protocol through the amendment process. If 80% or more of the validators agree on a proposed amendment for two weeks continuously, the change is adopted and becomes part of the network's code. Validators contribute to the overall health and stability of the network. By participating in the consensus process, they help secure the ledger against attacks and ensure that it remains decentralized and trustworthy.

Ripple Labs currently operates only 1 of the 35 validators in the default Trusted Nodes List. Some universities and research institutions operate validators as part of their research into blockchain technology and to support the decentralization of the network. Independent companies, developers, and other entities that support the XRP Ledger's ecosystem also run validators. These could include blockchain-focused companies or other technology firms. Enthusiastic community members and developers who are committed to the success and decentralization of the XRP Ledger may also operate validators.

Unlike some other blockchain networks, validators on the XRP Ledger are not directly compensated for their participation in the consensus process. The XRP Ledger does not have a block reward system like that of the bitcoin network's mining rewards or the Ethereum Ledger's staking rewards. Since the XRP Ledger is pre-mined and the total supply of XRP was created at the outset, there is no ongoing issuance of XRP to distribute as rewards. While validators play a crucial role in the network, they do not receive the transaction fees that are charged as part of each confirmed transaction. Instead, these fees are destroyed to reduce the overall supply of XRP, which indirectly benefits all XRP holders by increasing the scarcity of the asset. Running a validator on the XRP Ledger is generally considered a voluntary contribution to the health and decentralization of the network. Participants run validators for reasons other than direct financial gain, such as supporting the network's decentralization, ensuring its security, or for reputational benefits within the XRP community. Institutions like banks, financial entities, or tech companies might run validators because they use the XRP Ledger in their business operations. By running a validator, they can have more influence over the reliability and stability of the network they rely on.

**Investment and Speculative Sector**

This sector includes the investment and trading activities of both private and professional investors and speculators. Historically, larger financial services institutions are publicly reported to have limited involvement in investment and trading in digital assets, although the participation landscape is beginning to change. Currently, there is relatively limited use of digital assets in the retail and commercial marketplace in comparison to relatively extensive use by speculators, and a significant portion of demand for digital assets is generated by speculators and investors seeking to profit from the short- or long-term holding of digital assets.

**Retail Sector**

The retail sector includes users transacting in direct peer-to-peer XRP activity through the direct sending of XRP over the XRP Ledger. The retail sector also includes transactions in which consumers pay for goods or services from commercial or service businesses through direct transactions or third-party service providers, although the use of XRP as a means of payment is still developing and has not been accepted in the same manner as bitcoin because XRP has a generally different purpose than bitcoin.

**Service Sector**

This sector includes companies that provide a variety of services including the buying, selling, payment processing and storing of XRP. For example, Coinbase, Kraken, Bitstamp, Gemini, and LMAX Digital are some of the largest digital asset trading platforms by volume traded. Coinbase Custody, the XRP Custodian, is a digital asset custodian that provides custodial accounts that store XRP for users. As the XRP Ledger continues to grow in acceptance, it is anticipated that service providers will expand the currently available range of services and that additional parties will enter the service sector for the XRP Ledger.

**Competition**

As of October 9, 2025, more than 20,000 other digital assets, as tracked by CoinMarketCap.com, have been developed since the inception of bitcoin, which is currently the most developed digital asset because of the length of time it has been in existence, the investment in the infrastructure that supports it, and the network of individuals and entities that are using bitcoin in transactions. While XRP has enjoyed some success in its limited history, the aggregate value of outstanding XRP is smaller than that of bitcoin and may be eclipsed by the more rapid development of other digital assets.

**Regulation of XRP and the XRP Ledger**

XRP and other digital assets have increasingly attracted attention from U.S. and foreign regulators. Such regulatory attention has included enforcement actions for violations of securities and commodities laws, as well as the release of regulatory guidance explaining how existing regulatory regimes apply to digital assets, and orders approving certain digital asset-related products. In more limited cases, new legislation or regulations have been proposed or adopted to govern the use of digital assets and their networks. U.S. federal and state agencies have been examining the operations of digital asset networks, digital asset users and digital asset trading platforms, with particular focus on the extent to which digital assets can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises and the safety and soundness of trading platforms or other service providers that hold digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance about the treatment of digital asset transactions or requirements for businesses engaged in digital asset activity.

In addition, the SEC, U.S. state securities regulators and several foreign governments have issued warnings that digital assets sold in initial coin offerings ("ICOs") may be classified as securities and that both those digital assets and ICOs may be subject to securities regulations. Generally speaking, ICOs are offered and conducted on the Ethereum network or similar "smart contract" platforms, rather than the bitcoin network; however, bitcoin has been used for consideration in ICOs on multiple networks and ICOs may be conducted using the bitcoin network.

On-going and future regulatory actions may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or the ability of the Trust to continue to operate. Additionally, U.S. state and federal, and foreign regulators and legislatures have taken action against digital asset businesses or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from digital asset activity.

Various U.S. federal and state and foreign jurisdictions have adopted, and may continue in the near future to adopt, laws, regulations or directives that affect the XRP Ledger, the XRP markets, and their users, particularly digital asset trading platforms and service providers that fall within such jurisdictions' regulatory scope. There remains significant uncertainty regarding the U.S. and foreign government and quasi-governmental regulatory actions with respect to digital assets and digital asset exchanges. Foreign laws, regulations or directives may conflict with those of the U.S. and may negatively impact the acceptance of XRP by users, merchants and service providers and may therefore impede the growth or sustainability of the XRP economy in the European Union, China, South Korea, India and the U.S. and globally, or otherwise negatively affect the value of XRP.

The effect of any future regulatory change on the Trust or XRP is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

In December 2020, the U.S. Securities and Exchange Commission (the "SEC") filed a complaint (the "Ripple Complaint") against Ripple Labs, Inc. ("Ripple Labs") and two of its executives (the "Ripple Defendants") in the United States District Court for the Southern District of New York ("S.D.N.Y."), alleging that the Ripple Defendants had conducted unregistered securities offerings by selling XRP in violation of Section 5 of the Securities Act of 1933. Section 5 of the Securities Act prohibits the offer or sale of a "security" unless a registration statement is in effect or has been filed with the SEC as to such offer and sale. The Ripple Defendants did not dispute that they had offered and sold XRP through interstate commerce without filing a registration statement with the SEC. Accordingly, the central question before the S.D.N.Y. was whether the Ripple Defendants' offers and sales of XRP constituted the offer or sale of a security.

On July 13, 2023, the S.D.N.Y. issued a landmark decision distinguishing between the XRP token itself and the manner in which it was sold. The court rejected the SEC's argument that XRP was inherently a security, instead holding that XRP is not, in and of itself, a security. The court found that Ripple's direct sales of XRP to certain sophisticated individuals and entities pursuant to written contracts did constitute unregistered offers and sales of securities in violation of Section 5 of the Securities Act. However, the court also found that Ripple's programmatic sales of XRP on digital asset trading platforms in the secondary market did not constitute unregistered sales of securities. Similarly, distributions of XRP to employees as compensation or to third parties to incentivize development on the XRP Ledger were not found to be unregistered sales of securities.

Following these rulings, the S.D.N.Y. entered a final judgment in the case on August 7, 2024. The SEC subsequently filed a notice of appeal to the United States Court of Appeals for the Second Circuit (the "Second Circuit") on October 2, 2024, seeking review of the final judgment.

In August 2025, Ripple and the SEC reached a settlement, bringing the litigation to a close. Under the terms of the settlement, Ripple agreed to pay a $125 million civil penalty in connection with its unregistered institutional sales of XRP. Both parties filed a joint stipulation to dismiss their respective appeals in the Second Circuit, and each party agreed to bear its own legal costs. The settlement also includes compliance measures restricting Ripple's future institutional sales and requiring adherence to applicable regulatory guidelines. The resolution of the case provides regulatory clarity that XRP, when sold on public exchanges in secondary market transactions, is not considered a security under U.S. law, while direct institutional sales remain subject to securities regulations. This outcome is widely viewed as a significant development for Ripple, XRP, and the broader digital asset industry, as it establishes important legal distinctions regarding the classification and sale of digital assets in the United States.

If XRP is found by a court or other regulatory body to be a security, the Trust could be considered an unregistered "investment company" under the Investment Company Act of 1940, which could necessitate the Trust's liquidation under the terms of the Trust Agreement. Furthermore, the Trust could be considered to be engaged in a distribution (i.e., a public offering) of unregistered securities in violation of Section 5 of the Securities Act, which could impose significant civil and criminal liability on the Trust. There is no guarantee that a court of regulatory body will agree with the Trust's assessment of XRP as a non-security.

To the extent that XRP is deemed to fall within the definition of a security under U.S. federal securities laws, the Trust and the Sponsor may be subject to additional requirements under the Investment Company Act and the Advisers Act. The Sponsor or the Trust may be required to register as an investment adviser under the Advisers Act. Such additional registration may result in extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust's XRP at a time that is disadvantageous to Shareholders.

**ACTIVITIES OF THE TRUST**

The activities of the Trust will be limited to (1) issuing and redeeming Baskets in exchange for either cash deposited by the Authorized Participants or in-kind for XRP, (2) transferring actual XRP as necessary to cover the Sponsor's Fee and selling XRP as necessary to pay Additional Trust Expenses, (3) causing the Sponsor to sell XRP and transferring cash proceeds in exchange for Baskets surrendered for redemption by the Authorized Participants, (4) causing the Sponsor to sell XRP on the termination of the Trust and (5) engaging in all administrative and custodial procedures necessary to accomplish such activities in accordance with the provisions of the Trust Agreement. The Trust will not be actively managed. It will not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the market prices of XRP.

**Trust Objective**

The investment objective of the Trust is for the Shares to reflect the performance of the value of a XRP as represented by the Index, less the Trust's liabilities and expenses. The Shares are designed to provide investors with a cost-effective and convenient way to invest in XRP. A substantial direct investment in XRP may require expensive and sometimes complicated arrangements in connection with the acquisition, security and safekeeping of the XRP and may involve the payment of substantial fees to acquire such XRP from third-party facilitators through cash payments of U.S. dollars. Although the Shares will not be the exact equivalent of a direct investment in XRP, they provide investors with an alternative that constitutes a relatively cost-effective way to participate in XRP markets through the securities market. Because the value of the Shares is tied to the value of the XRP held by the Trust, it is important to understand the investment attributes of, and the market for, XRP.

**Strategy Behind the Shares**

The Shares are intended to offer investors an opportunity to participate in XRP markets through an investment in securities. The logistics of accepting, transferring and safekeeping of XRP are dealt with by the Sponsor, Administrator and Custodian, and the related expenses are built into the price of the Shares. Therefore, Shareholders do not have additional tasks or costs in addition to those associated with investing in any other publicly traded security.

The Shares are intended to provide institutional and retail investors with a simple and cost-effective means, with minimal credit risk, of gaining investment benefits similar to those of directly holding XRP. The Shares offer an investment that is:

● *Easily Accessible and Relatively Cost Efficient*. Investors in the Shares can also directly access XRP markets through the XRP Exchange Market. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use XRP by using the Shares instead of directly purchasing and holding XRP, and for many investors, transaction costs related to the Shares will be lower than those associated with the direct purchase, storage and safekeeping of XRP.

● *Exchange Traded and Transparent*. The Shares will be listed and traded on Nasdaq, providing investors with an efficient means to implement various investment strategies. Upon effectiveness of the registration statement of which this prospectus is a part, the Shares will be eligible for margin accounts and will be backed by the assets of the Trust. The Trust will not hold or employ any derivative securities. Furthermore, the value of the Trust's assets will be reported each day on the Sponsor's website at https://coinshares.com/us/etf/xrpl/.

● *Minimal Credit Risk*. The Shares represent an interest in actual XRP owned by the Trust. The Trust's XRP in the Custodian' possession are not subject to borrowing arrangements with third parties or counterparty or credit risks.

● *Safekeeping System*. The Custodian has been appointed to store and safekeep the XRP for the Trust using a segregated and therefore diversified safekeeping storage system. The hardware, software, administration and continued technological development that are used by the Custodians may not be available or cost-effective for many investors.

The Trust differentiates itself from competing digital currency financial vehicles, to the extent that such digital currency financial vehicles may develop, in the following ways:

● *Custodian*. The Custodian that holds the private keys for the digital wallets of the Trust is BitGo Trust Company, Inc.

● *Enhanced Security*. The Custodian and Sponsor have put enhanced security procedures in place that require one or more employees of the Sponsor to verify each transaction, with each employee having a unique verification method. The Custodian and the Sponsor have put additional similar enhanced security procedures in place to protect against the malicious movement of XRP.

● *Custodian Audits*. The Custodian has agreed to allow the Trust and the Sponsor to take any necessary steps to verify that satisfactory internal control systems and procedures are in place, and to visit and inspect the systems on which the Trust's XRP are held. The Custodian is also obligated to provide the Trust and Sponsor with both independent and audit reports on the XRP Account.

● *Directly Held XRP*. The Trust directly owns actual XRP held through the Custodian. The direct ownership of XRP is not subject to counterparty or credit risks. This may differ from other digital currency financial vehicles that provide XRP exposure through other means, such as the use of financial or derivative instruments.

● *Structure*. The Shares intend to track the performance of the value of a XRP as represented by the Index, less the Trust's liabilities and expenses. The Trust seeks to achieve this objective by directly owning XRP. This structure may be different from other digital currency financial vehicles that seek to track the performance of the price of XRP or other digital currencies through the use of futures contracts or derivative instruments.

● *Sponsor's Fee*. The relatively low level of the Sponsor's Fee that is paid to the Sponsor is a competitive factor that may influence an investor's decision to purchase Shares.

**Secondary Market Trading**

While the Trust's investment objective is for the Shares to reflect the performance of the value of a XRP as represented by the Index, less the Trust's liabilities and expenses, the Shares may trade in the secondary market at prices that are lower or higher than the XRP Holdings per Share. The amount of the discount or premium in the trading price relative to the XRP Holdings per Share may be influenced by non-concurrent trading hours and liquidity between the secondary market and larger XRP Exchanges in the XRP Exchange Market. While the Shares will be listed and traded on Nasdaq from 9:30 a.m. until 4:00 p.m. ET, liquidity in the XRP Exchange Market may fluctuate depending upon the volume and availability of larger XRP Exchanges. As a result, during periods in which XRP Exchange Market liquidity is limited or a major XRP Exchange is off-line, trading spreads, and the resulting premium or discount, on the Shares may widen.

**Trust Expenses**

The Trust's only ordinary recurring expense is expected to be the Sponsor's Fee. The Sponsor's Fee will be determined by applying a 0.25% annual rate to the Trust's XRP Holdings, as calculated and published by the Sponsor or its delegates, and converting the resulting U.S. dollar amount into XRP at the XRP Index Price, on a daily basis. The rate of the Sponsor's Fee is subject to the sole discretion of the Sponsor. Payments of the Sponsor's Fee will occur weekly in arrears. To pay the Sponsor's Fee, the Custodian will, when directed by the Sponsor, (i) withdraw from the XRP Account the number of XRP equal to the accrued but unpaid Sponsor's Fee, determined as described above and (ii) transfer such XRP to an account maintained by the Custodian for the Sponsor.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor's Fee at its discretion for stated periods of time. For a 3-month period commencing on the day the Trust's Shares are initially listed on the Exchange, the Sponsor intends to waive the entire Sponsor's Fee. If the Sponsor decides to further waive all or a portion of the Sponsor's Fee, Shareholders will be notified in a prospectus supplement and/or a current report on Form 8-K or in its annual or quarterly reports. As consideration for its receipt of the Sponsor's Fee, the Sponsor has assumed the obligation to pay the Sponsor-paid Expenses.

Furthermore, the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor's Fee attributable to Shares held by certain institutional investors subject to minimum Share holding and lock up requirements as determined by the Sponsor to foster stability in the Trust's asset levels. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor on a case-by-case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor's Fee. Neither the Trust nor the Trustee will be a party to any Sponsor's Fee rebate arrangements negotiated by the Sponsor.

The Sponsor has not assumed the obligation to pay Additional Trust Expenses. If Additional Trust Expenses are incurred, the Sponsor or its delegate will cause the Trust (or its delegate) to convert XRP into U.S. dollars at the price which the Sponsor is able to obtain using commercially reasonable efforts. The number of XRP represented by a Share will decline each time the Trust pays Additional Trust Expenses or the Sponsor's fees by transferring or selling XRP. See "Expenses."

**Impact of Trust Expenses on the Trust's XRP Holdings**

The Trust will pay the Sponsor's Fee to the Sponsor in XRP. In addition, the Trust will sell XRP to raise the funds needed for the payment of any Additional Trust Expenses. The purchase price received as consideration for such sales will be the Trust's sole source of funds to cover its Additional Trust Expenses. The Trust will not engage in any activity designed to derive a profit from changes in the prices of XRP. The Trust is obligated to convert any cash contributed to XRP as soon as practicable, except to the extent necessary to pay expenses. Because the number of XRP held by the Trust will decrease when XRP are used to pay the Sponsor's Fee or sold to permit the payment of Additional Trust Expenses, the number of XRP represented by each Share will decrease over the life of the Trust. Accordingly, the Shareholders will bear the cost of the Sponsor's Fee and Additional Trust Expenses. New deposits of XRP into the XRP Account that are purchased by the Trust in connection with additional new Baskets issued by the Trust will not reverse this trend.

**Purchase and Sale of XRP**

When the Trust conducts Cash Creations or Cash Redemptions, it is responsible for purchasing and selling XRP. The Trust may also be required to sell XRP to pay certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including, but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the XRP Ledger, any Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, XRP Custodian, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters. Transaction costs associated with the transfer of XRP to cover Additional Trust Expenses will be paid by the Trust.

Under such circumstances, the Sponsor, on behalf of the Trust, will typically seek to buy and sell XRP at a price as close to the Index as practical. When choosing between potential counterparties, the Sponsor may consider factors other than simply the most favorable price. However, the most favorable price will be the predominant factor in determining the counterparty with which the Sponsor effectuates the contemplated transaction. Other factors that the Sponsor may consider include the size of the proposed order, as well as a counterparty's execution capabilities, reliability and responsiveness.

*XRP Trading Counterparties*

The Sponsor, on behalf of the Trust, is responsible for acquiring XRP from a XRP trading counterparty that has been approved by the Sponsor (each, a XRP Trading Counterparty). The XRP Trading Counterparties with which the Sponsor will engage in XRP transactions are unaffiliated third parties and all transactions will be done on an arm's-length basis. XRP Trading Counterparties are not required to have an account with the Custodian.

When seeking to purchase or sell XRP on behalf of the Trust, the Sponsor will typically seek to buy and sell XRP at a price as close to the Index as practical from any of the approved XRP Trading Counterparties. Upon notification that the Trust needs to purchase or sell XRP, the Sponsor will reach out to various XRP Trading Counterparties and ask them for a quote regarding the terms at which they would be willing to execute the contemplated transaction. The Sponsor then determines the XRP Trading Counterparty with which it wishes to transact and records the rationale for that determination. Once agreed upon, the transaction will generally occur on an "over-the-counter" basis. With respect to purchases and sales of XRP conducted through XRP Trading Counterparties, transfers of XRP may be conducted as "on-chain" transactions represented on the XRP Ledger.

The Sponsor maintains a process for approving and monitoring XRP Trading Counterparties. All XRP Trading Counterparties must be approved by the Sponsor before the Trust will engage in transactions with the entity. The Sponsor continuously reviews all approved XRP Trading Counterparties and will reject the approval of any previously approved XRP Trading Counterparty if new information arises regarding the entity that puts the appropriateness of that entity as an approved XRP trading counterparty in doubt. In considering which XRP Trading Counterparties to approve, the Sponsor has instituted policies and procedures that include, but are not limited to those processes described in "Risk Factors – Risk Factors Related to the XRP Ledger and XRP – Anonymity and illicit financing risk."

As of October 9, 2025, the Trust has entered into an agreement with BitGo Prime, LLC to serve as a XRP trading counterparty to the Trust. BitGo Prime, LLC is an affiliate of BitGo Trust Company, Inc. Each of [ ] and [ ] is an Authorized Participant. Each of [ ] and [ ] is an Authorized Participant. The Sponsor is not aware of, nor has it requested any information relating to, any other affiliation or material relationship between such XRP Trading Counterparties and the Authorized Participants or other service providers of the Trust in executing a transaction in XRP with the Trust. The agreements with the XRP trading counterparties provide that once the Sponsor determines based on its execution procedures which counterparty to execute a trade with and the Sponsor has placed a trade with a specific counterparty, that counterparty is contractually obligated to settle that trade. Additionally, the agreements include provisions for erroneous transactions, handling of confidential information, and dispute resolution. Each of these third parties are, and any other trading counterparty the Trust places orders with will be, subject to U.S. federal and/or state licensing requirements or similar laws in non-U.S. jurisdictions and maintain practices and policies designed to comply with AML and KYC regulations or similar laws in non-U.S. jurisdictions.

**USE OF THE COMPASS CRYPTO REFERENCE INDEX 4PM NEW YORK XRP**

The Trust will determine the XRP Index Price and value its Shares daily based on the value of XRP as reflected by the Index. The Index currently uses substantially the same methodology as the Compass Crypto Reference Index XRP ("XRR"), including utilizing the same Selected Exchanges (defined below), except that the Index is calculated as of 4:00 p.m. New York time, whereas the XRR is calculated as of 4:00 p.m. London time. The administrator of the Index is Compass Financial Technologies (the "Benchmark Administrator"). The Trust also uses the XRP Index Price to calculate its "XRP Holdings," which is the aggregate U.S. dollar value of XRP in the Trust, based on the XRP Index Price, less its liabilities and expenses. "XRP Holdings per Share" is calculated by dividing XRP Holdings by the number of Shares currently outstanding. XRP Holdings and XRP Holdings per Share are not measures calculated in accordance with GAAP. XRP Holdings is not intended to be a substitute for the Trust's NAV calculated in accordance with GAAP, and XRP Holdings per Share is not intended to be a substitute for the Trust's NAV per Share calculated in accordance with GAAP.

The Index was designed to provide institutional investors with independent and robust XRP reference prices. It serves as a once-a-day benchmark rate of the U.S. dollar price of XRP (XRP-USD), calculated as of 4:00 p.m. ET. The daily price level of the Index is based on the historical tick-by-tick trades sourced directly from eligible exchanges. Eligible Exchanges must offer XRP against USD markets and be approved by the Compass Crypto Reference Indices Steering Committee. A dynamic, fully-systematic algorithm selects among the list of eligible exchanges the trading venues which will contribute to the computation of the Index for the coming month. On the last day of each month, the algorithm computes the last 60 days' average volume for each eligible exchange where XRP is traded against USD. For the avoidance of doubt, the last data used in the computation refer to the day preceding the last business day of the month. The selection process keeps exchanges with a corresponding average volume representing at least 5% of the total aggregated volume over all eligible exchanges for XRP. Only trades from the selected XRP Exchanges (the "Selected Exchanges") will be considered in the Index computation for the coming month.

Each day, the Index is calculated based on the collection of all observable transactions of all Selected Exchanges. The calculation methodology of the Index follow the following steps:

● For each Selected Exchange, a dataset of all USD denominated trades occurring during the hourly time period is created.

● Each dataset is divided in twelve (12) time-equally sized partitions of trade records.

● Volume-weighted median of trade prices are calculated for each partition and each Selected Exchange.

● For each partition, if the absolute percentage deviation of the volume-weighted median price of a Selected Exchange from the median price computed on all Selected Exchanges is above 5%, the data of that exchange is considered anomalous. The exchange is then excluded from the Selected Exchanges for this partition.

● For each partition, a "partition reference price" is computed as the exchange volume weighted average over such partition of the volume-weighted median prices computed in the step above.

● The final Index level is given by the arithmetic average of the computed partition reference price.

As of the date of this Prospectus, the Selected Exchanges used in Index calculations are Bitstamp, Bitfinex, Coinbase, Gemini, Kraken and LMAX.

● *Bitstamp:* A U.K.-based exchange registered as an MSB with FinCEN and licensed as a virtual currency business under the NYDFS BitLicense as well as a money transmitter in various U.S. states. It is also regulated as a Payments Institution within the European Union and is registered as a Crypto Asset business with the U.K. FCA.

● *Bitfinex:* A British Virgin Islands based exchange operated by iFinex Inc. Bitfinex does not hold a BitLicense. It has obtained Digital Asset Service Provider licenses in jurisdictions like El Salvador and Kazakhstan, allowing it to offer tokenized asset and securities trading under local regulatory frameworks.

● *Coinbase:* A U.S.-based exchange registered as an MSB with FinCEN and licensed as a virtual currency business under the NYDFS BitLicense as well as a money transmitter in various U.S. states. Subsidiaries operating internationally are further regulated as e-money providers (Republic of Ireland, Central Bank of Ireland) and Major Payment Institutions (Singapore, Monetary Authority of Singapore).

● *Gemini:* A U.S.-based exchange that is licensed as a virtual currency business under the NYDFS BitLicense. It is also registered with FinCEN as an MSB and is licensed as a money transmitter in various U.S. states. Itis also registered with the FCA as a Crypto Asset Business.

● *Kraken:* A U.S.-based exchange that is registered as an MSB with FinCEN in various U.S. states, Kraken is registered with the FCA as a Crypto Asset Business and is authorized by the Central Bank of Ireland as a Virtual Asset Service Provider. Kraken also holds a variety of other licenses and regulatory approvals, including from the Canadian Securities Administrators.

● *LMAX:* A Gibraltar-based exchange regulated by the Gibraltar Financial Services Commission as a DLT provider for execution and custody services. LMAX Digital does not hold a BitLicense and is part of LMAX Group, a U.K.-based operator of an FCA-regulated Multilateral Trading Facility and Broker-Dealer.

Data is identified as erroneous and therefore discarded when reported in the wrong format (e.g., trade price or trade size that are non-numeric, non-positive or in a format that deviates from the expected one). The transactions that cannot be retrieved by the Index calculation time are disregarded. If no transactions occur or can be retrieved for any exchange on a specific partition, this exchange is disregarded for the calculation of the Index on that day for the specific hour. Any delay or absence of trade data is reported to the Compass Crypto Reference Indices Steering Committee and the selected course of action is formally announced. The calculation of the Index is obstructed: (i) when there are no reported transactions; (ii) when all transactions are rejected as suspicious on all of the Selected Exchanges; (iii) when no data is provided from the data provider; or (iv) due to any other unforeseen events. In the event of failure of the data provider to deliver relevant data, the Compass Crypto Reference Indices Steering Committee will do its best effort to determine relevant XRP price from alternative providers that are readily available such as KuCoin, ByBit and OKX. In this scenario, Index levels will be based on the XRP price determined by the Compass Crypto Reference Indices Steering Committee. If no transactions occur or can be retrieved for more than three (3) consecutive business days, a Compass Crypto Reference Indices Steering Committee meeting will be called to determine the most appropriate action.

Even though the process of Index calculation is completely automated and pre-defined, an error can be discovered after the publication of the Index. In case of a material error, the Index will be redetermined and the Index clients will be notified about the error and the date of the publication of the redetermined Index. An error is considered material on the basis of its size, the dates of its discovery and of its occurrence, and the impact of the Index redetermination on the users. The discovery of any error is reported to Compass Crypto Reference Indices Steering Committee. In case a material error is discovered, and the Benchmark Administrator recognizes a manipulation or an attempted manipulation of the Index level or the input data, it will be reported to the regulator.

Compass Financial Technologies has established governance functions to review and provide challenges on all aspects of the Indices determination process. Governance functions are managed by the Compass Oversight Committee and by the Compass Crypto Reference Indices Steering Committee.

The Compass Oversight Committee oversees all areas of the benchmark determination processes. It is responsible for supervising and controlling the Index operations team on all Compass Indices. It is also responsible for: (i) periodic review of incidents; (ii) making final decisions in case the Index operations team are not capable or allowed to take decisions; (iii) defining and implementing organization procedures for the Index operations team; (iv) defining and overseeing measures that allow for mitigation of operational risks; (v) supervising internal or external audit results; and (vi) the implementation and supervision of the potential codes of conduct that have to be implemented. The Committee is comprised of senior representatives of Compass Financial Technologies and external industry experts.

The Compass Crypto Reference Indices Steering Committee is responsible for: (i) determining the calculation methodology and the rules governing the publication of the Compass Crypto Reference Indices; (ii) making periodic reviews of the Compass Crypto Reference Indices to validate the robustness of the methodology and to analyze the impact of methodology changes; (iii) organizing consultation with Compass Crypto Reference Indices stakeholders if necessary; and (iv) ensuring that Compass Crypto Reference Indices offers a reliable and representative view of the market. The Compass Crypto Reference Indices Steering Committee is composed of members from Compass and may include individuals or representatives of companies, academics, external counsels, or market participants. The Compass Crypto Reference Indices Steering Committee assembles once a year in April. However, at the request of a member of the committee, the Committee may meet on any other day of the year to discuss potential "market emergency" and "force majeure" events or any other situation, which makes an extraordinary meeting necessary. All Committee decisions will be published without delay following the Committee decision.

Index data and the description of the Index are based on information made publicly available by the Benchmark Administrator on its website at https://www.compass-ft.com and will also be available through online information services, such as Bloomberg and Refinitiv. None of the information on the Benchmark Administrator's website is incorporated by reference into this prospectus.

The Selected Exchanges that contribute transaction data to the Index with the aggregate volumes traded on their respective XRP-USD markets over the preceding four calendar quarters are listed in the table below:

---

| | |
|:---|:---|
| | **Aggregate Trading Volume of XRP-USD Markets of Index Selected Exchanges** |
| **Period** | ________ |
| 202_ Q4 | ________ |
| 202_ Q1 | ________ |
| 202_ Q2 | ________ |
| 202_ Q3 | ________ |

---

The 12\* highest volume XRP-USD markets operated by XRP trading platforms registered aggregate trading volumes as shown by the table below in the previous four calendar quarters:

---

| | |
|:---|:---|
| **Aggregate Trading Volume of Top 12\* Highest Volume XRP-USD XRP Trading Platforms** | **Aggregate Trading Volume of Top 12\* Highest Volume XRP-USD XRP Trading Platforms** |
| **Period** | ________ |
| Volume ($) | ________ |

---

\* Platforms include all Selected Exchanges and ________, ________, ________, ________ and ________.

The market share for XRP-USD trading of the Selected Exchanges over the past four calendar quarters is shown in the table below:

---

| | | |
|:---|:---|:---|
|  | **XRP Trading Platform Market Share of XRP-USD Trading** | **XRP Trading Platform Market Share of XRP-USD Trading** |
| **Period** | **____** | **Others\*\*** |
| 202_ Q4 | ________% | ________% |
| 202_ Q1 | ________% | ________% |
| 202_ Q2 | ________% | ________% |
| 202_ Q3 | ________% | ________% |

---

The Index is based on written and transparent rules and procedures with the purpose of minimizing as much as possible the exercise of discretion and expert judgment. The Index is built from input data that is not interpolated, extrapolated or adjusted. In case of lack of data, the last available data is employed. Nevertheless, the exercise of expert judgment may become necessary in case of errors and Index restatements, delayed and missing data, hard forks, airdrops, or unexpected situations arising from market stress. In the event that expert judgment is exercised, this will be done by resorting to the written procedures reported in the methodology and by communicating the decisions taken to the Compass Crypto Reference Indices Steering Committee and the Internal Compliance Function in order to prevent conflicts of interest and to protect the integrity and the independence of the Index determinations. In addition, the interest of the Index users and the market integrity will be taken into account.

**COMPASS FINANCIAL TECHNOLOGIES DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST'S PRODUCTS. COMPASS FINANCIAL TECHNOLOGIES, ITS AGENTS AND LICENSORS HAVE NO OTHER CONNECTION TO THE TRUST'S PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST'S PRODUCTS OR SERVICES. COMPASS FINANCIAL TECHNOLOGIES, ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST'S PRODUCTS AND SERVICES. COMPASS FINANCIAL TECHNOLOGIES, ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.**

The Index methodology and constituent digital asset trading platforms may be changed from time to time at the discretion of the Benchmark Administrator without Shareholder approval. For example, if the Benchmark Administrator determines that there have been material efforts to manipulate the price of XRP on a constituent digital asset trading platform or that the data feeds from such trading platform are unreliable, the Benchmark Administrator may remove such trading platform for the Index methodology. To the extent that such changes to the methodology result in a more limited set of constituent digital asset trading platforms, there is an increased risk that the price of XRP used in Trust's calculation of NAV would deviate from the price quoted on digital asset trading platforms not included within the Index methodology. Shareholders will be notified of changes to the Index methodology only if the Sponsor determines that such changes are material with respect to an investment decision regarding the Shares. Once it has actual knowledge of material changes to the Index methodology, the Trust will notify Shareholders in a prospectus supplement and/or a current report on Form 8-K or in its annual or quarterly reports.

**CALCULATION OF NAV**

**General**

The Shares are valued on a daily basis as of 4:00 p.m. ET. The value of XRP held by the Trust is determined based on the fair market value price for XRP determined by the Benchmark Administrator.

The Trust's NAV is calculated by:

● taking the current market value of its XRP (determined as set forth below) and any other; and assets;

● subtracting any liabilities (including accrued by unpaid expenses).

The Trust's NAV per Share is calculated by taking the Trust's NAV and dividing it by the total amount of Shares outstanding.

The XRP held by the Trust will typically be valued based on the XRP Index Price. The Administrator calculates the NAV of the Trust once each business day. The end-of-day XRP price is calculated using the XRP Index Price as of 4:00 p.m. ET. However, NAVs are not officially struck until later in the day (often by 5:30 p.m. ET and almost always by 8:00 p.m. ET). The pause after 4:00 p.m. ET provides an opportunity for the Sponsor to detect, flag, investigate, and correct unusual pricing should it occur. The Compass Crypto Reference Index 4pm New York XRP shall constitute the Index, but if the Index is not available or the Sponsor at its sole discretion based upon prevailing circumstances determines the Index is unreliable (together a "Fair Value Event"), the Trust's holdings may be fair valued in accordance with the fair value policies approved by the Sponsor.

A Fair Value Event value determination will be based on all available factors that the Sponsor deems relevant at the time of the determination, and may be based on analytical values determined by the Sponsor using third-party valuation models.

Fair value policies approved by the Sponsor will seek to determine the fair value price that the Trust might reasonably expect to receive from the current sale of that asset or liability in an arm's-length transaction on the date on which the asset or liability is being valued. The Sponsor may, in its sole discretion, license the of use of an index as the secondary index (the "Secondary Index"). If, in the instance of a Fair Value Event, the Secondary Index is not available or the Sponsor at its sole discretion based upon prevailing circumstances determines the Secondary Index is unreliable, the price set by the Trust's principal market as of 4:00 p.m. ET, on the valuation date would be utilized. In the event the principal market price is not available or the Sponsor at its sole discretion based upon prevailing circumstances determines the principal market valuation is unreliable the Sponsor will use its best judgement to determine a good faith estimate of fair value.

The XRP markets are generally open on days when U.S. markets are closed, which means that the value of the XRP owned by the Trust could change on days when Shares cannot be bought or sold.

**Intraday Indicative Value** 

In order to provide updated information relating to the Trust for use by Shareholders and market professionals, the Sponsor will calculate and disseminate throughout the core trading session on each business day an updated intraday indicative value ("IIV"). The IIV will be calculated by using the prior day's closing NAV per Share of the Trust as a base and updating that value throughout the trading day.

The IIV disseminated during the Exchange's core trading session hours should not be viewed as an actual real-time update of the NAV, because NAV is calculated only once at the end of each trading day based on the relevant end-of-day value of the Trust's XRP. The IIV will be disseminated on a per-Share basis every 15 seconds during regular Exchange core trading session hours of 9:30 a.m. ET to 4:00 p.m. ET. The Sponsor will disseminate the IIV value through the facilities of relevant information processor and CQS High Speed Lines. In addition, the IIV will be published on the Exchange's website and will be available through online information services such as Bloomberg and Reuters. The IIV as of the time that the NAV is calculated on a given day may differ from the NAV for such day due to the differences in the time window of trades used to calculate each price (the NAV uses a 60-minute window, whereas the IIV draws prices from the last trade on each exchange in an effort to produce a relevant, real-time price).

There are many instances in the market today where the IIV as of the time that the NAV is calculated on a given day and the NAV of an ETF for such day are subtly different, whether due to the calculation methodology, market hours overlap or other factors. The Sponsor has seen limited or no negative impact on trading, liquidity or other factors for exchange-traded funds in this situation. The Sponsor believes that the IIV will closely track the globally integrated XRP price as reflected on the Selected Exchanges.

Dissemination of the IIV provides additional information that is not otherwise available to the public and is useful to Shareholders and market professionals in connection with the trading of the Shares on the Exchange. Shareholders and market professionals will be able throughout the trading day to compare the market price of the Shares and the IIV. If the market price of the Shares diverges significantly from the IIV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be trading at a discount compared to the IIV, a market professional could buy Shares on the Exchange and sell short futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Shares and the IIV, and thus can be beneficial to all market participants.

**Stock Splits**

The Sponsor reserves the right to adjust the Share price of the Trust in the future to maintain convenient trading ranges for Shareholders in the secondary market. Any adjustments would be accomplished through stock splits or reverse stock splits. Such splits would decrease (in the case of a split) or increase (in the case of a reverse split) the proportionate NAV, but would have no effect on the net assets of the Trust or the proportionate voting rights of Shareholders or the value of any Shareholder's investment.

**Other Assets** 

The fair value of any liquid assets held by the Trust primarily in the form of cash is included in the determination of NAV.

**Liabilities**

The fair value of the Trust's liabilities is included in the determination of NAV. These liabilities are expected generally to consist only of the Sponsor's Fee, although liabilities may also include extraordinary expenses from time to time. See "The Trust—The Trust's Fees and Expenses."

**Impact of Trust Expenses on the Trust's NAV**

The amount of XRP represented by the Shares may be reduced during the life of the Trust due to the transfer of the Trust's XRP to pay for the Sponsor's Fee and other liabilities. This dynamic will occur irrespective of whether the value of the Trust's assets, or the trading price of the Shares, rises or falls.

**The Trust's Financial Statements**

***The Trust's periodic financial statements may not utilize the net asset value of the Trust determined by reference to the Index to the extent the methodology used to calculate the Index is deemed not to be consistent with GAAP.*** The Trust's periodic financial statements will be prepared in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("ASC Topic 820") and utilize an exchange-traded price from the Trust's principal market for XRP on the Trust's financial statement measurement date. The Sponsor will determine at its sole discretion the valuation sources and policies used to prepare the Trust's financial statements in accordance with GAAP. The Trust intends to engage a third-party vendor to obtain a price from a principal market for XRP, which will be determined and designated by such third-party vendor daily based on its consideration of several exchange characteristics, including oversight, and the volume and frequency of trades. Under GAAP, such a price is expected to be deemed a Level 1 input in accordance with the ASC Topic 820 because it is expected to be a quoted price in active markets for identical assets or liabilities.

To determine which market is the Trust's principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust's financial statements, the Trust follows ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for XRP in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that XRP is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust may transact through digital asset brokers or dealers, in multiple markets, and its application of ASC 820-10 reflects this fact. The Trust anticipates that, while multiple venues and types of markets will be available to the digital asset brokers or dealers from whom the Sponsor acquires or disposes of the Trust's XRP, the principal market in each scenario is determined by looking at the market-based level of volume and XRP trading activity. Digital asset brokers or dealers may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (each as defined in the FASB ASC Master Glossary). Based on information reasonably available to the Trust, Exchange Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of the aforementioned analysis, an Exchange Market has been selected as the Trust's principal market. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) on a quarterly basis to determine which market is its Principal Market for the purpose of calculating fair value for the creation of quarterly and annual financial statements.

***The process that the Sponsor has developed for identifying a principal market, as prescribed in ASC 820-10, which outlines the application of fair value accounting.*** The process begins by identifying publicly available, well-established and reputable XRP trading venues (Exchange Markets, as defined in the FASB ASC Master Glossary), which are selected by the Sponsor and its affiliates at their sole discretion. Those markets include Bitstamp, Coinbase, Kraken, and LMAX Digital. The Sponsor then, through a service provider, calculates on each valuation period, the highest volume venue during the 60-minute period prior to 4:00 ET for XRP. The Sponsor then identifies that market as the principal market for XRP during that period, and uses the price for XRP from that venue at 4:00 ET as the principal market price.

**DESCRIPTION OF THE TRUST**

The Trust is a Delaware Statutory Trust that was formed on December 10, 2024, by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act ("DSTA"). The Trust operates pursuant to the Trust Agreement.

The Trust holds only XRP and cash. The Trust is expected from time to time to issue Baskets in exchange for either cash or in-kind for XRP and to redeem Baskets in-kind for XRP or by distributing cash. The investment objective of the Trust is for the Shares to reflect the performance of the value of XRP as represented by the Index, less the Trust's liabilities and expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective and convenient investment relative to a direct, outright investment in XRP.

The Shares represent units of fractional undivided beneficial interest in, and ownership of, the Trust. The Trust is passive and is not managed like a corporation or an active investment vehicle. The XRP held by the Custodian on behalf of the Trust will be transferred out of the XRP Account only in the following circumstances: transferred to pay the Sponsor's Fee, transferred to be sold in connection with the redemption of Baskets, transferred to be sold on an as-needed basis to pay Additional Trust Expenses, sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation. Assuming that the Trust is treated as a grantor trust for U.S. federal income tax purposes, each delivery or sale of XRP to pay the Sponsor's Fee or any Additional Trust Expenses will be a taxable event for Shareholders. See "U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders."

The Trust is not registered as an investment company under the Investment Company Act and the Sponsor believes that the Trust is not required to register under the Investment Company Act. The Trust will not hold or trade in commodity futures contracts or other derivative contracts regulated by the CEA, as administered by the CFTC. The Sponsor believes that the Trust is not a commodity pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading adviser in connection with the operation of the Trust.

The Trust expects to create and redeem Shares from time to time but only in Baskets. A Basket equals a block of 5,000 Shares. The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets require the delivery to the Trust, or the distribution by the Trust, of the cash value of XRP represented by the Baskets being created or redeemed (net of accrued expenses and liabilities). The Trust is obligated to convert any cash contributed to XRP as soon as practicable, except to the extent necessary to pay expenses. The creation and redemption of a Basket may be made in exchange for the delivery to the Trust, or the distribution by the Trust, of cash equal to that NAV per Share for that day multiplied by 5,000 (or such other number of Shares then constituting a Basket), adjusted for any applicable Execution Charges. Each Share in the initial Baskets will be priced at $__ per Share. The cash required to create a Basket, or to be delivered upon a redemption of a Basket, will gradually decrease over time due to the transfer or sale of the Trust's XRP to pay the Sponsor's Fee and any Additional Trust Expenses. The Sponsor recognizes that the size of the Baskets may impact the effectiveness of the arbitrage mechanism of the Trust's creation and redemption process, and accordingly may adjust the size of the Baskets to enhance the activities of the Authorized Participants in the secondary market for the Trust's Shares. See "Plan of Distribution."

The Administrator will determine the Trust's XRP Holdings (which is the aggregate U.S. dollar value, based on the XRP Index Price, of the Trust's XRP less its liabilities) on each day the Shares trade on Nasdaq as of 4:00 p.m. ET or as soon thereafter as practicable. The Administrator will also determine the XRP Holdings per Share, which equals the Trust's XRP Holdings divided by the number of outstanding Shares. Each business day, the Sponsor will publish the Trust's XRP Holdings and XRP Holdings per Share on the Trust's website, https://coinshares.com/us/etf/, as soon as practicable after the Trust's XRP Holdings and XRP Holdings per Share have been determined by the Administrator. See "Use of the Compass Crypto Reference Index 4pm New York XRP."

The Trust's assets will consist solely of XRP and cash. Each Share will represent a proportional interest, based on the total number of Shares outstanding, in the XRP held by the Trust, less the Trust's liabilities (which include accrued but unpaid fees and expenses). The Sponsor expects that the market trading price of the Shares will fluctuate over time in response to the market prices of XRP. In addition, the Sponsor expects that the trading price of the Shares will reflect the estimated accrued but unpaid expenses of the Trust.

Investors may obtain on a 24-hour basis XRP pricing information from various financial information service providers or XRP Ledger information sites. Current XRP Index Prices are also generally available with bid/ask spreads directly from XRP Exchanges. As of the date of this Prospectus, the Selected Exchanges of the Index were Bitstamp, Bitfinex, Coinbase, Gemini, Kraken and LMAX. Market prices for the Shares will be available from a variety of sources, including brokerage firms, information websites and other information service providers. In addition, on each business day the Trust's website will provide pricing information for the Shares.

The Trust has no fixed termination date.

**THE SPONSOR**

The Trust's Sponsor is CoinShares Co., a Delaware corporation and a wholly owned subsidiary by CoinShares International Limited. The Sponsor's principal place of business is 437 Madison Avenue, 28<sup>th</sup> Floor, New York, NY 10022 and its telephone number is 646-308-1518. Under the Delaware General Corporation Law and the governing documents of the Sponsor, CoinShares International Limited, the sole shareholder of the Sponsor, is not responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole shareholder of the Sponsor.

CoinShares International Limited and its subsidiaries have significant experience sponsoring exchange-traded products and similar products in Europe, including both 1940 Act-registered exchange-traded products and non-1940 Act-registered exchange-traded products. The Sponsor and its U.S. affiliates currently oversees four U.S., U.S. exchange-traded products relating to the digital asset markets with assets totaling $996 million[ ] as of September 30, 2025. By managing its own products and through its relationships with the Custodian, the Sponsor has amassed significant knowledge regarding XRP and the digital asset markets.

**The Sponsor's Role**

The Sponsor arranged for and paid the costs related to the creation of the Trust and the Sponsor will arrange for the registration of the Shares for their public offering in the United States and their listing on Nasdaq. As consideration for its receipt of the Sponsor's Fee from the Trust, the Sponsor is obligated to pay the Sponsor-paid Expenses. The Sponsor also pays the costs of the Trust's organization and will pay for the costs of the initial sale of the Shares.

The Sponsor is generally responsible for the administration of the Trust under the provisions of the Trust Agreement. This includes (i) selecting and monitoring the Trust's Service Providers and from time to time engaging additional, successor or replacement Service Providers and (ii) upon dissolution of the Trust, distributing the Trust's remaining XRP or the cash proceeds of the sale of the Trust's remaining XRP to the owners of record of the Shares.

The Sponsor may transfer all or substantially all of its assets to an entity that carries on the business of the Sponsor if at the time of the transfer the successor assumes all of the obligations of the Sponsor under the Trust Agreement. In such an event, the Sponsor will be relieved of all further liability under the Trust Agreement.

The Sponsor's Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and for the Sponsor's agreement to pay the Sponsor-paid Expenses. See "Activities of the Trust—Trust Expenses."

**Marketing Agent Agreement**

The Sponsor has entered into a Marketing Agent Agreement with an independent third party to assist the Sponsor in distributing the Shares, developing an ongoing marketing plan for the Trust, preparing marketing materials regarding the Shares, including the content on the Trust's website, https://coinshares.com/us/etf/xrpl/, executing the marketing plan for the Trust and providing strategic and tactical research on the global XRP market. For more information about the distribution of the Shares, see "Plan of Distribution."

**Index License Agreement**

The Benchmark Administrator and the Sponsor have entered into an index license agreement (the "Index License Agreement") governing the Sponsor's use of the Index for calculation of the XRP Index Price. The Benchmark Administrator will provide data, maintain, and provide administrative services relating to the Index. The Benchmark Administrator may adjust the calculation methodology for the Index without notice to, or consent of, the Trust or its Shareholders. Under the Index License Agreement, the Sponsor pays a quarterly fee and a fee based on the Trust's XRP Holdings to the Benchmark Administrator in consideration of its license to the Sponsor of Index-related intellectual property. The Index License Agreement renews automatically every three years unless terminated by either party prior to such automatic renewal.

The Sponsor has not entered into a license agreement with a Secondary Index.

**Management of the Sponsor**

Under the Trust Agreement, all management functions of the Trust have been delegated to and are conducted by the Sponsor, its agents and its affiliates, including without limitation, the Custodian and its agents. As officers of the Sponsor, Jean-Marie Mognetti, the principal executive officer of the Sponsor, and Charles Butler, the principal financial officer and principal accounting officer of the Sponsor, may take certain actions and execute certain agreements and certifications for the Trust, in their capacity as the principal officers of the Sponsor. Mr. Mognetti has served as principal executive officer since September 30, 2024, and Mr. Butler has served as principal financial officer and principal accounting officer since June 2024. Both Mr. Mognetti and Mr. Butler hold their positions for an indefinite term. Mr. Mognetti and Mr. Butler also serve as officers and directors of other affiliates and subsidiaries of CoinShares International Limited, the Sponsor's parent company.

***Jean-Marie Mognetti, Principal Executive Officer***

Jean-Marie Mognetti, 41, is the CEO and Co-founder of CoinShares International Limited ("CoinShares"), a leading European investment company specializing in digital assets. CoinShares is the parent company of the Sponsor. Mr. Mognetti holds a Masters in Mathematical Trading and Finance from Sir John Cass Business School. He is a seasoned commodity trader, having developed advanced expertise in areas such as quantitative analysis, risk management, and alpha generation. His skills extend to managing trading programs focused on macroeconomic commodities, notably cryptocurrencies. Before co-founding CoinShares in 2014, Mr. Mognetti served as a quantitative trader at Hermes Commodities Fund Managers. His role there was instrumental in establishing and implementing trading strategies based on rigorous quantitative risk management approaches.

***Charles Butler, Principal Financial Officer and Principal Accounting Officer***

Charles Butler, 46, trained with PricewaterhouseCoopers and is a fellow of the Institute of Chartered Accountants in England and Wales with more than 20 years of financial services experience. Charles's experience covers audit, accountancy, funds, trusts, and private wealth predominantly in the offshore financial services industry. Prior to joining CoinShares in September 2017, Charles was a Senior Debt Fund Manager at BNP Paribas in Jersey. At CoinShares Charles has responsibility for finance and tax matters, and is a director of a number of group companies.

**THE TRUSTEE**

CSC Delaware Trust Company (formerly Delaware Trust Company), a Delaware corporation, serves as Delaware trustee of the Trust under the Trust Agreement. The Trustee has its principal office at 251 Little Falls Drive, Wilmington, Delaware 19808. The Trustee is unaffiliated with the Sponsor. A copy of the Trust Agreement is available for inspection at the Trustee's principal office identified above.

**The Trustee's Role**

The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware. The duties of the Trustee will be limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under the DSTA. To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Shareholders, such duties and liabilities will be replaced by the duties and liabilities of the Trustee expressly set forth in the Trust Agreement. The Trustee will have no obligation to supervise, nor will it be liable for, the acts or omissions of the Sponsor, Transfer Agent, Administrator, Custodian or any other Person.

Neither the Trustee, either in its capacity as trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the issuer, director, officer or controlling person of the issuer of Shares. The Trustee's liability in connection with the issuance and sale of Shares is limited solely to the express obligations of the Trustee as set forth in the Trust Agreement.

The Trustee has not prepared or verified, and will not be responsible or liable for, any information, disclosure or other statement in this prospectus or in any other document issued or delivered in connection with the sale or transfer of the Shares. The Trust Agreement provides that the Trustee will not be responsible or liable for the genuineness, enforceability, collectability, value, sufficiency, location or existence of any of the XRP or other assets of the Trust. See "Description of the Trust Agreement."

The Trustee is permitted to resign upon at least 180 days' notice to the Trust. The Trustee will be compensated by the Sponsor and indemnified by the Sponsor and the Trust against any expenses it incurs relating to or arising out of the formation, operation or termination of the Trust, or the performance of its duties pursuant to the Trust Agreement except to the extent that such expenses result from gross negligence, willful misconduct or bad faith of the Trustee. The Sponsor has the discretion to replace the Trustee.

The Trustee's fees and expenses under the Trust Agreement will be paid by the Sponsor.

**THE TRANSFER AGENT**

U.S. Bancorp Fund Services, LLC will serve as the Transfer Agent of the Trust under the Trust Agreement and pursuant to the terms and provisions of the Transfer Agency and Service Agreement. The Transfer Agent has its principal office at 615 East Michigan Street, Milwaukee, Wisconsin 53202.

**The Transfer Agent's Role**

The Transfer Agent holds the Shares in book-entry form. The Administrator directs the Transfer Agent to credit or debit the number of Baskets to the applicable Authorized Participant. The Transfer Agent will issue or cancel each Authorized Participant's Basket, as applicable. The Transfer Agent will also assist with the preparation of Shareholders' account and tax statements.

The Sponsor will indemnify and hold harmless the Transfer Agent, and the Transfer Agent will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized.

The Transfer Agent Fee is a Sponsor-paid Expense to be assumed and paid by the Sponsor.

The Transfer Agency and Services Agreement will have an initial three-year term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement. The Transfer Agent may terminate its services for certain material breaches of the Transfer Agency and Services Agreement and terminations as may be required or occasioned by law. Either party may terminate the Transfer Agency and Services Agreement upon 90 days' prior written notice to the other party.

**THE ADMINISTRATOR**

U.S. Bancorp Fund Services, LLC will serve as the Administrator of the Trust under the Trust Agreement and pursuant to the terms and provisions of the Trust Administration and Accounting Agreement. The Administrator has its principal office at 615 East Michigan Street, Milwaukee, Wisconsin 53202.

**The Administrator's Role**

Pursuant to the Trust Administration and Accounting Agreement, the Administrator is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Administrator include (i) preparing and providing periodic reports on behalf of the Trust to investors, (ii) processing orders to create and redeem Baskets and coordinating the processing of such orders with the Custodian, the Transfer Agent and DTC, (iii) publishing the Trust's XRP Holdings and XRP Holdings per Share each business day at 4:00 p.m. ET or as soon thereafter as practicable and (iv) instructing the Custodian to transfer the Trust's XRP as needed to pay the Sponsor's Fee and any Additional Trust Expenses.

The Trust will indemnify the Administrator, and the Administrator will incur no liability for its reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust's offering materials or documents (excluding information provided by the Administrator), (iii) any instructions or (iv) any opinion of legal counsel for the Trust or the Administrator, or arising out of transactions or other activities of the Trust which occurred prior to the commencement of the Trust Administration and Accounting Agreement.

Under the Trust Administration and Accounting Agreement, the Administrator has agreed to provide its services for an initial term of three years with an automatic renewal of successive one-year terms unless earlier terminated pursuant to the Trust Administration and Accounting Agreement. The Administrator may terminate its services for certain material breaches of the Trust Administration and Accounting Agreement and terminations as may be required or occasioned by law. Either party may terminate the Trust Administration and Accounting Agreement upon 90 days' prior written notice to the other party.

**AUTHORIZED PARTICIPANTS**

An Authorized Participant must enter into an "Authorized Participant Agreement" with the Sponsor and the Trust to govern its placement of orders to create and redeem Baskets. The Authorized Participant Agreement sets forth the procedures for the creation and redemption of Baskets and for the delivery of XRP required for creations and redemptions. The Authorized Participant Agreement provides for certain limitations on liability for the Authorized Participant and Sponsor, and indemnification of the Sponsor by the Authorized Participant, and of the Authorized Participant by the Sponsor, under certain circumstances. The Authorized Participant Agreement also provides the Sponsor and the Administrator with the authority to terminate the relationship with an Authorized Participant if the Sponsor or Administrator determines that an Authorized Participant does not to comply with the regulatory and registration requirements promulgated by FinCEN or other state authorities.

Each Authorized Participant must (i) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, that is not required to register as a broker-dealer to engage in securities transactions and (ii) enter into an Authorized Participant Agreement with the Sponsor.

A list of the current Authorized Participants can be obtained from the Sponsor. As of the date of this Prospectus, the Trust has engaged ________, ________, ________, ________ and ________ as Authorized Participants. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

**THE CUSTODIAN**

BitGo Trust Company, Inc. serves as the custodian for the Trust. BitGo is authorized to safeguard the Trust's XRP holdings. BitGo maintains one or more custody accounts on its books, pursuant to the terms of the Custody Agreement, for the receipt, safekeeping, and maintenance of XRP.

BitGo and its affiliates, including their officers, directors, agents, and employees, are not liable for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized use of the Trust or Sponsor's site or services. This includes damages arising from any contract, tort, negligence, strict liability, or other legal grounds, even if BitGo was previously advised of, knew, or should have known about the possibility of such damages. However, this exclusion of liability does not extend to cases of BitGo's fraud, willful misconduct, or gross negligence. In situations of gross negligence, BitGo's liability is specifically limited to the value of the digital assets or fiat currency that were affected by the negligence. Additionally, the total liability of BitGo for direct damages is capped at the fees paid or payable to them under the relevant agreement during the three-month period immediately preceding the first incident that caused the liability.

BitGo cold wallets are supported by a $250 million insurance policy issued by Lloyd's of London. The specifics of the policy include Cyber Insurance, E&O, and general specie. Any copying and theft of private keys, insider theft or dishonest acts by BitGo employees or executives, and loss of keys directly related to BitGo's custody of keys would be covered by this amount at minimum. This insurance policy is shared among all of BitGo's clients and is not specific to the Trust or to customers holding XRP and may not be available or sufficient to protect the Trust from all possible losses or sources of losses. The Sponsor may purchase additional insurance coverage through BitGo's underwriter, though the Sponsor has not purchased such additional insurance cover as of the date of this prospectus. BitGo is not FDIC-insured. BitGo has established a business continuity plan that will support its ability to conduct business in the event of a significant business disruption. This plan is reviewed and updated annually, and can be updated more frequently, if deemed necessary, by BitGo in its sole discretion. Should BitGo be impacted by a significant business disruption, BitGo aims to minimize business interruption as quickly and efficiently as possible.

The Custody Agreement commenced on the effective date, as detailed in the agreement, and will continue for one (1) year, unless earlier terminated in accordance with the terms of the Custody Agreement. After the initial term, the Custody Agreement will automatically renew for successive renewal terms, as established on the agreement, unless either party notifies the other of its intention not to renew with prior notice. BitGo may terminate the Custody Agreement for any reason upon providing at least thirty (30) days' written notice to the Trust and to the Sponsor, or immediately if BitGo perceives a risk of legal or regulatory non-compliance associated with the Trust's custodial account activity, among others. The Sponsor may terminate the Custody Agreement at any time upon providing at least thirty (30) days' written notice to BitGo, paying outstanding amounts and an early termination fee.

**THE CASH CUSTODIAN**

U.S. Bank, N.A. serves as the cash custodian for the Trust. The Cash Custodian is responsible for safekeeping all non-XRP assets of the Trust.

The Trust will indemnify the Cash Custodian from and against any and all claims, demands, losses, expenses and liabilities of any and every nature that the Cash Custodian may sustain or incur or that may be asserted against the Cash Custodian by any person arising directly or indirectly (i) from the fact that the relevant securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Cash Custodian in good faith (a) at the request or direction of or in reliance on the advice of the Trust or Sponsor, or (b) upon Written Instructions, or (iii) from the performance of its obligations under the Cash Custody Agreement.

Under the Cash Custody Agreement, the Cash Custodian has agreed to provide its services for an initial term of three years with an automatic renewal of successive one-year terms unless earlier terminated pursuant to the Cash Custody Agreement. The Custodian may terminate its services for certain material breaches of the Cash Custody Agreement and terminations as may be required or occasioned by law. Either party may terminate the Cash Custody Agreement upon 90 days' prior written notice to the other party.

**CONFLICTS OF INTEREST**

**General**

The Sponsor has not established formal procedures to resolve all potential conflicts of interest. Consequently, investors may be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Sponsor attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Sponsor to ensure that these conflicts do not, in fact, result in adverse consequences for the Trust.

Prospective investors should be aware that the Sponsor presently intends to assert that Shareholders have, by subscribing for Shares of the Trust, consented to the following conflicts of interest in the event of any proceeding alleging that such conflicts violated any duty owed by the Sponsor to investors.

**The Sponsor**

The Sponsor and its affiliates and their respective officers, directors, employees and other related parties engage in a broad spectrum of activities and may expand the range of services that they provide over time. The Sponsor and its related parties will generally not be restricted in the scope of their business or in the performance of any such services (whether now offered or undertaken in the future), even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. In the ordinary course of their business activities, the Sponsor and its related parties may engage in activities where the interests of the Sponsor and its related parties or the interests of their clients conflict with the interests of the Trust. Certain employees of the Sponsor also have responsibilities relating to the business of one or more related parties. These employees are not restricted in the amount of time that may be allocated to the business activities of the Sponsor's related parties, and the allocation of such employees' time between the Sponsor and its related parties may change over time.

The Sponsor and its related parties are responsible for managing other accounts in addition to the services that they provide to the Trust, including other accounts of the Sponsor or its affiliates. Other accounts may include, without limitation, private or SEC-registered funds, separately managed accounts, offshore funds or accounts, or investments owned by the Sponsor or its affiliates. Management of other accounts in addition to services provided to the Trust can present certain conflicts of interest. The other accounts might have similar or different investment objectives or strategies as the Trust, or otherwise hold, purchase or sell investments that are eligible to be held, purchased or sold by the Trust, or may take positions that are opposite in direction from those taken by the Trust.

The Sponsor may devote unequal time and attention to the management of different accounts. As a result, the Sponsor may not be able to fulfill its obligations to the Trust as might be the case if it were to devote substantially more attention to the management of a single account. The effects of this potential conflict may be more pronounced where accounts overseen by the Sponsor have different investment strategies.

A conflict of interest arises where the financial or other benefits available to the Sponsor or its related parties differ among the accounts that it manages. Where the structure of the Sponsor's or its related party's fee differs among accounts (such as where certain accounts pay higher management fees or a performance or incentive fee), the Sponsor might be motivated to help certain accounts over others. In addition, the Sponsor might be motivated to favor accounts in which it has an interest and/or its related parties have interests. Similarly, the desire to maintain or raise assets under management or to enhance the Sponsor's or its related parties' performance record or to derive other rewards, financial or otherwise, could influence the Sponsor to give preferential treatment to those accounts that could most significantly benefit the Sponsor.

The Trust's service providers (including its Administrator, auditor and legal counsel) may provide services to other pooled investment vehicles with similar investment strategies and objectives and, accordingly, may have conflicts of interest. The Trust's Sponsor and other service providers and their principals, employees or affiliates may invest or trade in digital assets for their own accounts, which activities may conflict or compete with the Trust.

The Sponsor or its affiliates may purchase Shares from the Trust from time to time, and may hold a material position in the Trust. The Trust will not receive any of the proceeds from the resale by the Sponsor or its affiliates of these Shares, and the sale of such Shares may impact the price at which you may be able to sell your Shares. The Sponsor and its affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem through an Authorized Participant at any time some or all of the Shares of the Trust acquired for their own accounts. The Sponsor or its affiliates face conflicting interests in determining whether, when and in what amount to sell or redeem Shares of the Trust. The Sponsor and its affiliates are under no obligation to consider the effect of sales or redemptions on the Trust and other Shareholders in deciding whether to sell or redeem their Shares.

The Sponsor is responsible for selecting and engaging the Trust's service providers, including the Benchmark Administrator. To the extent that the Sponsor has other commercial arrangements with the service providers, the Sponsor may face conflicts of interest with respect to its oversight and supervision of the service providers. Further, to the extent that the Sponsor has investments in XRP and/or in Shares, and due to the fact that the Sponsor's fee is payable based on the value of the Shares, the Sponsor may face potential conflicts of interest with respect to the Benchmark Administrator's valuation of Shares.

**Proprietary Trading/Other Clients**

Because the officers of the Sponsor may trade XRP for their own personal trading accounts (subject to certain internal trading policies and procedures) at the same time that they are managing the account of the Trust, prospective investors should be aware that the activities of the officers of the Sponsor, subject to their fiduciary duties, may, from time-to-time, result in taking positions in their personal trading accounts which are opposite of the positions taken for the Trust. Records of the Sponsor's officers' personal trading accounts will not be available for inspection by Shareholders.

**DESCRIPTION OF THE SHARES**

**General**

The Trust is authorized under the Trust Agreement to create and issue an unlimited number of Shares. Shares will be issued only in Baskets (a Basket equals a block of 5,000 Shares) and only upon the order of an Authorized Participant. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amount registered on the registration statement of which this prospectus is a part will require the registration of such additional Shares.

**Description of Limited Rights**

The Shares do not represent a traditional investment and should not be viewed as similar to "shares" of a corporation operating a business enterprise with management and a board of directors. A Shareholder will not have the statutory rights normally associated with the ownership of shares of a corporation. Each Share is transferable, is fully paid and non-assessable, and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. For example, Shareholders do not have the right to elect directors and will not receive dividends. The Shares do not entitle their holders to any conversion or pre-emptive rights or, except as provided below, any redemption rights or rights to distributions.

**Voting and Approvals**

The Shareholders of the Trust take no part in the management or control, and have no voice in, the Trust's operations or business. Shareholders have very limited voting rights as set forth in the Trust Agreement. However, certain actions, such as amendments or modifications that appoint a new sponsor (upon the withdrawal, removal or the adjudication or admission of bankruptcy or insolvency of the Sponsor) require the consent of Shareholders owning a majority (over 50%) of the outstanding Shares of the Trust (not including Shares held by the Sponsor or its affiliates).

The Sponsor will generally have the right to amend the Trust Agreement as it applies to the Trust provided that the Shareholders have the right to vote only if expressly required under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the Shareholders by the Sponsor at its sole discretion. No amendment affecting the Trustee will be binding upon or effective against the Trustee unless consented to by the Trustee in the form of an instruction letter.

**Distributions**

If the Trust is terminated and liquidated, the Sponsor will distribute to the Shareholders any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Sponsor shall determine. Accordingly, Shareholders of record at the time of a liquidation may receive either XRP or cash. See "Description of the Trust Agreement—The Trustee—Termination of the Trust." Shareholders of record on the record date fixed by the Transfer Agent for a distribution will be entitled to receive their *pro rata* portion of any distribution.

**Redemption of the Shares**

The Shares may be redeemed only by or through an Authorized Participant and only in whole Baskets. See "Description of Creation and Redemption of Shares."

**Book-Entry Form**

Individual certificates will not be issued for the Shares. Instead, one or more global certificates have been deposited by the Transfer Agent with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates will evidence all of the Shares outstanding at any time. Under the Trust Agreement, Shareholders are limited to (1) DTC Participants such as banks, brokers, dealers and trust companies, (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant ("Indirect Participants"), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are transferable only through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers will be made in accordance with standard securities industry practice.

**Share Splits**

If the Sponsor believes that the per-Share price in the public market for Shares has risen or fallen outside a desirable trading price range, the Sponsor may direct the Transfer Agent to declare a split or reverse split in the number of Shares outstanding and to make a corresponding change in the number of Shares constituting a Basket.

**CUSTODY OF THE TRUST'S XRP**

**XRP Custody Generally**

The Trust has entered into the Custody Agreement, pursuant to which the Custodian will custody all of the Trust's XRP in a segregated account from time to time (the "XRP Account"). The Sponsor expects the Custodian will keep all of the private keys associated with the Trust's XRP held by the Custodian , including staked SOL, in the XRP Account in "cold storage," which refers to a safeguarding method by which the private keys corresponding to the Trust's XRP are generated and stored in an offline manner using computers or devices that are not connected to the Internet, which is intended to make them more resistant to hacking. By contrast, in hot storage, the private keys are held online, where they are more accessible, leading to more efficient transfers, though they are potentially more vulnerable to being hacked. The Trust's XRP held in the XRP Account by the Custodian is held in segregated wallets and therefore are not commingled with the Custodian's or other customer assets.

Custody of XRP typically involves the generation, storage and utilization of private keys. These private keys are used to effect transfer transactions (i.e., transfers of XRP from an address associated with the private key to another address). Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to the Trust's XRP is (are) generated and stored in an offline manner. Private keys are generated in offline computers that are not connected to the Internet so that they are resistant to being hacked. Cold storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the private keys on a storage device or printed medium and deleting the keys from all computers. Such private keys are stored in cold storage facilities within the United States and Europe, exact locations of which are not disclosed for security reasons. A limited number of employees at the Custodian are involved in private key management operations, and the Custodian has represented that no single individual has access to full private keys. While the Custodian will generally keep a substantial portion of the Trust's XRP in cold storage on an ongoing basis, from time to time, portions of the Trust's XRP will be held outside of cold storage temporarily as part of trade facilitation in connection with creations and redemptions of Baskets or to sell XRP to pay Trust expenses. Please see "Risk Factors" for a discussion of custody risks.

Even though XRP is only moved out of cold storage in connection with and to the extent of purchases and sales of XRP by the Trust, there are no policies that would limit the amount of XRP that can be held temporarily outside of cold storage. This could create greater risk of loss of the Trust's XRP, which could cause Shareholders to suffer losses. Under normal market conditions, the Sponsor's policy is to keep at least 95% of the Trust's XRP in cold storage and no more than 5% of the Trust's XRP in hot storage to cover the reasonably anticipated short-term transaction needs of the Trust.

The Custodian may receive deposits of XRP but may not send XRP without the use of the corresponding private keys. In order to send XRP when the private keys are kept in cold storage, unsigned transactions must be physically transferred to the offline cold storage facility and signed using a software/hardware utility with the corresponding offline keys. At that point, the Custodian can upload the fully signed transaction to an online network and transfer the SOL. Because the Custodian may need to retrieve private keys from offline storage prior to initiating transactions, the initiation or crediting of withdrawals or other transactions may be delayed.

The Custodian carefully considers the design of the physical, operational and cryptographic systems for secure storage of the Trust's private keys in an effort to lower the risk of loss or theft. No such system is perfectly secure and loss or theft due to operational or other failure is always possible. See "Risk Factors – Conflicts of Interest – The Trust's and the Custodian's ability to adopt technology in response to changing security needs or trends poses a challenge to the safekeeping of the Trust's XRP."

The Trust may engage third-party custodians or vendors besides the Custodian and Cash Custodian to provide custody and security services for all or a portion of its XRP and/or cash, and the Sponsor will pay the custody fees and any other expenses associated with any such third-party custodian or vendor. The Sponsor is responsible for overseeing the Custodian and the Trust's other service providers. The Sponsor may, in its sole discretion, add or terminate a Custodian at any time. The Sponsor may, in its sole discretion, change the custodians for the Trust's XRP holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such custodians. However, the Sponsor will only enter into XRP custody arrangements with custodians that meet the Sponsor's criteria, including an agreement to maintain Trust assets in a segregated account, to maintain insurance and to store the Trust's private keys in cold storage or in such other manner as the Sponsor determines provides reasonable protection for the Trust's assets from loss or theft. The Trust may hold cash and cash equivalents on a temporary basis to pay expenses or facilitate creation and redemption transactions. The Trust has entered into a cash custody agreement with Cash Custodian under which Cash Custodian acts as custodian of the Trust's cash.

 **Custody with BitGo**

BitGo Trust Company Inc. ("BitGo") is authorized to safeguard the Trust's XRP holdings allocated to it by the Sponsor. BitGo maintains one or more custody accounts on its books, pursuant to the terms of the Custody Agreement, for the receipt, safekeeping, and maintenance of XRP.

As a regulated custodian, BitGo is subject to a detailed statutory and regulatory framework, including holding customer assets in segregated client accounts on behalf of customers. 100% of Trust assets and private keys safeguarded by BitGo will be held in cold storage in segregated accounts and are never commingled with BitGo or other client assets. BitGo applies industry standards, such as CryptoCurrency Security Standard (CCSS) and SOC1 and SOC2, while also working with the most trusted brands in the industry and offering clients comprehensive insurance solutions.

The BitGo ecosystem and architecture for private key management include the BitGo Platform, hardware security modules ("HSMs") and modular services. The BitGo cold custody solution is built on BitGo's security to manage keys on behalf of customers. BitGo only signs transactions that have been authorized by the Sponsor and follow the policies set by the account administrators.

The primary keys and backup keys are created offline using an Offline Vault Console ("OVC") on air gapped laptops during a secure ceremony to create hardened cryptographic seeds that power the BitGo solution. This is to ensure only machines which have no access to the internet and are pristine are able to see private key material.

Undisclosed personnel at BitGo hold the sharded keys. When they are reconstituted, they are able to sign a transaction which moves funds in the public blockchain. To mitigate collusion, the individuals who have the sharded keys are different from those who have access to the vaults where the signings happen.

The private key is reconstituted in the OVC, but only in internal memory. At no point is it displayed or shown to any user. After signing is done, the key is no longer available in memory. The OVC is run in a read-only disk, so once the laptop is powered off, there is no non-volatile storage of any kind to write back to disk. The OVC operates using a RAM disk, where it simulates a real hard disk, but it is completely ephemeral and is wiped as soon as the machine is power cycled or rebooted, thus wiping the reconstituted private key and preventing it from being copied or compromised.

BitGo is a South Dakota trust company and the private keys are strategically distributed across various geographic locations within the United States. In order to enhance security measures, BitGo refrains from disclosing the exact locations of these keys.

At time of wallet creation, BitGo creates a unique key pair within its HSM in order to give each client a unique wallet on-chain. These online keys are wrapped by the BitGo HSM and stored within BitGo's data vault for the BitGo Platform keys used to sign transactions.

As all custody wallets are segregated, the existence of XRP held by the Trust can be verified on-chain by the Sponsor or any other authorized party.

BitGo cold wallets are supported by a $250 million insurance policy issued by Lloyd's of London. The specifics of the policy include Cyber Insurance, E&O, general specie. Any copying and theft of private keys, insider theft or dishonest acts by BitGo employees or executives, and loss of keys directly related to BitGo's custody of keys would be covered by this amount at minimum. This insurance policy is shared among all of BitGo's clients and is not specific to the Trust or to customers holding XRP and may not be available or sufficient to protect the Trust from all possible losses or sources of losses. The Sponsor may purchase additional insurance coverage through BitGo's underwriter, though the Sponsor has not purchased such additional insurance cover as of the date of this prospectus. BitGo is not FDIC-insured. BitGo has established a business continuity plan that will support its ability to conduct business in the event of a significant business disruption. This plan is reviewed and updated annually, and can be updated more frequently, if deemed necessary, by BitGo in its sole discretion. Should BitGo be impacted by a significant business disruption, BitGo aims to minimize business interruption as quickly and efficiently as possible.

BitGo's fork policy determines that in the event of an upcoming modification to the Solana Network that could result in a digital asset network fork or airdrop, BitGo will use best commercial efforts to provide the value of the forked digital asset. In addition to BitGo's fork policy, BitGo adheres to the fork policy outlined by the CME. BitGo may not support airdrops, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with an asset supported by BitGo and assumes absolutely no responsibility in respect to new protocols. The Trust Agreement provides, and the Sponsor has communicated to the Custodian, that the Trust disclaims all rights to Incidental Rights and IR Virtual Currencies.

The Custody Agreement commenced on the effective date, as detailed in the agreement, and will continue for one (1) year, unless earlier terminated in accordance with the terms of the Custody Agreement. After the initial term, the Custody Agreement will automatically renew for successive renewal terms, as established on the agreement, unless either party notifies the other of its intention not to renew with prior notice. BitGo may terminate the Custody Agreement for any reason upon providing at least thirty (30) days' written notice to the Trust and to the Sponsor, or immediately if BitGo perceives a risk of legal or regulatory non-compliance associated with the Trust's custodial account activity, among others. The Sponsor may terminate the Custody Agreement at any time upon providing at least thirty (30) days' written notice to BitGo, paying outstanding amounts and an early termination fee.

**DESCRIPTION OF CREATION AND REDEMPTION OF SHARES**

The Trust creates and redeems Shares from time to time, but only in one or more Baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of XRP or cash represented by the Baskets being created or redeemed (the "Basket Deposit"). The amount of XRP required in a Basket Deposit (the "Basket XRP Deposit") and the amount of cash required in a Basket Deposit (the "Basket Cash Deposit") are based on the quantity or value of the quantity, as applicable, of XRP or cash attributable to each Share of the Trust (net of accrued but unpaid Sponsor's Fees and any accrued but unpaid Additional Trust Expenses) being created or redeemed determined as of 4:00 p.m. ET on the day the order to create or redeem Baskets is properly received.

Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to register as broker-dealers to engage in securities transactions as described below, and (2) DTC Participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust and the Sponsor, without the consent of any Shareholder or Authorized Participant. Authorized Participants pay the Transfer Agent a fee for each order they place to create or redeem one or more Baskets (the "Transfer Agent Fee").

In addition, in connection with a Cash Creation Order (as defined below) or Cash Redemption Order (as defined below) an Authorized Participant is responsible for any operational processing and brokerage costs, transfer fees, financing fees, network fees and stamp taxes (the "Execution Charges," and collectively with the Transfer Agent Fee, the "Transaction Fee"). The Transaction Fee may be reduced, increased or otherwise changed by the Sponsor. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

Certain Authorized Participants are expected to be capable of participating directly in the spot XRP markets. Some Authorized Participants or their affiliates may from time to time buy or sell XRP and may profit in these instances. To the extent that the activities of Authorized Participants have a meaningful effect on the XRP market, it could affect the price of XRP and impact the ability of the Authorized Participants to effectively arbitrage the difference between the price at which the shares trade and the net asset value of the Trust. While the Sponsor currently expects that Authorized Participants' direct activities in the XRP or securities markets in connection with the creation and redemption activities of the Trust will not significantly affect the price of XRP or the Shares, the impact of the activities of the Trust and its Authorized Participants on XRP or securities markets is unknown and beyond the control of the Sponsor.

Each Authorized Participant will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

The following description of the procedures for the creation and redemption of Baskets is only a summary and a Shareholder should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The Trust Agreement and the form of Authorized Participant Agreement will be filed as exhibits to the registration statement of which this prospectus is a part.

Authorized Participants will place Cash Creation Orders through the Transfer Agent. The Transfer Agent will coordinate with the Trust's Cash Custodian in order to facilitate settlement of the Shares and cash as described in more detail in the "—Creation Procedures" and "—Redemption Procedures" sections below.

**Creation Procedures** 

On any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more Baskets. Purchase orders must be placed by 1:00 p.m. ET or the close of regular trading on the Exchange, whichever is earlier. The day on which a valid order is received by the Transfer Agent is considered the "Purchase Order Date."

The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. Creation orders may be denominated and settled in an amount of XRP ("In-Kind Creation Order") or cash ("Cash Creation Order"). By placing an In-Kind Creation Order, an Authorized Participant agrees to facilitate the deposit of XRP with the Custodian, either directly or indirectly through an Authorized Participant Designee. The Authorized Participant is responsible for any transaction fees associated with an In-Kind Creation Order. By placing a Cash Creation Order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled or delayed until the full cash deposit has been received. An Authorized Participant may not withdraw a creation order without the prior consent of the Sponsor at its discretion.

Following an Authorized Participant's In-Kind Creation Order, the Trust's account at the Custodian must be credited with the required XRP by 11:00 a.m. EST on the following business day or such other time designated by the Sponsor. The Authorized Participant or its Authorized Participant Designee will normally send the required XRP in an "on chain" transaction over the XRP Ledger. Such on chain transactions are subject to the risks associated with XRP Ledger transactions, including the irreversibility of transactions made in error or unavoidable delays due to XRP Ledger congestion. Upon receipt of the Basket XRP Deposit amount in the Trust's account at the Custodian, the Administrator will notify the Transfer Agent. The Transfer Agent will then direct DTC to credit the number of Shares created to the Authorized Participant's DTC account.

Following an Authorized Participant's Cash Creation Order, the Trust's account with the Cash Custodian (the "Cash Account") must be credited with the required cash by the end of the Purchase Order Date. Upon receipt of the cash deposit amount in the Cash Account, the Cash Custodian will notify the Transfer Agent, the Authorized Participant and the Sponsor that the cash has been deposited. The Transfer Agent will then direct DTC to credit the number of Shares created to the Authorized Participant's DTC account.

To the extent not held to facilitate redemption orders or pay the Trust's expenses, the Sponsor will use cash proceeds received in connection with Cash Creation Orders to purchase XRP and deposit it in the Vault Accounts with the Custodian. XRP held in the Vault Accounts is the property of the Trust and is only transferred outside the Vault Accounts or sold in connection with creation and redemption transactions or to pay the Trust's expenses and liabilities. The Trust's XRP will not be leased, loaned or used as collateral for any loan, margin, rehypothecation or similar activities. Expenses related to the acquisition of XRP in connection with a creation order and transfer of acquired XRP to the Vault Accounts will not be the responsibility of the Trust.

**Determination of Required Deposits** 

The amount of the Basket Deposit changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of XRP or cash constituting the Basket Deposit as appropriate to reflect the value of the Trust's XRP or cash less accrued expenses. The computation is made by the Administrator as promptly as practicable after 4:00 p.m. ET or at a later time set forth in the Authorized Participant Agreement or otherwise provided to all Authorized Participants on the date such order is placed in order for the creation of Baskets to be effected based on the NAV of Shares as next determined on such date after receipt of the order in proper form.

The Basket XRP Deposit for a given day is determined by dividing the number of XRP held by the Trust as of the opening of business on that business day, adjusted for the amount of XRP constituting accrued expenses and other liabilities of the Trust as of the opening of business on that business day, by the number of Shares outstanding at the opening of business and multiplying such amount by the number of Shares constituting a Basket. Fractions of XRP valued at less than $0.01 are disregarded for purposes of the computation of the Basket XRP Deposit.

The Basket Cash Deposit is an amount of cash that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the Purchase Order Date, as the number of Shares constituting a Basket is in proportion to the total number of Shares outstanding on the Purchase Order Date, plus the amount of any Transaction Fee. For a discussion of how the Trust determines the value of XRP, see "Calculation of NAV".

To the extent there is a difference between the price actually paid by the Trust to acquire a Basket worth of XRP in connection with a Cash Creation compared to the cash value of the Basket (i.e., if there is a difference between the amount paid by the Trust to purchase the requisite amount of XRP and the valuation of XRP as part of the Trust's NAV calculation), that difference will also be charged to the creating Authorized Participant.

The Basket Cash Deposit is an amount of cash that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the Purchase Order Date, as the number of Shares constituting a Basket is in proportion to the total number of Shares outstanding on the Purchase Order Date, plus the amount of any Transaction Fees. The Authorized Participant is responsible for all expenses related to the acquisition of XRP in connection with a creation order. For a discussion of how the Trust determines the value of XRP, see "Calculation of NAV" above. The Basket Cash Deposit so determined is communicated via electronic mail message to all Authorized Participants.

**Delivery of Required Deposits** 

An Authorized Participant who places a purchase order must follow the procedures outlined in the "Creation Procedures" section of this prospectus. Upon receipt of the deposit amount by the Custodian or the Cash Custodian, as applicable, the Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized Participant's DTC account on the following business day or such later time as may be agreed upon by the Authorized Participant and the Sponsor, following the Purchase Order Date. In circumstances where purchase orders are due before 4:00 p.m. ET, Authorized Participants will not know the total Basket Deposit at the time they submit a purchase order for the Basket. The Trust's NAV and the price of a Basket Deposit could rise or fall substantially between the time a purchase order is submitted and the time the amount of the purchase price in respect thereof is determined, and the risk of such price movements will be borne solely by the Authorized Participant. In the event an Authorized Participant or its Authorized Participant Designee fails to deliver a Basket XRP Deposit pursuant to an In-Kind Creation Order, such In-Kind Creation Order may, in the Sponsor's sole discretion, be converted to a Cash Creation Order and subject to the procedures applicable to Cash Creation Orders described herein. If an Authorized Participant fails to consummate a Cash Creation Order, such order will be cancelled or delayed until the full deposit has been received.

**Rejection of Purchase Orders**

The Sponsor or its designee has the absolute right, but does not have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:

● the purchase order or Basket Deposit is not in proper form as described in the Authorized Participant Agreement;

● the acceptance of the purchase order or Basket Deposit would not be in the best interest of the Trust;

● the acceptance of the purchase order or the Basket Deposit would have adverse tax consequences for the Trust or its Shareholders;

● the acceptance of the Basket Deposit presents a security or regulatory risk to the Trust, the Sponsor, the Transfer Agent, the Custodian or the Cash Custodian;

● the acceptance or receipt of the purchase order or Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful; or

● circumstances outside the control of the Trust, the Sponsor, the Custodian or the Cash Custodian make it impractical or not feasible to process Baskets.

None of the Sponsor, the Transfer Agent, the Custodian or the Cash Custodian will be liable for the rejection of any purchase order or Basket Deposit.

**Redemption Procedures** 

The procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets with an additional safeguard on XRP being removed from an XRP Account with the Custodian. On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. Redemption orders must be placed by the close of Regular Trading Hours on the Exchange or an earlier time as determined and communicated by the Sponsor and its agent. A redemption order will be effective on the date it is received by the Transfer Agent ("Redemption Order Date").

The manner by which redemptions are made is dictated by the terms of the Authorized Participant Agreement. Redemption Orders are denominated and settled either in-kind ("In-Kind Redemption Order") or in cash ("Cash Redemption Order").

In the case of an In-Kind Redemption Order, the redemption distribution from the Trust consists of a movement of XRP to the Authorized Participant, or its Authorized Participant Designee, representing the amount of XRP held by the Trust, net of accrued expenses and other liabilities, evidenced by the Shares being redeemed on the Redemption Order Date. The Authorized Participant is responsible for any transaction fees associated with an In-Kind Redemption Order. In the case of a Cash Redemption Order, the redemption distribution from the Trust consists of a transfer to the Authorized Participant of an amount of cash that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the Redemption Order Date, as the number of Shares to be redeemed under the purchase order is in proportion to the total number of Shares outstanding on the Redemption Order Date. With respect to either an In-Kind Redemption Order or Cash Redemption Order, the redemption distribution due from the Trust will be delivered once the Transfer Agent notifies the Cash Custodian, the Marketing Agent and the Sponsor that the Authorized Participant has delivered the Shares represented by the Baskets to be redeemed to the Transfer Agent's DTC account. If the Transfer Agent's DTC account has not been credited with all of the Shares of the Baskets to be redeemed, the redemption distribution will be cancelled or delayed until such time as the Transfer Agent confirms receipt of all such Shares.

By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC's book-entry system to the Trust by the end of the following business day or such later time as may be agreed upon by the Authorized Participant and the Sponsor following the Redemption Order Date. An Authorized Participant may not withdraw a redemption order without the prior consent of the Sponsor at its discretion.

To the extent there is a difference between the price actually received by the Trust to create or sell a Basket worth of XRP in connection with a Cash Creation or Cash Redemption compared to the cash value of the Basket (i.e., if there is a difference between the amount received by the Trust to buy or sell the requisite amount of XRP and the Trust's NAV calculation), that difference will be returned to the creating, or be the responsibility of the redeeming, Authorized Participant. Expenses related to the sale of XRP in connection with a redemption order and transfer of XRP from the Vault Accounts will not be the responsibility of the Trust.

**Determination of Redemption Distribution** 

The redemption distribution from the Trust will consist of a transfer to the redeeming Authorized Participant or its designee of an amount of either XRP (in the case of an In-Kind Redemption Order) or cash (in the case of a Cash Redemption Order) that is determined in the same manner as the determination of Basket Deposits discussed above. The Authorized Participant is responsible for all expenses related to the sale of XRP in connection with a Cash Redemption order.

**Delivery of Redemption Distribution**

Once the Transfer Agent notifies the Custodian, the Cash Custodian, the Marketing Agent and the Sponsor that the Shares have been received in the Transfer Agent's DTC account, the Administrator instructs the Cash Custodian to transfer the cash amount from the Cash Account to the designee of the Authorized Participant. For an In-Kind Redemption Order, the Sponsor will transfer the redemption XRP amount from a Custodian to the designated wallet address of the Authorized Participant or its Authorized Participant Designee. For a Cash Redemption Order, the redemption distribution due from the Trust will be sent by the Cash Custodian to the Authorized Participant or the Authorized Participant Designee on the following business day or such later time as may be agreed upon by the Authorized Participant and the Sponsor, following the Redemption Order Date if, by 4:00 p.m. ET, on such business day, the Transfer Agent's DTC account has been credited with the Baskets to be redeemed. If the Transfer Agent's DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution will be cancelled or delayed until such time as the Transfer Agent confirms receipt of all such Shares.

**Suspension of Creation and Redemption Orders** 

The Sponsor may, in its discretion, suspend the right of creation or redemption, or postpone the creation or redemption settlement date, (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of XRP is not reasonably practicable (for example, as a result of a significant technical failure, power outage, or network error), or (3) for such other period as the Sponsor determines to be necessary for the protection of the Trust or its Shareholders. For example, the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust's assets. None of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement, or the Custodians will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. If the Sponsor has difficulty liquidating the Trust's positions, e.g., because of a market disruption event or an unanticipated delay in the liquidation of a position in an over-the-counter contract, it may be appropriate to suspend redemptions until such time as such circumstances are rectified. The Sponsor will provide notice to Shareholders of any such suspensions in a prospectus supplement and/or through a current report on Form 8-K.

**Rejection of Redemption Orders**

Redemption orders must be made in whole Baskets. The Sponsor or its designee has the absolute right, but does not have any obligation, to reject any redemption order if the Sponsor determines that:

● the redemption order is not in proper form as described in the Authorized Participant Agreement;

● the acceptance of the redemption order would not be in the best interest of the Trust;

● the acceptance of the redemption order would have adverse tax consequences to the Trust or its Shareholders;

● the acceptance of the redemption order presents a security risk to the Trust, the Sponsor, the Transfer Agent or the Cash Custodian;

● the acceptance of the redemption order would, in the opinion of counsel to the Sponsor, be unlawful; or

● circumstances outside the control of the Trust, the Sponsor, or the Cash Custodian make it impractical or not feasible for the Shares to be delivered under the redemption order.

**Creation and Redemption Transaction Fees** 

To compensate the Transfer Agent for expenses incurred in connection with the creation and redemption of Baskets, an Authorized Participant is required to pay the Transfer Agent Fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with the number of Baskets in such order. In addition, an Authorized Participant is required to pay the Execution Charges to the Trust or the Sponsor, as applicable, to reimburse the operational processing and brokerage costs, transfer fees, network fees and stamp taxes. The Transaction Fees may be reduced, increased or otherwise changed by the Sponsor.

With respect to purchases and sales of XRP conducted through XRP Trading Counterparties, transfers of XRP may be conducted as "on-chain" transactions represented on the XRP Ledger.

**Tax Responsibility**

Authorized Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant, and agree to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties, additions to tax and interest thereon.

**Secondary Market Transactions** 

As noted, the Trust will create and redeem Shares from time to time, but only in one or more Baskets. The creation and redemption of Shares are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of cash determined as described above.

As discussed above, Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers or other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant is under no obligation to offer to the public any Shares it does create.

Authorized Participants that do offer to the public Shares from the Baskets they create will do so at per-Share offering prices that reflect, among other factors, the value of the Trust's assets, supply of and demand for Shares and market conditions at the time of a transaction. Baskets are generally redeemed when the market price per Share is at a discount to the NAV. Shares initially constituting the same Basket but offered by Authorized Participants to the public at different times may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person has any obligation or responsibility to the Sponsor to effect any sale or resale of Shares. Shares trade in the secondary market on the Exchange.

Shares are expected to trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to their NAV. The amount of the discount or premium in the trading price relative to the NAV may be influenced by various factors, including the value of the Trust's assets, supply and demand for the Shares and market conditions at the time of a transaction.

**EXPENSES**

**Expenses to Be Paid by the Sponsor**

The Sponsor has agreed to assume the Sponsor-Paid Expenses, which are the following fees and expenses incurred by the Trust: the Marketing Fee, the Administrator Fee, the Custodian Fee, the Cash Custodian Fee, the Transfer Agent Fee, the Trustee's fee, applicable license fees, including the licensing fees related to the Index License Agreement, fees and expenses related to public trading of the Shares on Nasdaq (including marketing, legal and audit fees and expenses), ordinary legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust's website. There is no cap on the amount of Sponsor-paid Expenses. At the Sponsor's sole discretion, all or any portion of a Sponsor-paid Expense may be redesignated as an Additional Trust Expense. The Sponsor will provide Shareholders with notice of any such redesignation in a prospectus supplement and/or through a current report on Form 8-K or in the Trust's annual or quarterly reports.

**Extraordinary and Other Expenses**

In certain extraordinary circumstances, the Trust may pay expenses in addition to the Sponsor's Fee, including, but not limited to, any expenses of the Trust that are not assumed by the Sponsor, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other Service Provider) on behalf of the Trust, indemnification expenses of the Custodian, Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses (collectively, "Additional Trust Expenses"). If the Trust incurs any Additional Trust Expenses, the Sponsor or its delegate may cause the Trust (or its delegate) to convert XRP into U.S. dollars at the price which the Sponsor is able to obtain using commercially reasonable efforts. The number of XRP represented by a Share will decline each time the Trust pays Additional Trust Expenses or the Sponsor's fees by transferring or selling XRP. Although the Sponsor cannot definitively state the frequency or magnitude of the Additional Trust Expenses, the Sponsor expects that they may occur infrequently, if at all.

**Disposition of XRP**

To pay the Sponsor's Fee, the Custodian will, when directed by the Sponsor, (i) withdraw from the XRP Account the number of XRP equal to the accrued but unpaid Sponsor's Fee and (ii) transfer such XRP to an account maintained by a Custodian for the Sponsor or to an account affiliated with the Sponsor. The Trust is not responsible for paying any fees or costs associated with the transfer of XRP to the Sponsor or the sale of XRP for costs not included in the Sponsor's Fee. In addition, if the Trust incurs any Additional Trust Expenses, the Sponsor or its delegate may cause the Trust (or its delegate) to convert XRP into U.S. dollars at the price which the Sponsor is able to obtain using commercially reasonable efforts. The number of XRP represented by a Share will decline each time the Trust pays Additional Trust Expenses or the Sponsor's fees by transferring or selling XRP. Shareholders do not have the option of choosing to pay their proportionate shares of Additional Trust Expenses in lieu of having their shares of Additional Trust Expenses paid by the Trust's disposition of XRP. Assuming that the Trust is treated as a grantor trust for U.S. federal income tax purposes, the transfer or sale of XRP to pay the Trust's expenses will be a taxable event for Shareholders. See "U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders."

Transfers of XRP to and from the Vault Accounts and the Trading Account, and transfers from the Trading Account to third-party digital asset brokers or dealers are conducted "on chain" in transactions represented on the XRP Ledger. On-chain transactions are subject to all of the risks of the XRP Ledger, including the risk that transactions will be made erroneously and are generally irreversible.

In order to pay the Sponsor's Fee, the Sponsor may transfer XRP directly from a Vault Account to an account affiliated with the Sponsor. Such a transaction will normally be conducted "off chain" through book entries in the Custodian' records.

Because the number of the Trust's XRP will decrease as a consequence of the payment of the Sponsor's Fee in XRP or the sale of XRP to pay Additional Trust Expenses (and the Trust will incur additional fees associated with converting XRP into U.S. dollars), the number of XRP represented by a Share will decline at such time and the Trust's XRP Holdings may also decrease. Accordingly, the Shareholders will bear the cost of the Sponsor's Fee and any Additional Trust Expenses.

The Sponsor will also cause the sale of the Trust's XRP if the Sponsor determines that such sale is required by applicable law or regulation or in connection with the termination and liquidation of the Trust. The Sponsor will not be liable or responsible in any way for depreciation or loss incurred by reason of any sale of XRP.

**BOOK-ENTRY-ONLY SHARES**

**The Securities Depository; Book-Entry-Only System; Global Security**

In accordance with the relevant provisions of the Trust Documents, the Trust's Shares have been and will only be issued in book-entry-only form, so individual certificates will not be issued for the Shares but rather one or more global certificates will evidence all of the Shares outstanding at any time.

DTC will act as securities depository for the Shares. DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of section 17A of the Exchange Act. DTC was created to hold securities of DTC Participants and to facilitate the clearance and settlement of transactions in such securities among the DTC Participants through electronic book-entry changes. This eliminates the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. DTC is expected to agree with and represent to the DTC Participants that it will administer its book-entry system in accordance with its rules and by-laws and the requirements of law.

Individual certificates will not be issued for the Shares. Instead, one or more global certificates will be signed by the Transfer Agent on behalf of the Trust, registered in the name of Cede & Co., as nominee for DTC, and deposited with the Transfer Agent on behalf of DTC. The global certificates will evidence all of the Shares outstanding at any time. The representations, undertakings and agreements made on the part of the Trust in the global certificates are made and intended for the purpose of binding only the Trust and not the Transfer Agent or the Sponsor individually.

Upon the settlement date of any creation, transfer or redemption of Shares, DTC will credit or debit, on its book-entry registration and transfer system, the amount of the Shares so created, transferred or redeemed to the accounts of the appropriate DTC Participants. The Transfer Agent and the Authorized Participants will designate the accounts to be credited and charged in the case of creation or redemption of Shares.

Beneficial ownership of the Shares will be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in the Shares will be shown on, and the transfer of ownership will be effected only through, records maintained by DTC (with respect to DTC Participants), the records of DTC Participants (with respect to Indirect Participants), and the records of Indirect Participants (with respect to Shareholders that are not DTC Participants or Indirect Participants). Shareholders are expected to receive from or through the DTC Participant maintaining the account through which the Shareholder has purchased their Shares a written confirmation relating to such purchase.

Shareholders that are not DTC Participants may transfer the Shares through DTC by instructing the DTC Participant or Indirect Participant through which the Shareholders hold their Shares to transfer the Shares. Shareholders that are DTC Participants may transfer the Shares by instructing DTC in accordance with the rules of DTC. Transfers of Shares will be made in accordance with standard securities industry practice.

DTC may decide to discontinue providing its service with respect to Baskets and/or the Shares by giving notice to the Transfer Agent and the Sponsor. Under such circumstances, the Sponsor will find a replacement for DTC to perform its functions at a comparable cost or, if a replacement is unavailable, the Sponsor will act to terminate the Trust.

The rights of the Shareholders generally must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of DTC. Because the Shares can only be held in book-entry form through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other financial intermediary through which they hold the Shares to receive the benefits and exercise the rights described in this section. Investors should consult with their broker or financial institution to find out about procedures and requirements for securities held in book-entry form through DTC.

**PROVISIONS OF LAW**

According to applicable law, indemnification of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission or conduct that gave rise to the claim for indemnification was in the best interest of the Trust and the act, omission or activity that was the basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence or misconduct by the Sponsor, and such indemnification or agreement to hold harmless is recoverable only out of the assets of the Trust.

**Provisions of Federal and State Securities Laws**

This offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met.

These conditions require that no indemnification of the Sponsor or any underwriter for the Trust may be made in respect of any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities administrator of the state or states in which the plaintiffs claim they were offered or sold interests.

**Provisions of the Securities Act**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the Sponsor or directors, officers, or persons controlling the Trust, the Trust has been informed that the SEC believes that such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**MANAGEMENT; VOTING BY SHAREHOLDERS**

The Shareholders of the Trust take no part in the management or control of, and have no voice in, the Trust's operations or business. However, certain actions, such as amendments or modifications that appoint a new sponsor (upon the withdrawal, removal or the adjudication or admission of bankruptcy or insolvency of the Sponsor) require the consent of Shareholders owning a majority (over 50%) of the outstanding Shares of the Trust (not including Shares held by the Sponsor or its Affiliates).

The Sponsor generally has the right to amend the Trust Agreement as it applies to the Trust, provided that the Shareholders have the right to vote only if expressly required under Delaware or federal law or rules or regulations of Nasdaq, or if submitted to the Shareholders by the Sponsor at its sole discretion. No amendment affecting the Trustee will be binding upon or effective against the Trustee unless consented to by the Trustee in the form of an instruction letter.

**BOOKS AND RECORDS**

The Trust keeps its books of record and account at the office of the Sponsor located at 437 Madison Avenue, 28<sup>th</sup> Floor, New York, NY 10022, or at the offices of the Administrator, or such office, including that of an administrative agent, as it may subsequently designate upon notice. The books and records are open to inspection by any person who establishes to the Trust's satisfaction that such person is a Shareholder upon reasonable advance notice at all reasonable times during usual business hours of the Trust.

The Trust keeps a copy of the Trust Agreement on file in the Sponsor's office, which will be available for inspection by any Shareholder at all times during the Sponsor's usual business hours upon reasonable advance notice.

**GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION**

**STATEMENTS, FILINGS AND REPORTS**

**Statements, Filings and Reports**

After the end of each fiscal year, the Sponsor will cause to be prepared an annual report containing audited financial statements prepared in accordance with U.S. GAAP for the Trust. The annual report will be in such form and contain such information as will be required by applicable laws, rules and regulations and may contain such additional information which the Sponsor determines shall be included. The annual report shall be filed with the SEC and Nasdaq and shall be distributed to such persons and in such manner as shall be required by applicable laws, rules and regulations.

The Sponsor is responsible for the registration and qualification of the Shares under federal securities laws and any other securities and blue sky laws of the United States or any other jurisdiction as the Sponsor may select. The Sponsor will also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act.

The accounts of the Trust will be audited, as required by law and as may be directed by the Sponsor, by independent registered public accountants designated by the Sponsor. The accountants' report will be furnished by the Sponsor to Shareholders upon request.

The Sponsor will make elections, file tax returns and prepare, disseminate and file tax reports as advised by its counsel or accountants and/or as required by any applicable statute, rule or regulation.

**Fiscal Year**

The fiscal year of the Trust is the period ending December 31 of each year. The Sponsor may select an alternate fiscal year.

**DESCRIPTION OF THE TRUST AGREEMENT**

The following is a description of the material terms of the Trust Agreement. The Trust Agreement establishes the roles, rights and duties of the Sponsor and the Trustee.

**The Sponsor**

***Liability of the Sponsor and Indemnification***

The Sponsor and its affiliates (each a "Covered Person") will not be liable to the Trust or any Shareholder for any action taken or for refraining from taking any action in good faith, having determined that such course of conduct was in the best interests of the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own fraud, willful misconduct, bad faith or gross negligence in the performance of its duties.

Each Covered Person will be indemnified by the Trust and held harmless against any loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered Person's activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the Trust (including, without limiting the scope of the foregoing, any Authorized Participant Agreement) or any actions taken in accordance with the provisions of the Trust Agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred by such indemnified party in defending itself against any claim or liability in its capacity as Sponsor. Any amounts payable to an indemnified party may be payable in advance or shall be secured by a lien on the Trust. The Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the interests of the Shareholders and, in such event, the legal expenses and costs of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust.

***Fiduciary and Regulatory Duties of the Sponsor***

The Sponsor is not effectively subject to the duties and restrictions imposed on "fiduciaries" under both statutory and common law. Rather, the general fiduciary duties that would apply to the Sponsor are defined and limited in scope by the Trust Agreement.

The Trust Agreement provides that in addition to any other requirements of applicable law, no Shareholder shall have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not affiliates of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding.

Beneficial owners may have the right, subject to certain legal requirements, to bring class actions in federal court to enforce their rights under federal securities laws and the rules and regulations promulgated thereunder by the SEC. Beneficial owners who have suffered losses in connection with the purchase or sale of their beneficial interests may be able to recover such losses from the Sponsor where the losses result from a violation by the Sponsor of the anti-fraud provisions of the federal securities laws.

***Actions Taken to Protect the Trust***

The Sponsor may, in its own discretion, prosecute, defend, settle or compromise actions or claims at law or in equity that it considers necessary or proper to protect the Trust or the interests of the Shareholders. The expenses incurred by the Sponsor in connection therewith (including the fees and disbursements of legal counsel) will be expenses of the Trust and are deemed to be Additional Trust Expenses. The Sponsor will be entitled to be reimbursed for the Additional Trust Expenses.

***Successor Sponsors***

If the Sponsor is adjudged bankrupt or insolvent, the Trustee may terminate and liquidate the Trust and distribute its remaining assets. Neither the Trustee nor the Administrator has any obligation to appoint a successor sponsor or to assume the duties of the Sponsor and will have no liability to any person because the Trust is or is not terminated as described in the preceding sentence.

**The Trustee**

The Trustee is a fiduciary under the Trust Agreement and must satisfy the requirements of Section 3807 of the Delaware Trust Statute. However, the fiduciary duties, responsibilities and liabilities of the Trustee are limited by, and are only those specifically set forth in, the Trust Agreement.

***Limitation on Trustee's Liability***

Under the Trust Agreement, the Sponsor has exclusive control of the management of all aspects of the activities of the Trust and the Trustee has only nominal duties and liabilities to the Trust. The Trustee is appointed to serve as the trustee for the sole purpose of satisfying Section 3807(a) of the DSTA, which requires that the Trust have at least one trustee with a principal place of business in the State of Delaware. The duties of the Trustee are limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware Secretary of State which the Trustee is required to execute under the DSTA.

To the extent the Trustee has duties (including fiduciary duties) and liabilities to the Trust or the Shareholders under the DSTA, such duties and liabilities will be replaced by the duties and liabilities of the Trustee expressly set forth in the Trust Agreement. The Trustee will have no obligation to supervise, nor will it be liable for, the acts or omissions of the Sponsor, Transfer Agent, Administrator, Custodian or any other person. Neither the Trustee, either in its capacity as trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the issuer, director, officer or controlling person of the issuer of Shares. The Trustee's liability is limited solely to the express obligations of the Trustee as set forth in the Trust Agreement.

Under the Trust Agreement, the Sponsor has the exclusive management, authority and control of all aspects of the activities of the Trust. The Trustee has no duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability for the acts or omissions of the Sponsor. The existence of a trustee should not be taken as an indication of any additional level of management or supervision over the Trust. The Trust Agreement provides that the management authority with respect to the Trust is vested directly in the Sponsor. The Trust Agreement provides that the Trustee is not responsible or liable for the genuineness, enforceability, collectability, value, sufficiency, location or existence of any of the XRP or other assets of the Trust.

***Possible Repayment of Distributions Received by Shareholders; Indemnification by Shareholders***

The Shares are limited liability investments. Investors may not lose more than the amount that they invest plus any profits recognized on their investment. Although it is unlikely, the Sponsor may, from time to time, make distributions to the Shareholders. However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Trust any distribution they received at a time when the Trust was in fact insolvent or in violation of the Trust Agreement. In addition, the Trust Agreement provides that Shareholders will indemnify the Trust for any harm suffered by it as a result of Shareholders' actions unrelated to the activities of the Trust.

The foregoing repayment of distributions and indemnity provisions (other than the provision for Shareholders indemnifying the Trust for taxes imposed upon it by a state, local or foreign taxing authority, which is included only as a formality due to the fact that many states do not have statutory trust statutes and therefore the tax status of the Trust in such states might, theoretically, be challenged) are commonplace in statutory trusts and limited partnerships.

***Indemnification of the Trustee***

The Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable fees and expenses of counsel and expenses incurred in connection with enforcement of the Trustee's indemnification rights under the Trust Agreement), tax or penalty of any kind and nature whatsoever arising out of, imposed upon or asserted at any time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor the Sponsor shall be required to indemnify any such indemnified person for any such expenses that are a result of the willful misconduct, bad faith or gross negligence of such indemnified person. If the Trust shall have insufficient assets or improperly refuses to pay such an indemnified person within 60 days of a request for payment owed under the Trust Agreement, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless such an indemnified person as if it were the primary obligor under the Trust Agreement. Any amount payable to such an indemnified person under the Trust Agreement may be payable in advance and shall be secured by a lien on the Trust property. The obligations of the Sponsor and the Trust to indemnify such indemnified persons under the Trust Agreement shall survive the termination of the Trust Agreement.

***Holding of Trust Property***

The Trust will hold and record the ownership of the Trust's assets in a manner such that it will be owned for the benefit of the Shareholders for the purposes of, and subject to and limited by the terms and conditions set forth in, the Trust Agreement. Other than issuance of the Shares, the Trust will not create, incur or assume any indebtedness or borrow money from or loan money to any person. The Trustee may not commingle its assets with those of any other person.

The Trustee may employ agents, attorneys, accountants, auditors and nominees and will not be answerable for the conduct or misconduct of any such custodians, agents, attorneys or nominees if such custodians, agents, attorneys and nominees have been selected with reasonable care.

***Resignation, Discharge or Removal of Trustee; Successor Trustees***

The Trustee may resign as Trustee by written notice of its election so to do, delivered to the Sponsor with at least 180 days' notice. The Sponsor may remove the Trustee in its discretion upon 60 days' notice to the Trustee. If the Trustee resigns or is removed, the Sponsor, acting on behalf of the Shareholders, shall appoint a successor trustee. The successor trustee will become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee.

If the Trustee resigns and no successor trustee is appointed within 180 days after the Trustee notifies the Sponsor of its resignation, the Trustee will terminate and liquidate the Trust and distribute its remaining assets.

***Amendments to the Trust Agreement***

The Trust Agreement can be amended by the Sponsor in its sole discretion and without the Shareholders' consent by making an amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement, provided that no such amendment or supplement may be made if it would adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes. Any such restatement, amendment and/or supplement shall be effective on such date as designated by the Sponsor in its sole discretion. However, any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustee shall require the Trustee's prior written consent, which it may grant or withhold in its sole discretion. Any amendment to the Trust Agreement that materially adversely affects the interests of the Shareholders shall not be effective any earlier than 20 days after receipt by the affected Shareholders of a notice provided by the Sponsor with respect to any such amendment.

***Termination of the Trust***

The Trust will dissolve if any of the following events occur:

● A U.S. federal or state regulator requires the Trust to shut down or forces the Trust to liquidate its XRP or seizes, impounds or otherwise restricts access to Trust assets;

● Any ongoing event exists that either prevents the Trust from converting or makes impractical the Trust's reasonable efforts to convert XRP to U.S. Dollars;

● A certificate of dissolution or revocation of the Sponsor's charter is filed (and 90 days have passed after the date of notice to the Sponsor of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Sponsor, or an event of withdrawal unless (i) at the time there is at least one remaining Sponsor or (ii) within 90 days of such event of withdrawal Shareholders holding at least a majority of the Shares (not including Shares held by the Sponsor and its affiliates) agree in writing to continue the Trust and to select, effective as of the date of such event, one or more successor sponsors; or

● Shareholders holding at least 50% of the outstanding Shares, not including affiliated parties of the Sponsor for purposes of calculation of such percentage, notify the Sponsor that they elect to dissolve the Trust, notice of which is sent to the Sponsor not less than 90 business days prior to the effective date of dissolution.

The Sponsor may, in its sole discretion, dissolve the Trust if any of the following events occur:

● The SEC determines that the Trust is an investment company required to be registered under the Investment Company Act of 1940;

● The CFTC determines that the Trust is a commodity pool under the CEA;

● The Trust is determined to be a "money service business" under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder;

● The Trust is required to obtain a license or make a registration under any state law regulating money transmitters, money services businesses, providers of prepaid or stored value or similar entities, or virtual currency businesses;

● The Trust becomes insolvent or bankrupt;

● The Cash Custodian, or the Custodian resign or are removed without replacement;

● All of the Trust's XRP are sold;

● The Sponsor determines that the size of the Trust Estate in relation to the expenses of the Trust makes it unreasonable or imprudent to continue the Trust;

● The Sponsor receives notice from the IRS or from counsel for the Trust or the Sponsor that the Trust fails to qualify for treatment, or will not be treated, as a grantor trust under the Code;

● The Trustee notifies the Sponsor of the Trustee's election to resign and the Sponsor does not appoint a successor trustee within 180 days; or

● The Sponsor determines, in its sole discretion, that it is desirable or advisable for any reason to discontinue the affairs of the Trust.

The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Shareholder (as long as such Shareholder is not the sole Shareholder of the Trust) shall not result in the termination of the Trust, and such Shareholder, its estate, custodian or personal representative shall have no right to withdraw or value such Shareholder's Shares. Each Shareholder (and any assignee thereof) expressly agrees that in the event of its death, it waives on behalf of itself and its estate, and it directs the legal representative of its estate and any person interested therein to waive, the furnishing of any inventory, accounting or appraisal of the assets of the Trust and any right to an audit or examination of the books of the Trust, except for such rights as are set forth in Article VIII of the Trust Agreement relating to the books of account and reports of the Trust.

If the Trust is forced to liquidate, the Trust will be liquidated under the Sponsor's direction. The Sponsor, on behalf of the Trust, will engage directly with either accessible XRP Exchanges or over-the-counter XRP markets to liquidate the Trust's XRP as promptly as possible while obtaining the best fair value possible. The proceeds therefrom will be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust other than liabilities for distributions to Shareholders and (b) to the holders of Shares *pro rata* in accordance with the respective percentage of percentages of Shares that they hold.

***Governing Law; Consent to Delaware Jurisdiction***

**U.S. FEDERAL INCOME TAX CONSEQUENCES**

Subject to the discussion below in "Tax Treatment of the Trust" and "Uncertainty Regarding the U.S. Federal Income Tax Treatment of XRP," the following discussion constitutes the opinion of Chapman and Cutler LLP, special tax counsel to the Trust, regarding the material U.S. federal income tax consequences of the ownership of Shares. This discussion does not describe all of the tax consequences that may be relevant to a beneficial owner of Shares in light of the beneficial owner's particular circumstances, including tax consequences applicable to beneficial owners subject to special rules, such as:

● financial institutions;

● dealers in securities;

● traders in securities or commodities that have elected to apply a mark-to-market method of tax accounting in respect thereof;

● persons holding Shares as part of a hedge, "straddle," integrated transaction or similar transaction;

● persons holding Shares acquired by them as part of a Basket or redeeming Shares in exchange for the underlying XRP represented by the redeemed Shares;

● U.S. Holders (as defined below) whose functional currency is not the U.S. dollar;

● entities or arrangements classified as partnerships for U.S. federal income tax purposes;

● real estate investment trusts;

● regulated investment companies; and

● tax-exempt entities, including individual retirement accounts.

This discussion applies only to Shares that are held as capital assets and does not address alternative minimum tax consequences or consequences of the Medicare contribution tax on net investment income.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds Shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding Shares and partners in those partnerships are urged to consult their tax advisers about the particular U.S. federal income tax consequences of owning Shares.

This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date hereof, changes to any of which subsequent to the date hereof may affect the tax consequences described herein. Prospective investors are urged to consult their tax advisers about the application of the U.S. federal income tax laws to their particular situations, as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

**Tax Treatment of the Trust**

The Sponsor intends to take the position that the Trust will be treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, a *pro rata* portion of the Trust's income, gain, losses and deductions will "flow through" to each beneficial owner of Shares.

If the IRS were successful in asserting that the Trust is not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes, although due to the uncertain treatment of XRP for U.S. federal income tax purposes (discussed below), there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to Shareholders would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at a maximum rate of 21%) on its net taxable income and certain distributions made by the Trust to Shareholders would be taxable as dividends to the extent of the Trust's current and accumulated earnings and profits (which, in the case of Non-U.S. Holders (as defined below), generally would be subject to U.S. federal withholding tax at a 30% rate (or a lower rate provided by an applicable income tax treaty)).

The remainder of this discussion is based on the assumption that the Trust will be treated as a grantor trust for U.S. federal income tax purposes.

**Uncertainty Regarding the U.S. Federal Income Tax Treatment of XRP**

As discussed below, each beneficial owner of Shares generally will be treated for U.S. federal income tax purposes as the owner of an undivided interest in the XRP held in the Trust. Many significant aspects of the U.S. federal income tax treatment of XRP are uncertain, and the Sponsor does not intend to request a ruling from the IRS on these issues. On March 25, 2014, the IRS released a notice (the "Notice"), which discusses certain aspects of the treatment of virtual currencies, such as XRP, for U.S. federal income tax purposes. In the Notice, the IRS stated that, for U.S. federal income tax purposes, (i) XRP are "property" that is not currency and (ii) XRP may be held as capital assets. There can be no assurance, however, that the IRS will not alter its position with respect to XRP in the future or that a court would uphold the treatment set forth in the Notice. In addition, legislation has been introduced that would, if enacted, cause XRP to be treated as currency for U.S. federal income tax purposes. If XRP were properly treated as currency for U.S. federal income tax purposes, gain recognized on the disposition of XRP would constitute ordinary income, and losses recognized on the disposition of XRP could be subject to special reporting requirements applicable to "reportable transactions." The remainder of this discussion assumes that XRP are properly treated for U.S. federal income tax purposes as property that is not currency. Special tax counsel to the Trust expresses no opinion regarding these aspects of the U.S. federal income tax treatment of XRP.

The Notice does not address other significant aspects of the U.S. federal income tax treatment of XRP, including: (i) whether XRP are properly treated as "commodities" for U.S. federal income tax purposes; (ii) whether XRP are properly treated as "collectibles" for U.S. federal income tax purposes; (iii) the proper method of determining a holder's holding period and tax basis for XRP acquired at different times or at varying prices; and (iv) whether and how a holder of XRP acquired at different times or at varying prices may designate, for U.S. federal income tax purposes, which of the XRP are transferred in a subsequent sale, exchange or other disposition. In 2019, the IRS issued a FAQ that addressed some but not all of these issues, but the IRS has not confirmed the answers provided in the FAQ in a manner upon which taxpayers may rely.

Prospective investors are urged to consult their tax advisers regarding the substantial uncertainty regarding the tax consequences of an investment in XRP.

**Tax Consequences to U.S. Holders**

As used herein, the term "U.S. Holder" means a beneficial owner of a Share for U.S. federal income tax purposes that is:

● an individual who is a citizen or resident of the United States for U.S. federal income tax purposes;

● a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or of any political subdivision thereof; or

● an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

For U.S. federal income tax purposes, each U.S. Holder will be treated as the owner of an undivided interest in the XRP held in the Trust and will be treated as directly realizing its *pro rata* share of the Trust's income, gains, losses and deductions. When a U.S. Holder purchases Shares for cash, the U.S. Holder's initial tax basis in its *pro rata* share of the XRP held in the Trust will be equal to the amount paid for the Shares. **This discussion assumes that each U.S. Holder will acquire all of its Shares for cash on the same date and at the same price per Share. U.S. Holders that acquire, or contemplate acquiring, multiple lots of Shares at different times or prices are urged to consult their tax advisers regarding their tax bases and holding periods in their *pro rata* shares of the XRP held in the Trust.**

When the Trust transfers XRP to the Sponsor as payment of the Sponsor's Fee, or sells XRP to fund payment of any Additional Trust Expenses or a redemption, each U.S. Holder will be treated as having sold its *pro rata* share of those XRP for their fair market value at that time (which, in the case of XRP sold by the Trust, generally will be equal to the cash proceeds received by the Trust in respect thereof). As a result, each U.S. Holder will recognize gain or loss in an amount equal to the difference between (i) the fair market value of the U.S. Holder's *pro rata* share of the XRP that were transferred and (ii) the U.S. Holder's tax basis for its *pro rata* share of the XRP that were transferred, subject to some specialized allocation rules for widely held fixed investment trusts ("WHFITs"). For some purposes, the WHFIT rules generally allocate Trust items based on distributions. For some purposes, redemptions are treated as distributions and may result in gain recognized by the Trust to generate proceeds for the redemption being disproportionately allocated to the Shareholder making the redemption. The application of the WHFIT rules to a trust holding XRP is uncertain. Assuming that XRP are not treated as currency for U.S. federal income tax purposes, any such gain or loss will generally be short-term capital gain or loss if the U.S. Holder has held its Shares for one year or less and long-term capital gain or loss if the U.S. Holder has held its Shares for more than one year. The deductibility of capital losses may be subject to significant limitations. The Shareholder's tax basis and holding period for the Shareholder's *pro rata* share of the XRP held in the Trust will be based on the amount and cash contributed and the time the Trust purchased the XRP with the cash. In the case of a Shareholder that acquires Shares as part of the creation of a Basket in kind, the delivery of XRP to the Trust in exchange for a pro rata share of the underlying XRP represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder's tax basis and holding period for the Shareholder's pro rata share of the XRP held in the Trust will be the same as its tax basis and holding period for the XRP delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder's Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying XRP related to such Shares. A U.S. Holder's tax basis in its *pro rata* share of any XRP transferred by the Trust generally will be determined by multiplying the tax basis of the U.S. Holder's *pro rata* share of all of the XRP held in the Trust immediately prior to the transfer by a fraction the numerator of which is the amount of XRP transferred and the denominator of which is the total amount of XRP held in the Trust immediately prior to the transfer. Immediately after the transfer, the U.S. Holder's tax basis in its *pro rata* share of the XRP remaining in the Trust will be equal to the tax basis in its *pro rata* share of the XRP held in the Trust immediately prior to the transfer, less the portion of that tax basis allocable to its *pro rata* share of the XRP transferred.

U.S. Holders may deduct their respective *pro rata* shares of the expenses incurred by the Trust to the same extent as if the expenses were directly incurred by the U.S. Holders. U.S. Holders' *pro rata* shares of the expenses incurred by the Trust will be treated as "miscellaneous itemized deductions" for U.S. federal income tax purposes. If a U.S. Holder is an individual, trust or estate, the U.S. Holder's share of these expenses will be deductible for regular U.S. federal income tax purposes only to the extent that the U.S. Holder's share of the expenses, when combined with other "miscellaneous itemized deductions," exceeds 2% of the U.S. Holder's adjusted gross income for the particular year, will not be deductible for U.S. federal alternative minimum tax purposes and will be subject to certain other limitations on deductibility.

On a sale or other disposition of Shares, a U.S. Holder will be treated as having sold the XRP underlying such Shares. Accordingly, the Shareholder generally will recognize gain or loss in an amount equal to the difference between (i) the amount realized on the sale of the Shares and (ii) the portion of the U.S. Holder's tax basis in its *pro rata* share of the XRP held in the Trust that is attributable to the Shares disposed of. The Shareholder's tax basis and holding period for the Shareholder's *pro rata* share of the XRP held in the Trust will be based on the amount and cash contributed and the time the Trust purchased the XRP with the cash. Such tax basis generally will be determined by multiplying the tax basis of the U.S. Holder's *pro rata* share of all of the XRP held by the Trust immediately prior to such sale or other disposition by a fraction the numerator of which is the number of Shares disposed of and the denominator of which is the total number of Shares held by such U.S. Holder immediately prior to such sale or other disposition. Assuming that XRP are not treated as currency for U.S. federal income tax purposes, that gain or loss will generally be short-term capital gain or loss if the U.S. Holder has held its Shares for one year or less and long-term capital gain or loss if the U.S. Holder has held its Shares for more than one year.

If permitted, Authorized Participants may request an in-kind distribution of Trust assets when an Authorized Participant redeems its Shares at any time prior to 30 business days before the Trust's termination date. An Authorized Participant will not recognize gain or loss if the Authorized Participant only receives whole Trust assets in exchange for the identical amount of the Authorized Participant's pro rata portion of the same Trust assets held by the Trust. However, if the Authorized Participant is acting on its own behalf and also receives cash in exchange for a Trust asset or a fractional portion of a Trust asset, the Authorized Participant will generally recognize gain or loss based on the difference between the amount of cash received and the Authorized Participant's tax basis in such Trust asset or fractional portion.

A redemption of some or all of a U.S. Holder's Shares in exchange for the underlying XRP represented by the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder's tax basis and holding period for the XRP received in the redemption generally will be the same as the Shareholder's tax basis and holding period for the pro rata share of the XRP held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. A Shareholder's tax basis for XRP received in a redemption generally will be the same as the Shareholder's tax basis for the portion of the Shareholder's pro rata share of the XRP held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder's holding period for the XRP received generally will include the period during which the Shareholder held the Shares being redeemed. A subsequent sale of the XRP received the Shareholder generally will be a taxable event.

After any sale (or other disposition) of fewer than all of a U.S. Holder's Shares, the U.S. Holder's tax basis in its *pro rata* share of the XRP held in the Trust immediately after the sale (or other disposition) generally will equal the tax basis in its *pro rata* share of the total amount of the XRP held in the Trust immediately prior to the sale, less the portion of that tax basis that is taken into account in determining the amount of gain or loss recognized by the U.S. Holder upon the sale (or other disposition) (or, in the case of a redemption, which is treated as the basis of the XRP received by the Shareholder in the redemption).

Any brokerage or other transaction fee incurred by a U.S. Holder in purchasing Shares will be added to the U.S. Holder's tax basis in the underlying assets of the Trust. Similarly, any brokerage fee or other transaction fee incurred by a U.S. Holder in selling Shares will reduce the amount realized by the U.S. Holder with respect to the sale.

**Tax Consequences to Non-U.S. Holders**

As used herein, the term "non-U.S. Holder" means a beneficial owner of a Share for U.S. federal income tax purposes that is, for such purposes:

● a nonresident alien individual;

● a foreign corporation; or

● a foreign estate or trust.

The term "non-U.S. Holder" does not include (i) nonresident alien individuals present in the United States for 183 days or more in a taxable year, (ii) former U.S. citizens and certain expatriated entities or (iii) persons whose Shares are effectively connected with the conduct of a trade or business in the United States. Prospective investors described in the preceding sentence should consult their tax advisers regarding the U.S. federal income tax consequences of owning Shares.

The Trust does not expect to generate taxable income other than gain (if any) that will be recognized on the transfer of XRP in payment of the Sponsor's Fee and the sale of XRP in connection with the payment of any Additional Trust Expenses. A non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax with respect to any such gain or with respect to any gain the non-U.S. Holder recognizes upon a sale of Shares. However, if the income from the trust is effectively connected to a U.S. trade or business or, in the case of an individual, the individual is in the United States for more than 180 days, the gains may be subject to U.S. tax.

**U.S. Information Reporting and Backup Withholding**

The Trust or the appropriate broker will file certain information returns with the IRS and provide holders of Shares with information regarding their shares of the Trust's annual income (if any) and expenses in accordance with applicable Treasury regulations.

A U.S. Holder may be subject to backup withholding in certain circumstances if it fails to provide its taxpayer identification number or to comply with certain certification procedures. In order to avoid the information reporting and backup withholding requirements, a non-U.S. Holder may have to comply with certification procedures to establish that it is not a U.S. person. The amount of any backup withholding will be allowed as a credit against the holder's U.S. federal income tax liability and may entitle the holder to a refund, provided that the required information is furnished to the IRS.

**ERISA AND RELATED CONSIDERATIONS**

The Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and/or Code section 4975 impose certain requirements on employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or the Code (collectively, "Plans"), and on persons who are fiduciaries with respect to the investment of assets treated as "plan assets" of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code but may be subject to substantially similar rules under state or other federal law.

In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the "Risk Factors" discussed above and whether such investment is consistent with its fiduciary responsibilities, including, but not limited to (1) whether the fiduciary has the authority to make the investment under the appropriate governing plan instrument, (2) whether the investment would constitute a direct or indirect non-exempt prohibited transaction with a party in interest, (3) the Plan's funding objectives, and (4) whether under the general fiduciary standards of investment prudence and diversification such investment is appropriate for the Plan, taking into account the overall investment policy of the Plan, the composition of the Plan's investment portfolio and the Plan's need for sufficient liquidity to pay benefits when due.

It is anticipated that the Shares will constitute "publicly-held offered securities" as defined in the Department of Labor Regulations § 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan's interest in the underlying XRP held in the Trust represented by the Shares, should be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" and "prohibited transaction" rules of ERISA and the Code.

**Investment by Certain Retirement Plans**

Individual retirement accounts (IRAs) and participant-directed accounts under tax-qualified retirement plans are limited in the types of investments they may make under the Code. Potential purchasers of Shares that are IRAs or participant-directed accounts under a Code section 401(a) plan should consult with their own tax advisers as to the consequences of a purchase of Shares.

**SEED CAPITAL INVESTOR**

[On ____, 202_, ____ (the "Seed Capital Investor"), an affiliate of the Sponsor, purchased ____ (__) Share at a per-Share price of $___ (the "Seed Share"). Delivery of the Seed Share was made on ____, 202_. Total proceeds to the Trust from the sale of the Seed Share were $___. On ____, 202_, the Seed Share was redeemed for cash and the Seed Capital Investor purchased ____ Shares at a per-Share price of $____ (the "Seed Baskets"). Total proceeds to the Trust from the sale of the Seed Baskets were $____. On ____, 202_, the Trust purchased ____ XRP with the proceeds of the Seed Baskets. As of the date of the Prospectus, these ____Shares represent all of the outstanding Shares. The Seed Capital Investor will act as a statutory underwriter in connection with the Seed Baskets. See "Plan of Distribution" for additional information. The Seed Capital Investor may offer all of the Shares comprising the Seed Share and the Seed Baskets to the public pursuant to this Prospectus.

The Seed Capital Investor will not receive from the Trust, the Sponsor or any of their affiliates any fee or other compensation in connection with the sale of the Seed Baskets. The Seed Capital Investor will be acting as a statutory underwriter with respect to the Seed Baskets.

The Seed Capital Investor will not act as an Authorized Participant with respect to the Seed Baskets, and its activities with respect to the Seed Baskets will be distinct from those of an Authorized Participant. Unlike most Authorized Participants, the Seed Capital Investor is not in the business of purchasing and selling securities for its own account or the accounts of others. The Seed Capital Investor will not act as an Authorized Participant to purchase (or redeem) Baskets in the future.]

**PLAN OF DISTRIBUTION**

In addition to, and independent of the initial purchase by the Seed Capital Investor (described above), the Trust issues Shares in Baskets only to Authorized Participants in exchange for deposits of cash on a continuous basis. Authorized Participants will not directly or indirectly purchase, hold, deliver, or receive XRP as part of the creation or redemption process or otherwise direct the Trust or a third party with respect to purchasing, holding, delivering, or receiving XRP as part of the creation or redemption process. The Trust does not issue fractions of a Basket. Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a "distribution," as such term is used in the Securities Act, will be occurring. The Seed Capital Investor will be deemed a statutory underwriter with respect to the Seed Shares. Authorized Participants, other broker-dealers, and other persons are cautioned that some of their activities will result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act. For example, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Basket from the Trust, breaks the Basket down into its constituent Shares and sells the Shares directly to its customers, or if it chooses to couple the creation of a new Basket with an active selling effort involving solicitation of secondary-market demand for the Shares. A determination of whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to designation as an underwriter and subject them to the prospectus delivery and liability provisions of the Securities Act.

Investors that purchase shares through a brokerage account (whether commission-based or fee-based) may pay commissions or fees charged by the brokerage account.

Dealers that are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act.

The Sponsor intends to qualify the Shares in states selected by the Sponsor and that sales be made through broker-dealers who are members of FINRA. Investors intending to create or redeem Baskets through Authorized Participants in transactions not involving a broker-dealer registered in such investor's state of domicile or residence should consult their legal adviser regarding applicable broker-dealer or securities regulatory requirements under the state securities laws prior to such creation or redemption.

The offering of Baskets is being made in compliance with Conduct Rule 2310 of FINRA. Authorized Participants will not receive from the Trust or the Sponsor any compensation in connection with an offering or reoffering of the Shares. Accordingly, there is, and will be, no payment of underwriting compensation in connection with any such offering of Shares in excess of 10% of the gross proceeds of the offering.

Pursuant to a Marketing Agent Agreement (the "Marketing Agent Agreement") entered into between the Sponsor and Paralel Distributors LLC (the "Marketing Agent"), the Marketing Agent will be paid an annual fee by the Sponsor. In addition, the Sponsor will pay certain out-of-pocket fees and expenses of the Marketing Agent incurred in connection with its assistance in the marketing of the Trust and its Shares.

Under the Marketing Agent Agreement, the Marketing Agent will provide the following services to the Sponsor:

● at the request of the Trust, the Marketing Agent shall assist the Trust with facilitating Authorized Participant Agreements between and among Authorized Participants, the Trust, and the Transfer Agent, for the creation and redemption of Baskets of the Trust;

● maintain copies of confirmations of Basket creation and redemption order acceptances and produce such copies upon reasonable request from the Trust or Sponsor;

● make available copies of the prospectus to Authorized Participants who have purchased Baskets in accordance with the Authorized Participant Agreements;

● maintain telephonic, electronic mail and/or access to direct computer communications links with the Transfer Agent;

● review and approve, prior to use, all Trust marketing materials;

● ensure that all direct requests by Authorized Participants for prospectuses are fulfilled;

● work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent; and

● register and oversee supervisory activities of a certain number of FINRA-licensed registered representatives.

The Marketing Agent will not be liable for, and the Trust shall indemnify, defend and hold the Marketing Agent, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Marketing Agent within the meaning of Section 15 of the Securities Act (collectively, the "Marketing Agent Indemnitees"), free and harmless from and against, any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) that any Marketing Agent Indemnitee may incur arising out of or relating to (i) the Marketing Agent's provision of services under the Marketing Agent Agreement; (ii) the Trust's breach of any of its obligations, representations, warranties or covenants contained in the Marketing Agent Agreement; (iii) the Trust's failure to comply in all material respects with any applicable laws, rules or regulations; (iv) any claim that the prospectus, registration statement, marketing literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) includes or included an untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; provided, however, that the Trust's obligation to indemnify any of the Marketing Agent Indemnitees shall not be deemed to cover any such losses, as determined by a court of competent jurisdiction in a final decision on the merits, arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the prospectus or any such advertising materials or marketing literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by the Marketing Agent to the Trust, in writing, for use in such prospectus or any such advertising materials or marketing literature. In no event shall anything contained herein be so construed as to protect the Marketing Agent against any liability to the Trust for which the Marketing Agent would otherwise be subject by reason of willful misfeasance, bad faith, reckless disregard or gross negligence in the performance of its duties under the Marketing Agent Agreement.

Unless sooner terminated as provided herein, the Marketing Agent Agreement shall continue in effect for two years from its effective date. Thereafter, if not terminated, the Marketing Agent Agreement shall continue automatically in effect for successive one-year periods. Notwithstanding the foregoing, the Marketing Agent Agreement may be terminated by any party at any time upon written notice to the other parties if (a) the Trust is terminated, (b) any other party becomes insolvent or bankrupt or files a voluntary petition, or is subject to an involuntary petition, in bankruptcy or attempts to or makes an assignment for the benefit of its creditors or consents to the appointment of a trustee or receiver or (c) any other party willfully and materially breaches its obligations under the Marketing Agent Agreement and such breach has not been cured to the reasonable satisfaction of the non-breaching party prior to the expiration of sixty (60) days after written notice by the non-breaching party to the breach party of such breach.

The Shares will be listed and traded on Nasdaq under the symbol "XRPL."

**Selling Shareholders**

The Sponsor or its affiliates, or a fund or unit investment trust for which the Sponsor or an affiliate of the Sponsor serves as sponsor or investment advisor, may purchase Shares of the Trust through a broker-dealer or other investors, including in secondary market transactions, and because the Sponsor and its affiliates may be deemed affiliates of the Trust, the Shares are being registered to permit the resale of these Shares by affiliates of the Trust from time to time after any such purchase. The Trust will not receive any of the proceeds from the resale of such Shares.

Selling shareholders (each, a "Selling Shareholder"), including the Seed Capital Investor, may sell Shares owned by them directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the Shares may be listed or quoted at the time of sale, through trading systems, in the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. Selling Shareholders may redeem Shares held in Basket size through an Authorized Participant. See "Conflicts of Interest."

**LEGAL MATTERS**

The validity of the Shares will be passed upon for the Sponsor by Chapman and Cutler LLP. Chapman and Cutler LLP, as special tax counsel to the Trust, will also render an opinion regarding the material U.S. federal income tax consequences of the ownership of Shares. Chapman and Cutler LLP will render an opinion regarding the Trust's status under Delaware law.

**EXPERTS**

The financial statements of the CoinShares XRP ETF included herein are in reliance on the report of [_____], an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**SUMMARY OF PROMOTIONAL AND SALES MATERIAL**

The Trust expects to use the following sales material it has prepared:

● the Trust's website, https://coinshares.com/us/etf/xrpl/

The materials described above are not a part of this prospectus or the registration statement of which this prospectus is a part.

**PRIVACY POLICY**

The Trust and the Sponsor may collect or have access to certain nonpublic personal information about current and former Shareholders. Nonpublic personal information may include information received from Shareholders, such as a Shareholder's name, social security number and address, as well as information received from brokerage firms about Shareholder holdings and transactions in Shares of the Trust.

The Trust and the Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. In general, the Trust and the Sponsor restrict access to the nonpublic personal information they collect about Shareholders to those of their and their affiliates' employees and service providers who need access to such information to provide products and services to Shareholders.

The Trust and the Sponsor maintain safeguards that comply with federal law to protect Shareholders' nonpublic personal information. These safeguards are reasonably designed to (1) ensure the security and confidentiality of Shareholders' records and information, (2) protect against any anticipated threats or hazards to the security or integrity of Shareholders' records and information, and (3) protect against unauthorized access to or use of Shareholders' records or information that could result in substantial harm or inconvenience to any Shareholder.

Third-party service providers with whom the Trust and the Sponsor share nonpublic personal information about Shareholders must agree to follow appropriate standards of security and confidentiality, which include safeguarding such nonpublic personal information physically, electronically and procedurally.

A copy of the Sponsor's current Privacy Policy, which is applicable to the Trust, is provided to Shareholders annually and is also available at https://coinshares.com/privacy-policy.

**WHERE YOU CAN FIND MORE INFORMATION**

The Trust has filed a registration statement on Form S-1 with the SEC under the Securities Act. This prospectus does not contain all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or the Shares, please refer to the registration statement, which is available online at www.sec.gov.

Information about the Trust and the Shares can also be obtained from the Trust's website, which is https://coinshares.com/us/etf/xrpl/. The Trust's website address is only provided here as a convenience to you and the information contained on or connected to the website is not part of this prospectus or the registration statement of which this prospectus is part. The Sponsor will make available, free of charge, on the Trust's website the Trust's Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (including any amendments thereto), proxy statements and other information filed with, or furnished to, the SEC, as soon as reasonably practicable after such documents are so filed or furnished.

The Trust is subject to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under the Exchange Act. These filings will contain certain important information that does not appear in this Prospectus. The reports and other information are available online at www.sec.gov.

You may also obtain information about the Trust by visiting its website at https://coinshares.com/us/etf/xrpl/. Information contained in the Trust's website is not part of this Prospectus.

![](coinsharess1a001.jpg)

**PROSPECTUS**

**CoinShares XRP ETF**

Shares of CoinShares XRP ETF

**The date of this prospectus is [ ], 202_**

Until _______, 2025 (25 calendar days after the date of this Prospectus) all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a Prospectus. This is in addition to the dealers' obligation to deliver a Prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**PART II—INFORMATION NOT REQUIRED IN PROSPECTUS**

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|:---|:---|
| **Item** **13.** | **Other Expenses of Issuance and Distribution.** |

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The Trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by CoinShares Co., the Sponsor of the Trust. Except for the Securities and Exchange Commission Registration Fee and Exchange Listing Fee, all such expenses are estimated:

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|:---|:---|
| SEC registration fee (actual) | $0\* |
| Listing fee (actual) | $_____ |
| Auditor's fees and expenses | $_____ |
| Legal fees and expenses | $_____ |
| Printing expenses | $_____ |
| Miscellaneous expenses | $_____ |
| Total | $_____ |

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\* An indeterminate number of the securities is being registered as may from time to time be sold at indeterminate prices. In accordance with Rules 456(d) and 457(u), the Trust is deferring payment of all of the additional registration fee and will pay the additional registration fee subsequently on an annual basis.

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| | |
|:---|:---|
| **Item** **14.** | **Indemnification of Directors and Officers.** |

---

The Trust Agreement will provide that the Trust shall indemnify, defend and hold harmless the Trustee (including in its individual capacity) and any of the officers, directors, employees and agents of the Trustee (the "Indemnified Persons") from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and fees and expenses incurred in connection with enforcement of its indemnification rights under the Trust Agreement), taxes and penalties of any kind and nature whatsoever (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons with respect to the performance of the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated thereby; *provided*, *however*, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor under the Trust Agreement; *provided*, *however*, that the Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. To the fullest extent permitted by law and by the requirement for treatment of the Trust as a grantor trust for tax purposes, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Sponsor prior to the final disposition of any matter upon receipt by the Sponsor of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be determined that the Indemnified Person is not entitled to be indemnified under this Trust Agreement.

**Item 15.** **Recent Sales of Unregistered Securities.**

None.

**Item 16.** **Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description** |
| 3.1 | [Trust Agreement\*\*](ex3-1.htm) |
| 3.2 | [Certificate of Trust\*\*](ex3-2.htm) |
| 5.1 | [Opinion of Chapman and Cutler LLP as to legality\*\*](ex5-1.htm) |
| 8.1 | [Opinion of Chapman and Cutler LLP as to tax matters\*\*](ex8-1.htm) |
| 10.1 | [Custodial Services Agreement\*\*](ex10-1.htm) |
| 10.2 | [Trust Administration Agreement\*\*](ex10-2.htm) |
| 10.3 | [Transfer Agency and Service Agreement\*\*](ex10-3.htm) |
| 10.4 | [Form of Authorized Participant Agreement\*\*](ex10-4.htm) |
| 10.5 | [Trust Accounting Agreement\*\*](ex10-5.htm) |
| 10.6 | [Cash Custody Agreement\*\*](ex10-6.htm) |
| 10.7 | [Marketing Agent Agreement\*\*](ex10-7.htm) |
| 10.8 | [Index License Agreement\*\*](ex10-8.htm) |
| 10.9 | [Sponsor Agreement\*\*](ex10-9.htm) |
| 23.1 | Consent of Independent Registered Public Accounting Firm\* |
| 23.2 | Consent of Chapman and Cutler LLP is included in Exhibit 5.1 and 8.1\*\* |
| [107](ex107.htm) | [Filing Fee Table\*\*](ex107.htm)  |

---

\* To be filed by amendment. <br> \*\* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Not applicable.

**Item 17.** **Undertakings.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment
 to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 reflect in the prospectus any facts or events arising after the effective date of the
 registration statement (or the most recent post-effective amendment thereof) which, individually
 or in the aggregate, represent a fundamental change in the information set forth in the
 registration statement. Notwithstanding the foregoing, any increase or decrease in volume
 of securities offered (if the total dollar value of securities offered would not exceed
 that which was registered) and any deviation from the low or high end of the estimated
 maximum offering range may be reflected in the form of prospectus filed with the Commission
 pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
 no more than 20% change in the maximum aggregate offering price set forth in the "Calculation
 of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 include any material information with respect to the plan of distribution not previously
 disclosed in the registration statement or any material change to such information in
 the registration statement;

Provided, however, that: (1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act of 1933, each such
 post- effective amendment shall be deemed to be a new registration statement relating
 to the securities offered therein, and the offering of such securities at that time shall
 be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities
 being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That,
 for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
 (i) If the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each
 prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
 of the registration statement as of the date the filed prospectus was deemed part of
 and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each
 prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part
 of a registration statement in reliance on Rule 430B relating to an offering made pursuant
 to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
 by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included
 in the registration statement as of the earlier of the date such form of prospectus is
 first used after effectiveness or the date of the first contract of sale of securities
 in the offering described in the prospectus. As provided in Rule 430B, for liability
 purposes of the issuer and any person that is at that date an underwriter, such date
 shall be deemed to be a new effective date of the registration statement relating to
 the securities in the registration statement to which that prospectus relates, and the
 offering of such securities at that time shall be deemed to be the initial bona fide
 offering thereof. Provided, however, that no statement made in a registration statement
 or prospectus that is part of the registration statement or made in a document incorporated
 or deemed incorporated by reference into the registration statement or prospectus that
 is part of the registration statement will, as to a purchaser with a time of contract
 of sale prior to such effective date, supersede or modify any statement that was made
 in the registration statement or prospectus that was part of the registration statement
 or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b)
 as part of a registration statement relating to an offering, other than registration
 statements relying on Rule 430B or other than prospectuses filed in reliance on Rule
 430A, shall be deemed to be part of and included in the registration statement as of
 the date it is first used after effectiveness. Provided, however, that no statement made
 in a registration statement or prospectus that is part of the registration statement
 or made in a document incorporated or deemed incorporated by reference into the registration
 statement or prospectus that is part of the registration statement will, as to a purchaser
 with a time of contract of sale prior to such first use, supersede or modify any statement
 that was made in the registration statement or prospectus that was part of the registration
 statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That,
 for the purpose of determining liability of the registrant under the Securities Act of
 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf
 of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 other communication that is an offer in the offering made by the undersigned registrant
 to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar
 as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
 to directors, officers and controlling persons of the registrant pursuant to the foregoing
 provisions, or otherwise, the registrant has been advised that in the opinion of the
 Securities and Exchange Commission such indemnification is against public policy as expressed
 in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
 against such liabilities (other than the payment by the registrant of expenses incurred
 or paid by a director, officer or controlling person of the registrant in the successful
 defense of any action, suit or proceeding) is asserted by such director, officer or controlling
 person in connection with the securities being registered, the registrant will, unless
 in the opinion of its counsel the matter has been settled by controlling precedent, submit
 to a court of appropriate jurisdiction the question whether such indemnification by it
 is against public policy as expressed in the Act and will be governed by the final adjudication
 of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, New York, on October 10, 2025.

---

| | |
|:---|:---|
| CoinShares Co. | CoinShares Co. |
| Sponsor of the CoinShares XRP ETF | Sponsor of the CoinShares XRP ETF |
| By: | /s/ Jean-Marie Mognetti |
| Name: | Jean-Marie Mognetti |
| Title: | Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this amendment to the registration statement has been signed by the following persons in the capacities\* and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Capacity**  | **Date**  |
| /s/ Jean-Marie Mognetti <br> Jean-Marie Mognetti <br>| Principal Executive Officer | October 10, 2025 |
| /s/ Charles Butler <br> Charles Butler  | Principal Financial Officer and <br> Principal Accounting Officer  | October 10, 2025 |

---

\* The Registrant is a trust and the persons are signing in their capacities as officers of CoinShares Co., the Sponsor of the Registrant.

## Exhibit 3.1

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 3.1**

**FIRST AMENDED AND RESTATED** 

**TRUST AGREEMENT**

**OF**

**COINSHARES XRP ETF**

**Dated as of October 10, 2025**

**By and Among**

**COINSHARES CO.**

**CSC DELAWARE TRUST COMPANY**

**and**

**THE SHAREHOLDERS** 

**FROM TIME TO TIME HEREUNDER**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I | DEFINITIONS; THE TRUST | 1 |
| SECTION 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Definitions* | 1 |
| SECTION 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Name* | 7 |
| SECTION 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Delaware Trustee; Offices* | 7 |
| SECTION 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Declaration of Trust* | 7 |
| SECTION 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Purposes and Powers* | 8 |
| SECTION 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax Treatment* | 8 |
| SECTION 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Legal Title* | 9 |
| ARTICLE II | THE TRUSTEE | 9 |
| SECTION 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Term; Resignation; Removal* | 9 |
| SECTION 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Powers* | 10 |
| SECTION 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Compensation and Expenses of the Trustee* | 10 |
| SECTION 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Indemnification* | 10 |
| SECTION 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Successor Trustee* | 11 |
| SECTION 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Liability of Trustee* | 12 |
| SECTION 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Reliance; Advice of Counsel* | 14 |
| SECTION 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Payments to the Trustee* | 14 |
| ARTICLE III | SHARES; CREATIONS AND ISSUANCE OF CREATION BASKETS | 15 |
| SECTION 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*General* | 15 |
| SECTION 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Offer of Shares; Procedures for Creation and Issuance of Creation Units to Authorized Participants* | 15 |
| SECTION 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Book-Entry System* | 16 |
| SECTION 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Assets of the Trust* | 17 |
| SECTION 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Liabilities of the Trust* | 17 |
| SECTION 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Distributions* | 17 |
| SECTION 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Voting Rights* | 17 |
| SECTION 3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Equality* | 17 |
| ARTICLE IV | TRANSFERS OF SHARES | 18 |
| SECTION 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*General Prohibition* | 18 |
| SECTION 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Reserved]* | 18 |
| SECTION 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transfer of Shares Generally* | 18 |
| ARTICLE V | REDEMPTIONS | 18 |
| SECTION 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Redemption of Creation Units* | 18 |
| ARTICLE VI | THE SPONSOR | 19 |
| SECTION 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Management of the Trust* | 19 |

---

-i-

---

| | | |
|:---|:---|:---|
| SECTION 6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Authority of Sponsor* | 20.0 |
| SECTION 6.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Obligations of the Sponsor* | 21.0 |
| SECTION 6.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*General Prohibitions* | 23.0 |
| SECTION 6.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Liability of Covered Persons* | 23.0 |
| SECTION 6.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fiduciary Duty* | 24.0 |
| SECTION 6.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Indemnification of the Sponsor* | 25.0 |
| SECTION 6.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Expenses and Limitations Thereon* | 26.0 |
| SECTION 6.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Voluntary Withdrawal of the Sponsor* | 28.0 |
| SECTION 6.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Litigation* | 28.0 |
| SECTION 6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bankruptcy; Merger of the Sponsor* | 28.0 |
| ARTICLE VII | THE SHAREHOLDERS | 29.0 |
| SECTION 7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*No Management or Control; Limited Liability; Exercise of Rights through an Authorized Participant* | 29.0 |
| SECTION 7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Rights and Duties* | 29.0 |
| SECTION 7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Limitation of Liability* | 30.0 |
| SECTION 7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Derivative Actions* | 30.0 |
| SECTION 7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Appointment of Agents* | 31.0 |
| SECTION 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Business of Shareholders* | 31.0 |
| SECTION 7.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Authorization of Prospectus* | 31.0 |
| ARTICLE VIII | BOOKS OF ACCOUNT AND REPORTS | 32.0 |
| SECTION 8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Books of Account* | 32.0 |
| SECTION 8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Annual Updates, Quarterly Updates and Account Statements* | 32.0 |
| SECTION 8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax Information* | 32.0 |
| SECTION 8.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Calculation of XRP Holdings* | 33.0 |
| SECTION 8.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Maintenance of Records* | 33.0 |
| ARTICLE IX | FISCAL YEAR | 33.0 |
| SECTION 9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fiscal Year* | 33.0 |
| ARTICLE X | AMENDMENT OF TRUST AGREEMENT; MEETINGS | 33.0 |
| SECTION 10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Amendments to the Trust Agreement* | 33.0 |
| SECTION 10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Meetings of the Trust* | 34.0 |
| SECTION 10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Action Without a Meeting* | 35.0 |
| ARTICLE XI | TERM | 35.0 |
| SECTION 11.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Term* | 35.0 |
| ARTICLE XII | TERMINATION | 35.0 |
| SECTION 12.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Events Requiring Dissolution of the Trust* | 35.0 |
| SECTION 12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Distributions on Dissolution* | 37.0 |
| SECTION 12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Termination; Certificate of Cancellation* | 37.0 |

---

-ii-

---

| | | |
|:---|:---|:---|
| ARTICLE XIII | MISCELLANEOUS | 38.0 |
| SECTION 13.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Governing Law* | 38.0 |
| SECTION 13.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Provisions In Conflict With Law or Regulations* | 38.0 |
| SECTION 13.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Merger and Consolidation* | 39.0 |
| SECTION 13.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction* | 39.0 |
| SECTION 13.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Notices* | 39.0 |
| SECTION 13.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Counterparts; Electronic Signatures* | 40.0 |
| SECTION 13.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Binding Nature of Trust Agreement* | 40.0 |
| SECTION 13.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*No Legal Title to Trust Estate* | 40.0 |
| SECTION 13.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Creditors* | 40.0 |
| SECTION 13.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Integration* | 41.0 |
| SECTION 13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Goodwill; Use of Name* | 41.0 |
| SECTION 13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Patriot Act Compliance* | 41.0 |
| SECTION 13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Corporate Transparency Act* | 41.0 |

---

EXHIBIT A — Form of Certificate of Trust of CoinShares XRP ETF

-iii-

**COINSHARES XRP ETF** 

**FIRST AMENDED AND RESTATED TRUST AGREEMENT**

This FIRST AMENDED AND RESTATED TRUST AGREEMENT of COINSHARES XRP ETF is made and entered into as of October 10, 2025 ("Trust Agreement"), by and among CoinShares Co., a Delaware corporation ("Sponsor"), CSC Delaware Trust Company, a Delaware corporation, as trustee ("Trustee"), and the Shareholders from time to time hereunder.

**RECITALS**

**WHEREAS,** with the filing of a Certificate of Trust on December 12, 2024, and entry into that certain original trust agreement with the Trustee **(the "Original Trust Agreement")**, the Sponsor established a statutory trust, to be known as the "CoinShares XRP ETF" pursuant to the Delaware Trust Statute;

**WHEREAS,** the Sponsor and the Trustee desire to amend and restate the Original Trust Agreement;

**WHEREAS**, the Sponsor desires to establish the terms on which XRP (as herein defined) may be deposited in the trust and provide for the creation of Shares in Creation Units (as herein defined) representing fractional undivided interests in the net assets of the trust and the execution and delivery of Certificates (as herein defined) evidencing the shares; and

**WHEREAS**, the Sponsor desires to provide for other terms and conditions upon which the trust shall be established and administered, as hereinafter provided.

**NOW, THEREFORE,** in consideration of the premises and of the mutual agreements herein contained, the Sponsor and the Trustee hereby amend and restate the Original Trust Agreement and agree as follows:

**ARTICLE I**

**DEFINITIONS; THE TRUST**

SECTION 1.1 *Definitions*.

As used in this Trust Agreement, the following terms shall have the following meanings unless the context otherwise requires:

"**Administrator**" means any Person from time to time engaged by the Sponsor to assist in the administration of the Shares.

"**Administrator Fee**" means the fee payable to the Administrator for services it provides to the Trust, which the Sponsor shall pay the Administrator as a Sponsor-paid Expense.

"**Affiliate**" means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity.

"**Annual Report**" means (i) the Trust's most recent annual report, if any, prepared and publicly disseminated pursuant to the standards of any Secondary Market on which the Shares are then listed, quoted or traded or (ii) if the Shares are then registered under the Exchange Act, the Trust's most recent annual report prepared and filed in accordance with the rules and regulations of the SEC.

"**Authorized Participant**" means a Person that (i) is a registered broker-dealer or other securities market participant, such as a bank or other financial institution, that is not required to register as a broker-dealer to engage in securities transactions, (ii) is a DTC participant, and (iii) has entered into an Authorized Participant Agreement with the Sponsor and the Trust.

"**Authorized Participant Agreement**" means an agreement among the Distributor, the Transfer Agent and an Authorized Participant, as it may be amended or supplemented from time to time in accordance with its terms.

"**Authorized Participant Designee**" means an entity designated by an Authorized Participant to facilitate creations or redemptions of Shares on behalf of an Authorized Participant.

**"Beneficial Owners"** means owners of beneficial interests in Shares.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which banks are permitted or required to close for business in New York, New York.

"**Cash Creation Order**" has the meaning assigned thereto in <u>Section 3.2(a)(i)</u>.

"**Cash Redemption Order**" has the meaning assigned thereto in <u>Section 5.1(a)(i)</u>.

"**Certificate of Trust**" means the Certificate of Trust of the Trust, including all amendments thereto, in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute.

"**CFTC**" means the Commodity Futures Trading Commission.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Corporate Trust Office**" means the principal office at which at any particular time the corporate trust business of the Trustee is administered, which office at the date hereof is located at 251 Little Falls Drive, Wilmington, DE 19808.

"**Covered Person**" means the Sponsor and its Affiliates and their respective members, managers, directors, officers, employees, agents and controlling persons.

**"Creation Amount"** means, in the case of a Creation Order in XRP, the Creation XRP Amount, or, in the case of a Creation Order for cash, the Creation Cash Amount.

"**Creation Cash Amount**" means, on any Trade Date, the amount of cash as of such Trade Date for each Creation Unit, as determined by dividing (x) the cash value of XRP owned by the Trust at 4:00 p.m., New York time, on such Trade Date, converted using the Pricing Benchmark at such time, after deducting representing accrued but unpaid fees and expenses of the Trust (in the case of any such fee and expense denominated in XRP, converted using the Pricing Benchmark at such time), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one XRP (*i.e.*, carried to the eighth decimal place)) and multiplying such quotient by 5,000.

"**Creation XRP Amount**" means, on any Trade Date, the number of XRP required as of such Trade Date for each Creation Unit, as determined by dividing (x) the number of XRP owned by the Trust at 4:00 p.m., New York time, on such Trade Date, after deducting the number of XRP representing accrued but unpaid fees and expenses of the Trust (in the case of any such fee and expense other than the Sponsor Fee, converted using the Pricing Benchmark at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one XRP (*i.e.*, carried to the eighth decimal place)) and multiplying such quotient by 5,000.

"**Creation Order**" has the meaning assigned thereto in <u>Section 3.2(a)(i)</u>.

"**Creation Settlement Date**" means, with respect to any Creation Order, the Business Day on which such Creation Order settles, as specified in the Authorized Participant Agreement.

"**Creation Unit**" means a basket of 5,000 Shares.

"**CTA**" has the meaning given in Section 13.13 herein.

"**Custodian**" means BitGo Trust Company, Inc. or any other Person or Persons from time to time engaged to provide custodian, security or related services to the Trust pursuant to authority delegated by the Sponsor.

"**Custodian Fee**" means the fee payable to the Custodian for the services it provides to the Trust, which the Sponsor shall pay to the Custodian as a Sponsor-paid Expense.

"**Delaware Trust Statute**" means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time-to-time.

**"Depository"** means The Depository Trust Company, or such other depository of Shares as may be selected by the Sponsor as specified herein.

"**Digital Assets**" means digital representations of value or rights represented by cryptocurrency, cryptographic tokens or other forms of virtual currency or assets.

"**Distributor**" means any Person from time to time engaged to provide marketing and/or distribution services or related services to the Trust pursuant to authority delegated by the Sponsor.

"**Distributor Fee**" means the fee payable to the Distributor for services it provides to the Trust, which the Sponsor shall pay the Distributor as a Sponsor-paid Expense.

"**Event of Withdrawal**" has the meaning set forth in <u>Section 12.1(a)(iii)</u> hereof.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expenses**" has the meaning set forth in <u>Section 2.4</u>.

"**Extraordinary Expenses**" has the meaning set forth in <u>Section 6.8(b)</u>.

"**FinCEN**" means the Financial Crimes Enforcement Network, a bureau of the U.S. Department of Treasury.

"**Fiscal Year**" has the meaning set forth in Article IX hereof.

"**GAAP**" means U.S. generally accepted accounting principles.

"**Incidental Rights**" means any rights to claim or otherwise take possession of IR Assets that may result from a "hard fork" of the XRP Ledger, airdrop of Digital Assets or other future means of creating or disseminating Digital Assets, in each case as applicable to the Trust's XRP.

"**Indemnified Persons**" has the meaning assigned to such term in <u>Section 2.4</u>.

"**IR Agent**" means any party appointed by agreement to serve as an agent of the Shareholders for the distribution of Incidental Rights or IR Assets.

"**IR Assets**" means any Digital Assets that are entitled to be acquired by the Trust through the exercise (subject to <u>Section 1.5(b)</u> and <u>Section 6.4(f)</u>) of any Incidental Right.

"**IRS**" means the U.S. Internal Revenue Service or any successor thereto.

"**Liquidating Trustee**" has the meaning assigned thereto in <u>Section 12.2</u>.

"**Original Trust Agreement**" has the meaning set forth in the recitals.

"**Percentage Interest**" means, with respect to any Shareholder at any time, a fraction, the numerator of which is the number of Shares held by such Shareholder and the denominator of which is the total number of Shares outstanding, in each case as of 4:00 p.m., New York time, on the date of determination.

"**Person**" means any natural person, partnership, limited liability company, statutory trust, corporation, association or other legal entity.

"**Pricing Benchmark**" means the Compass Crypto Reference Index 4pm New York XRP, or such other benchmark or index as the Sponsor may designate from time to time.

"**Prospectus**" means the most recent of any prospectus of the Trust that has been filed with the SEC as a part of the Registration Statement.

"**Quarterly Report**" means (i) the Trust's most recent quarterly report, if any, prepared and publicly disseminated pursuant to the standards of any Secondary Market on which the Shares are then listed, quoted or traded or (ii) if the Shares are then registered under the Exchange Act, the Trust's most recent quarterly report on Form 10-Q prepared and filed in accordance with the rules and regulations of the SEC.

"**Redemption Order**" has the meaning assigned thereto in <u>Section 5.1(a)</u>.

"**Registration Statement**" means the most recent registration statement of the Trust, if any, as filed with and declared effective by the SEC, as the same may at any time and from time to time be amended or supplemented. At inception, the Trust shall not file a Registration Statement.

"**SEC**" means the Securities and Exchange Commission.

"**Secondary Market**" means any marketplace or other alternative trading system, as determined by the Sponsor, on which the Shares may then be listed, quoted or traded, including but not limited to, The Nasdaq Stock Market LLC or any national securities exchange.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Shareholder**" means any Person that owns Shares.

"**Shares**" means the common units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust.

"**Sponsor**" means CoinShares Co., or any substitute therefor as provided herein, or any successor thereto by merger or operation of law.

**"Sponsor Agreement"** means that certain Sponsor Agreement by and between the Sponsor and the Trust, dated October 10, 2025, as may be amended from time to time.

"**Sponsor Fee**" has the meaning set forth in <u>Section 6.8(a)(i)</u>.

"**Sponsor-paid Expenses**" have the meaning set forth in <u>Section 6.8(a)(v)</u>.

"**Total Creation Amount**" means, with respect to any Creation Order, the applicable Creation Amount multiplied by the number of Creation Units, as specified in such Creation Order.

"**Total Redemption Amount**" means, with respect to any Redemption Order, the applicable Creation Amount multiplied by the number of Creation Units being redeemed, as specified in such Redemption Order.

"**Trade Date**" means, for any Creation Order or Redemption Order, the Business Day on which the Total Creation Amount with respect to such Creation Order or Redemption Order is determined in accordance with the Authorized Participant Agreement.

"**Transfer Agent**" means any Person from time to time engaged to provide such services or related services to the Trust pursuant to authority delegated by the Sponsor.

"**Transfer Agent Fee**" means the fee payable to the Transfer Agent for services it provides to the Trust, which the Sponsor shall pay the Transfer Agent as a Sponsor-paid Expense.

"**Treasury Regulations**" means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"**Trust**" means CoinShares XRP ETF, a Delaware statutory trust formed pursuant to the Certificate of Trust, the affairs of which are governed by this Trust Agreement.

"**Trust Agreement**" means this Amended and Restated Trust Agreement, as it may at any time or from time-to-time be amended.

"**Trustee**" means CSC Delaware Trust Company, its successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust.

"**Trust Estate**" means (i) all the XRP and cash in the Trust's accounts, including the XRP Account, (ii) all Incidental Rights held by the Trust, (iii) all IR Assets in the Trust's accounts, (iv) all proceeds from the sale of XRP, Incidental Rights and IR Assets pending use of such cash for payment of Extraordinary Expenses or distribution to the Shareholders, and (v) any rights of the Trust pursuant to any agreements, other than this Trust Agreement, to which the Trust is a party.

"**Trust Expense**" has the meaning set forth in <u>Section 2.3</u>.

"**U.S. Dollar**" means United States dollars.

**"XRP"** means XRP, a type of virtual currency based on an open source cryptographic protocol existing on the XRP Ledger, as determined by the Sponsor in accordance with <u>Section 6.2</u>, and the assets underlying the Trust's Shares.

"**XRP Account**" means the Trust's digital asset custody account with the Custodian.

"**XRP Creation Order**" has the meaning assigned thereto in <u>Section 3.2(a)(i)</u>.

"**XRP Holdings**" means, at any time, the aggregate number of XRP representing the Trust's assets, less its liabilities (which include estimated accrued but unpaid fees and expenses), calculated in accordance with <u>Section 8.4</u>.

"**XRP Ledger**" means a public distributed ledger technology network that enables people to interact and transact online efficiently and securely without the need for third-party companies, which often collect and sell their users' personal information.

"**XRP Redemption Order**" has the meaning assigned thereto in <u>Section 5.1(a)(i)</u>.

SECTION 1.2 *Name*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The name of the Trust is "CoinShares XRP ETF" in which name the Trustee and the Sponsor shall cause the Trust to carry out its purposes as set forth in <u>Section 1.5</u>, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust.

SECTION 1.3 Delaware Trustee; Offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The sole Trustee of the Trust is CSC Delaware Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event CSC Delaware Trust Company resigns or is removed as the Trustee, the trustee of the Trust in the State of Delaware shall be the successor Trustee, subject to <u>Section 2.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and the Shareholders. Initially, the principal office of the Trust shall be at 437 Madison Avenue, 28<sup>th</sup> Floor, New York, NY 10022.

SECTION 1.4 *Declaration of Trust*.

The Trust Estate shall be held in trust for the Shareholders. It is the intention of the parties hereto that the Trust shall be a statutory trust, under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust that is treated as a grantor trust for U.S. federal income tax purposes and for purposes of applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Shareholders partners or members of a joint stock association. Effective as of the date hereof, the Trustee and the Sponsor shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the Certificate of Trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute.

SECTION 1.5 *Purposes and Powers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purposes of the Trust shall be to accept XRP or cash for subscriptions of Shares in accordance with Article III hereof, to hold XRP, cash, Incidental Rights and IR Assets, to distribute XRP (or cash from the sale of XRP) upon redemptions of Shares in accordance with <u>Article V</u> hereof and to distribute XRP, Incidental Rights and IR Assets (or cash from the sale thereof) upon the liquidation of the Trust, and to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing. For the avoidance of doubt, such activities include any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Assets, except if such action would be prohibited by <u>Section 1.5(b)</u> or any other provision of this Trust Agreement. The Trust shall not engage in any business activity and shall not intentionally acquire any assets other than XRP or cash or own any assets other than XRP, Incidental Rights and (if permissible under <u>Section 1.5(b)</u> and <u>Section 6.4(f)</u>) IR Assets, or take any of the actions set forth in <u>Section 6.4</u>. The Trust shall have all of the powers specified in <u>Section 3.1</u> hereof as powers which may be exercised by a Sponsor on behalf of the Trust under this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall not take any action that could cause the Trust to be treated other than as a grantor trust for U.S. federal income tax purposes. Without limiting the generality of the foregoing, nothing in this Trust Agreement (including, for the avoidance of doubt, <u>Section 1.5(a)</u>) shall be construed to give the Trustee or the Sponsor the power to vary the investment of the Shareholders within the meaning of Section 301.7701-4(c) or similar provisions of the Treasury Regulations, nor shall the Trustee or the Sponsor take any action that would vary the investment of the Shareholders. The Trust shall not seek to acquire Incidental Rights or IR Assets. However, if the Trust does acquire such assets by virtue of holding XRP, the Trust shall sell such Incidental Rights or IR Assets, distribute such Incidental Rights or IR Assets, or pay expenses with such Incidental Rights or IR Assets as soon as practical after acquiring such Incidental Rights or IR Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent not held or reserved pending fulfillment of a Redemption Order or to pay the expenses of the Trust, the Sponsor shall cause all cash proceeds received by the Trust in connection with purchase of Creation Units to be converted to XRP as soon as reasonably practicable.

SECTION 1.6 *Tax Treatment*.

Each of the parties hereto, by entering into this Trust Agreement, (i) expresses its intention that the Shares will qualify under applicable tax law as interests in a grantor trust which holds the Trust Estate, (ii) agrees that it will file its own U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent with clause (i) of this <u>Section 1.6</u> and with the classification of the Trust as a grantor trust, and (iii) agrees to use reasonable efforts to notify the Sponsor promptly upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Shares with respect to the treatment of the Shares as anything other than interests in a grantor trust.

SECTION 1.7 *Legal Title*.

Legal title to all of the Trust Estate shall be vested in the Trust as a separate legal entity; *provided*, *however*, that if applicable law in any jurisdiction requires legal title to any portion of the Trust Estate to be vested otherwise, the Sponsor may cause legal title to such portion of the Trust Estate to be held by or in the name of the Sponsor or any other Person (other than a Shareholder or the Trustee) as nominee.

**ARTICLE II**

**THE TRUSTEE**

SECTION 2.1 *Term; Resignation; Removal*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CSC Delaware Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one Trustee unless otherwise determined by the Sponsor. The Trustee shall serve until such time as the Trust is terminated or if the Sponsor removes the Trustee or the Trustee resigns. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware and shall at all times satisfy the requirements of Section 3807(a) of the Delaware Trust Statute and be authorized to exercise corporate trust powers under the laws of Delaware, having a combined capital, surplus and undivided profits of at least $50,000,000 and subject to supervision or examination by federal or state authorities. If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Article II the combined capital, surplus and undivided profits of the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this <u>Section 2.1</u>, the Trustee shall resign promptly in the manner and with the effect specified in this Article II. The Trustee may have normal banking and trust relationships with the Sponsor and their respective Affiliates; *provided* that none of (i) the Sponsor, (ii) any Person involved in the organization or operation of the Sponsor or the Trust or (iii) any Affiliate of any of them may be the Trustee hereunder. The Trust shall have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and shall have no obligation to supervise or monitor the Sponsor or otherwise manage the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee is permitted to resign upon at least one hundred eighty (180) days' notice to the Sponsor upon which date such resignation shall be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Trust Agreement, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Sponsor may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, which instrument shall be delivered to the Trustee so removed and the successor trustee. The Sponsor may at any time, upon sixty (60) days' prior notice to the Trustee, remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the Sponsor or its attorney-in-fact duly authorized, one complete set of which instruments shall be delivered to the Trustee so removed and one complete set to the successor so appointed.

SECTION 2.2 *Powers*.

Except to the extent expressly set forth in <u>Section 1.3</u> and this Article II, the duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the Sponsor may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of the Delaware Trust Statute. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. The Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute.

SECTION 2.3 *Compensation and Expenses of the Trustee*.

The Trustee shall be entitled to receive from the Sponsor, as a Sponsor-paid Expense, reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Sponsor on behalf of the Trust for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel, any experts and such other agents as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder (together, the "**Trust Expenses**"). To the extent that the Sponsor fails to pay the Trust Expenses, the Trust will be responsible for such Trust Expenses.

SECTION 2.4 *Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby agrees to be primary obligor and shall indemnify, defend and hold harmless the Trustee (including in its individual capacity) and any of the officers, directors, employees and agents of the Trustee (the "**Indemnified Persons**") from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and fees and expenses incurred in connection with enforcement of its indemnification rights hereunder), taxes and penalties of any kind and nature whatsoever (collectively, "**Expenses**"), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons with respect to the performance of this Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated hereby; *provided*, *however*, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder; *provided*, *however*, that the Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. To the fullest extent permitted by law and by the requirement for treatment of the Trust as a grantor trust for tax purposes, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Sponsor prior to the final disposition of any matter upon receipt by the Sponsor of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be determined that the Indemnified Person is not entitled to be indemnified under this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As security for any amounts owing to the Trustee hereunder, the Trustee shall have a lien against the Trust property, which lien shall be prior to the rights of the Sponsor or any other Shareholder. The obligations of the Sponsor and the Trust to indemnify the Indemnified Persons under this <u>Section 2.4</u> shall survive the termination of this Trust Agreement.

SECTION 2.5 *Successor Trustee*.

Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. The successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the part of any of the parties hereto. Any successor Trustee shall file any necessary amendments to the Certificate of Trust with the Secretary of State.

SECTION 2.6 *Liability of Trustee*.

Except as otherwise provided in this Article II, in accepting the trust created hereby, CSC Delaware Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against CSC Delaware Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a party, except for the Trustee's own fraud, gross negligence, bad faith or willful misconduct. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency, enforceability, collectability, location, existence, value or validity of the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in the Prospectus or in any other document issued or delivered in connection with the sale or transfer of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor or the Liquidating Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall not have any liability for the acts or omissions of the Sponsor, the Transfer Agent, the Custodian or their respective delegates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee shall have no duty or obligation to monitor or supervise the performance of any obligations of the Sponsor, the Custodian or their respective delegates or any Authorized Participant or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision of this Trust Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under no circumstances shall the Trustee be liable for any obligations, representations, warranties, covenants or indebtedness of the Trust arising under this Trust Agreement or any other agreements to which the Trust is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Trustee shall be authorized but not obligated to take the actions of the Trust under this Trust Agreement and the related documents and shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, order or direction of the Sponsor unless the Sponsor has offered to CSC Delaware Trust Company (or any successor Trustee) (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by CSC Delaware Trust Company (or such successor Trustee) (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of, or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable by the Trustee under the laws of any jurisdiction or any political subdivision thereof other than the State of Delaware or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the actions of the Trustee contemplated by this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders, the Beneficial Owners, or any other Person, the Trustee, acting under this Trust Agreement, shall not be liable to the Trust, the Shareholders, the Beneficial Owners or any other Person for its good faith reliance on the provisions of this Trust Agreement, and the provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Trustee shall not be liable for special, punitive, exemplary, consequential or similar damages for a breach of the Trust Agreement under any circumstances, including, without limitation, lost profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If the Trustee is unsure of the application of any provision of this Trust Agreement or any related agreement, then the Trustee may promptly deliver a notice to the Sponsor requesting written instructions as to the course of action desired by the Sponsor, and if the Trustee does not receive such instructions within ten Business Days after it has delivered such notice, or such shorter period of time set forth in such notice, it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Trustee shall not be required to take any action if the Trustee shall reasonably determine, or shall have been advised by counsel, that such action is likely to result in personal liability, or is contrary to the terms hereof or of any document contemplated hereby to which the Trustee is a party or otherwise contrary to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Trustee shall have no duty or obligation to manage, control, use, sell, dispose of or otherwise deal with the Trust Estate, to prepare or file any document or report (including any securities or tax filings or reports, any financing or continuation statement, qualification to do business, licensing, commission filing or other filing for the Trust), or to otherwise perfect or maintain the perfection of any security interest or lien, or otherwise to take or refrain from taking any action under or in connection with this Trust Agreement except as expressly required by the terms of this Trust Agreement, and the right of the Trustee to perform any discretionary act enumerated in this Trust Agreement or in any related document shall not be construed as a duty, and no implied duties (including fiduciary duties) or obligations shall be read into this Trust Agreement or any related agreement against the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Trustee shall not be liable for any action taken, or error of judgment made, in good faith by any officer or employee of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) In no event shall the Trustee be liable for forces beyond its control including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes, epidemics or pandemics, or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Trustee may earn compensation in the form of short-term interest ("float") on items like uncashed distribution checks (from the date issued until the date cashed), funds that the Trustee is directed not to invest and deposits awaiting investment direction or received too late to be invested overnight in previously directed investments.

SECTION 2.7 *Reliance; Advice of Counsel*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting or not acting on any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to, or contained in, any such document; *provided*, *however*, that the Trustee shall have examined any certificates and opinions so as to reasonably determine compliance of such certificates and opinions with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that such resolution is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed in this Trust Agreement, the Trustee may for all purposes hereof rely on a certificate, signed by the president, any vice president, the treasurer or any other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement, the Trustee, at the expense of the Trust (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons.

SECTION 2.8 *Payments to the Trustee*.

Any amounts paid to the Trustee pursuant to this Article II shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the Trust Estate. Notwithstanding any other provision of this Trust Agreement, all payments to the Trustee, including fees, expenses and any amounts paid in connection with indemnification of the Trustee in accordance with the terms of this Trust Agreement will be payable only in U.S. Dollars.

**ARTICLE III**

**SHARES; CREATIONS AND ISSUANCE OF CREATION BASKETS**

SECTION 3.1 *General*.

The Sponsor shall have the power and authority, without action or approval by the Shareholders, to cause the Trust to issue Shares from time to time as it deems necessary or desirable. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares, calculated to one one-hundred-millionth of one XRP (i.e., carried to the eighth decimal place). From time to time, the Sponsor may cause the Trust to divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust Estate, or in any way affecting the rights, of the Shareholders, without action or approval by the Shareholders. Except as set forth in Section 3.2(b), the Trust shall issue Shares solely in exchange for contributions of XRP and/or an amount of cash equivalent to the number of XRP (or for no consideration if pursuant to a Share distribution or split-up); *provided, however,* the Sponsor may, in its sole discretion, determine to require such transactions to exclusively in XRP or exclusively in cash. All Shares when so issued shall be fully paid and non-assessable. Subject to the limitations upon, and requirements for, the issuance of Creation Units stated herein and in the Authorized Participant Agreement, the number of Creation Units that may be issued by the Trust is unlimited. Every Shareholder and Beneficial Owner, by virtue of having purchased or otherwise acquired a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement.

SECTION 3.2 *Offer of Shares; Procedures for Creation and Issuance of Creation Units to Authorized Participants*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The following procedures, as supplemented by the more detailed procedures specified in each Authorized Participant Agreement, including all exhibits, annexes, attachments and procedures, as applicable, to each Authorized Participant Agreement, which may be amended from time to time in accordance with the provisions of the relevant Authorized Participant Agreement (*provided* that any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to the creation and issuance of Creation Units to Authorized Participants, subject to Section 3.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On any Business Day, an Authorized Participant may place an order for one or more Creation Units (each, a "**Creation Order**") in the manner provided in the Authorized Participant Agreement. The Sponsor may require, in its sole discretion, that a Creation Order be denominated in XRP (an "**XRP Creation Order**") or cash (a "**Cash Creation Order**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sponsor or its delegate shall process Creation Orders only from Authorized Participants with respect to which an Authorized Participant Agreement is in full force and effect and only in accordance with the Authorized Participant Agreement. The Sponsor or its delegate shall maintain and make available at the Trust's principal offices during normal business hours a current list of the Authorized Participants with respect to which an Authorized Participant Agreement is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trust shall create and issue Creation Units only in exchange for deposit in the account designated by the Sponsor on the applicable Creation Settlement Date of the applicable Total Creation Amount by the relevant Authorized Participant or Authorized Participant Designee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Sponsor or its delegate has final determination of all questions as to the calculation of the Total Creation Amount at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The expense and risk of delivery, ownership and safekeeping of XRP, until such XRP has been received and not rejected by the Trust, shall be borne solely by the Authorized Participant or a Authorized Participant Designee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Upon the receipt of the Total Creation Amount in the account designated by the Sponsor, the Sponsor or its delegate shall, or shall direct the Transfer Agent to, credit to the account designated by the Authorized Participant the number of Creation Units ordered by the Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Trust or its delegate may accept delivery of XRP or cash by such other means as the Sponsor, from time to time, may determine to be acceptable for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rejection or Suspension</u>. The Sponsor or its delegate shall reject a Creation Order if the Creation Order is not in proper form as described in the relevant Authorized Participant Agreement or if the fulfillment of the Creation Order, in the opinion of its counsel, might be unlawful. The issuance of Creation Units may be suspended by the Sponsor generally, or refused with respect to a particular Creation Order, during any period when the transfer books of the Transfer Agent are closed or if circumstances outside the control of the Sponsor or its delegate make it for all practicable purposes not feasible to process Creation Orders or for any other reason at any time or from time to time. None of the Sponsor, its delegates or the Custodian shall be liable for the suspension or rejection of any Creation Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conflict</u>. In the event of any conflict between the procedures described in this <u>Section 3.2</u> and the Authorized Participant Agreement, the Authorized Participant Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Successor Custodian</u>. If a successor to the Custodian shall be employed, the Trust and the Sponsor shall establish procedures acceptable to such successor with respect to the matters addressed in this <u>Section 3.2</u>.

SECTION 3.3 *Book-Entry System*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares shall be held in book-entry form by the Sponsor, its delegate, or the Transfer Agent. The Sponsor or its delegate shall, or shall direct the Transfer Agent, to (i) credit or debit the number of Creation Units to the account of the applicable Shareholder and (ii) issue or cancel Creation Units, as applicable, at the direction of the Sponsor or its delegate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor or its delegate may cause the Trust to issue Shares in certificated form in its sole discretion.

SECTION 3.4 *Assets of the Trust*.

The Trust Estate shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and shall be so recorded upon the books of account of the Trust.

SECTION 3.5 *Liabilities of the Trust*.

The Trust Estate shall be charged with the liabilities of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders and Beneficial Owners.

SECTION 3.6 *Distributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may make distributions on Shares either in cash or in kind, including in such form as is necessary and permissible for the Trust to facilitate the distribution of Incidental Rights and/or IR Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions on Shares, if any, may be made with such frequency as the Sponsor may determine, which may be daily or otherwise, to the Shareholders, from the Trust Estate, after providing for actual and accrued liabilities. All distributions on Shares shall be made *pro rata* to the Shareholders in proportion to their respective Percentage Interests at the date and time of record established for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Trust sells XRP, Incidental Rights and/or IR Assets in order to pay Extraordinary Expenses, then any cash remaining from these sales after the payment of any Extraordinary Expenses shall promptly be distributed to the Shareholders.

SECTION 3.7 *Voting Rights*.

Notwithstanding any other provision hereof, on each matter submitted to a vote of the Shareholders, each Shareholder shall be entitled to a proportionate vote based upon its Percentage Interest at such time.

SECTION 3.8 *Equality*.

All Shares shall represent an equal proportionate beneficial interest in the Trust Estate subject to the liabilities of the Trust, and each Share's interest in the Trust Estate shall be equal to each other Share.

**ARTICLE IV**

**TRANSFERS OF SHARES**

SECTION 4.1 *General Prohibition*.

A Shareholder may not sell, assign, transfer or otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of its Shares or any part of its right, title and interest in the Trust Estate except as permitted in this Article IV and any act in violation of this Article IV shall not be binding upon or recognized by the Trust (regardless of whether the Sponsor shall have knowledge thereof), unless approved in writing by the Sponsor.

SECTION 4.2 *[Reserved]*.

SECTION 4.3 *Transfer of Shares Generally*.

Shares shall be transferable on the books of account for the Trust only by the record holder thereof or by his or her duly authorized agent upon delivery to the Sponsor or the Transfer Agent or similar agent of a duly executed instrument of transfer, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any further requirements specified by the Sponsor, the transfer shall be recorded on the books of account for the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the Shareholder with respect to such Shares for all purposes hereunder and neither the Sponsor nor the Trust, nor the Transfer Agent or any similar agent or registrar or any officer, employee or agent of the Trust, shall be affected by any notice of a proposed transfer.

**ARTICLE V**

**REDEMPTIONS**

SECTION 5.1 *Redemption of Creation Units*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The following procedures, as supplemented by the Authorized Participant Agreement, which may be amended from time to time in accordance with the provisions of the Authorized Participant Agreement (*provided* that any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to the redemption of Creation Units, subject to <u>Section 5.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On any Business Day, an Authorized Participant may place an order to redeem Creation Units (each, a "**Redemption Order**") in the manner provided in the Authorized Participant Agreement. The Sponsor may require, in its sole discretion, that Redemption Orders may be denominated in XRP (an "**XRP Redemption Order**") or cash (a "**Cash Redemption Order**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sponsor or its delegates shall process Redemption Orders only from Authorized Participants with respect to which an Authorized Participant Agreement is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sponsor or its delegate has final determination of all questions as to the determination of the Total Redemption Amount at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) With respect to an XRP Redemption Order, the Total Redemption Amount shall be delivered only to the account or wallet designated by the applicable Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With respect to a Cash Creation Order, the Sponsor shall instruct the applicable Custodian to withdraw from the XRP Account XRP in such quantity as may be necessary to permit payment of the Total Redemption Amount and may cause the Trust (or its delegate) to convert such XRP into U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Total Redemption Amount shall be subject to the deduction of any applicable tax or other governmental charges that may be due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rejection or Suspension</u>. The Sponsor or its delegate shall reject a Redemption Order if the Redemption Order is not in proper form as described in the relevant Authorized Participant Agreement or if the fulfillment of the Redemption Order, in the opinion of its counsel, might be unlawful. The redemption of Creation Units may be suspended by the Sponsor generally, or refused with respect to a particular Redemption Order, during any period when the transfer books of the Transfer Agent are closed or if circumstances outside the control of the Sponsor or its delegate make it for all practicable purposes not feasible to process Redemption Orders or for any other reason at any time or from time to time. None of the Sponsor, its delegates or the Custodian shall be liable for the suspension or rejection of any Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conflict</u>. In the event of any conflict between the procedures described in this <u>Section 5.1</u> and the Authorized Participant Agreement, the Authorized Participant Agreement shall control.

**ARTICLE VI**

**THE SPONSOR**

SECTION 6.1 *Management of the Trust*.

Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the Sponsor in accordance with this Trust Agreement. The Sponsor may delegate, as provided herein, the duty and authority to manage the affairs of the Trust. Any determination as to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor, but subject, for the avoidance of doubt, to the restrictions, prohibitions and limitations expressly set forth in <u>Section 1.5</u>, <u>Section 6.4(f)</u> and otherwise in this Trust Agreement. The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid power.

SECTION 6.2 *Authority of Sponsor*.

In addition to, and not in limitation of, any rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Sponsor shall have, and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes of the Trust, which powers and rights shall include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To direct the Trustee pursuant to this Trust Agreement and to enter into, execute, accept, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments incidental to the Trust's purposes, and to do and perform all such acts as may be in furtherance of the Trust's purposes, or necessary or appropriate for the offer and sale of the Shares, including, but not limited to, causing the Trust to enter into (i) contracts or agreements with the Sponsor or an Affiliate, *provided* that any such contract or agreement does not conflict with the provisions of <u>Section 1.5(b)</u> of this Trust Agreement, <u>Section 6.4</u> of this Trust Agreement or clause (ii) of this <u>Section 6.2(a)</u> and (ii) contracts with third parties for various services, it being understood that any document or instrument executed or accepted by the Sponsor in the Sponsor's name shall be deemed executed and accepted on behalf of the Trust by the Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To establish, maintain, deposit into, and sign checks and/or otherwise draw upon, accounts on behalf of the Trust with appropriate banking and savings institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To supervise the preparation of the Prospectus and supplements and amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To make or authorize the making of distributions to the Shareholders and expenses of the Trust out of the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To cause the Trust to appoint an agent to act on behalf of the Shareholders pursuant to <u>Section 7.5</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To prepare, or cause to be prepared, and file, or cause to be filed, an application to register any Shares under the Securities Act and/or the Exchange Act and to take any other action and execute and deliver any certificates or documents that may be necessary to effectuate such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To prepare, or cause to be prepared, and file, or cause to be filed, an application to enable the Shares to be listed, quoted or traded on any Secondary Market and to take any other action and execute and deliver any certificates or documents that may be necessary to effectuate such listing, quotation or trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To appoint one or more Custodians, banks or other security vendors, including itself or an Affiliate, to provide for custodian security services, or to determine not to appoint any Custodian, bank or other security vendors, and to otherwise take any action with respect to the Custodians, banks or other security vendors to safeguard the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In the sole and absolute discretion of the Sponsor, to admit an Affiliate or Affiliates of the Sponsor as additional Sponsors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To delegate those of its duties hereunder as it shall determine from time to time to one or more Distributors, and add any additional service providers, if needed and as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To perform such other services as the Sponsor believes that the Trust may from time to time require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Interact with the Depository as required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) In general, but subject to <u>Section 1.5</u> and <u>Section 6.4</u> of this Trust Agreement, to do everything necessary, suitable or proper for the accomplishment of any purpose or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to, or growing out of or connected with, the aforesaid purposes or powers.

SECTION 6.3 *Obligations of the Sponsor*.

In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Devote such of its time to the affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to carry out the purposes of the Trust, as set forth in <u>Section 1.5</u>, for the benefit of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its affairs in all appropriate jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Retain independent public accountants to audit the accounts of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Select and enter into agreements with the Trustee and any other service provider to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes under Subpart E, Part I of Subchapter J of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Provide for the safekeeping and use of the Trust Estate, whether or not in the Sponsor's immediate possession or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At all times act with integrity and good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Enter into directly or through its delegates an Authorized Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Receive directly or through its delegates from Authorized Participants and process properly submitted Creation Orders, as described in <u>Section 3.2(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Receive directly or through its delegates from Authorized Participants and process properly submitted Redemption Orders (if authorized), as described in <u>Section 5.1(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Interact with the Custodian and any other party as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) If the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) If the Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, cause the Trust to comply with all rules, orders and regulations of the SEC and take all such other actions as may reasonably be taken and are necessary for the Shares to remain registered under the Exchange Act until the Trust is terminated or the Shares are no longer registered under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Take all actions to prepare and, to the extent required by this Trust Agreement or by law, deliver to Shareholders and/or Beneficial Owners, as applicable, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of any Secondary Market on which the Shares are listed, quoted or traded or, if any Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, the SEC, as applicable.

The foregoing clauses of <u>Section 6.2</u> and <u>Section 6.3</u> shall be construed as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

SECTION 6.4 *General Prohibitions*.

The Trust shall not, and the Sponsor shall not have the power to cause the Trust to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive any property other than XRP or cash upon the issuance of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Hold any property other than (i) XRP, Incidental Rights and IR Assets, (ii) cash from the sale of XRP, Incidental Rights or IR Assets or received in connection with a Cash Creation Order and (iii) interests in any liquidating trust or other vehicle formed to hold Incidental Rights or IR Assets pending distribution of such interests to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold any cash from the sale of XRP, Incidental Rights or IR Assets for more than thirty (30) Business Days prior to using such cash to pay Extraordinary Expenses or satifying Redemption Orders and distributing any remaining cash to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) redeem the Shares other than (i) to satisfy a Redemption Order from an Authorized Participant, (ii) as provided in <u>Section 5.1</u> or (iii) upon the dissolution of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Trust Agreement, including <u>Section 6.4(b)</u>, take any action that could cause the Trust to be treated other than as a grantor trust for U.S. federal income tax purposes.

SECTION 6.5 *Liability of Covered Persons*.

A Covered Person shall have no liability to the Trust or to any Shareholder, Beneficial Owner or other Covered Person for any loss suffered by the Trust which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did not constitute fraud, gross negligence, bad faith or willful misconduct of such Covered Person. Subject to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of the XRP transferred, or the purchase price otherwise paid, by a Shareholder for its Shares, it being expressly agreed that any such return made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any rights of contribution from the Sponsor or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any delegatee selected by the Sponsor with reasonable care.

SECTION 6.6 *Fiduciary Duty*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that, at law or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders, the Beneficial Owners or any other Person, the Sponsor acting under this Trust Agreement shall not be liable to the Trust, the Shareholders, the Beneficial Owners or any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the standard of care set forth in <u>Section 6.5</u> herein. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Sponsor otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Sponsor. To the fullest extent permitted by law, no Person other than the Sponsor and the Trustee shall have any duties (including fiduciary duties) or liabilities at law or in equity to the Trust, the Shareholders, the Beneficial Owners or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, any Shareholder, and Beneficial Owner or any other Person, on the other hand; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whenever this Trust Agreement or any other agreement contemplated herein provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder, any Beneficial Owner or any other Person,

the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor and any Affiliate of the Sponsor may engage in or possess an interest in profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Sponsor shall not be liable to the Trust, the Shareholders or the Beneficial Owners for breach of any fiduciary or other duty by reason of the fact that the Sponsor pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Trust. Neither the Trust, any Shareholder nor any Beneficial Owner shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the purposes of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Sponsor may engage or be interested in any financial or other transaction with the Trust, the Shareholders, the Beneficial Owners or any Affiliate of the Trust, the Shareholders or the Beneficial Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by law and notwithstanding any other provision of this Trust Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Trust Agreement a Person is permitted or required to make a decision (a) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, the Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust, the Shareholders, the Beneficial Owners or any other Person, or (b) in its "good faith" or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standard. The term "good faith" as used in this Trust Agreement shall mean subjective good faith as such term is understood and interpreted under Delaware law.

SECTION 6.7 *Indemnification of the Sponsor*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sponsor shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, *provided* that (i) the Sponsor was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Sponsor and (ii) any such indemnification will be recoverable only from the Trust Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation of existence of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the United States Code by or against the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of <u>Section 6.7(a)</u> above, the Sponsor, any Authorized Participant and any other Person acting as a broker-dealer for the Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall not incur the cost of that portion of any insurance that insures any party against any liability, the indemnification of which is herein prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Sponsor shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a Shareholder or the legal action is initiated by a Shareholder and a court of competent jurisdiction specifically approves such advance; and (iii) the Sponsor undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this <u>Section 6.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "Sponsor" as used only in this <u>Section 6.7</u> shall include, in addition to the Sponsor, any other Covered Person performing services on behalf of the Trust and acting within the scope of the Sponsor's authority as set forth in this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Shareholder's (or assignee's) or Beneficial Owner's (or assignee's) obligations or liabilities unrelated to Trust affairs, such Shareholder or Beneficial Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys' and accountants' fees.

SECTION 6.8 *Expenses and Limitations Thereon*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Sponsor Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall pay to the Sponsor a unified fee (the "**Sponsor Fee**") as set forth in the Sponsor Agreement. The Sponsor Fee will accrue daily and be payable monthly in XRP or cash. The Sponsor may agree to waive or reduce the Sponsor Fee in its sole discretion without Shareholder consent or approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in <u>Section 6.8(a)(iv),</u> to cause the Trust to pay the Sponsor Fee, the Sponsor or its delegate shall instruct the Custodian to withdraw the number of XRP or cash equal to the accrued but unpaid Sponsor Fee and transfer such XRP or cash to the Sponsor's account at such times as the Sponsor determines in its absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After the payment of the Sponsor Fee to the Sponsor, the Sponsor may elect to convert the XRP it receives into U.S. Dollars. The Shareholders acknowledge that the rate at which the Sponsor converts such XRP to U.S. Dollars may differ from the Pricing Benchmark. The Trust shall not be responsible for any fees and expenses incurred by the Sponsor to convert XRP received in payment of the Sponsor Fee into U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Sponsor may, from time to time, temporarily waive all or a portion of the Sponsor Fee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As partial consideration for receipt of the Sponsor Fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including: (i) the Distributor Fee; (ii) the Administrator Fee; (iii) the Custodian Fee; (iv) the Transfer Agent Fee; (v) the Trustee fee; (vi) the fees and expenses related to the listing, quotation or trading of the Shares on any Secondary Market (including customary marketing expenses); (vii) ordinary course legal fees and expenses; (viii) audit fees; (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act; (x) printing and mailing costs; (xi) costs of maintaining the Trust's website and (xii) applicable license fees (each, a "**Sponsor-paid Expense**" and, together, the "**Sponsor-paid Expenses**"), *provided* that any expense that qualifies as an Extraordinary Expense as set forth in <u>Section 6.8(b)</u> shall be deemed to be an Extraordinary Expenses and not a Sponsor-paid Expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Extraordinary Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall pay any expenses incurred by the Trust in addition to the Sponsor Fee that are not Sponsor-paid Expenses, including, but not limited to, (i) brokerage and transaction costs associated with the sale or transfer of XRP not covered by an Authorized Participant, (ii) taxes and governmental charges; (iii) expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders (including in connection with any Incidental Rights and any IR Assets); (iv) any indemnification of the Custodian, Administrator or other agents, service providers or counterparties of the Trust; (v) extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters and (vi) other extraordinary expenses not included as Sponsor-paid Expenses (collectively, "**Extraordinary Expenses**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To cause the Trust to pay the Extraordinary Expenses, if any, the Sponsor or its delegates (i) shall instruct the Custodian to withdraw from the XRP Account XRP in such quantity as may be necessary to permit payment of such Extraordinary Expenses and (ii) may either (x) cause the Trust (or its delegate) to convert such XRP into U.S. Dollars or other fiat currencies or (y) cause the Trust (or its delegate) to deliver such XRP in kind in satisfaction of such Extraordinary Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Trust holds any Incidental Rights and/or IR Assets at any time, the Trust may pay any Extraordinary Expenses, in whole or in part, with such Incidental Rights and/or IR Assets by entering into an agreement with the relevant payee and transferring such Incidental Rights and/or IR Assets to that payee at a value to be determined pursuant to such agreement; *provided* that the Trust shall use Incidental Rights and/or IR Assets to pay Extraordinary Expenses only if such agreement and transfer does not otherwise conflict with the terms of this Trust Agreement. If the Trust pays the Extraordinary Expenses in Incidental Rights and/or IR Assets, in whole or in part, the amount of XRP that would otherwise have been used to satisfy such payment shall be correspondingly reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor or any Affiliate of the Sponsor may be reimbursed only for the actual cost to the Sponsor or such Affiliate of any expenses that it advances on behalf of the Trust for payment of which the Trust is responsible. In addition, payment to the Sponsor or such Affiliate for indirect expenses incurred in performing services for the Trust in its capacity as the Sponsor (or an Affiliate of the Sponsor) of the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items generally falling within the category of the Sponsor's "overhead," is prohibited.

SECTION 6.9 *Voluntary Withdrawal of the Sponsor*.

The Sponsor may withdraw voluntarily as the Sponsor of the Trust only upon one hundred and twenty (120) days' prior written notice to all Shareholders and the Trustee. If the withdrawing Sponsor is the last remaining Sponsor, the Shareholders holding Shares equal to at least a majority (over 50%) of the Shares may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Sponsor who shall carry on the affairs of the Trust. If the Sponsor withdraws and a successor Sponsor is named, the withdrawing Sponsor shall pay all expenses as a result of its withdrawal.

SECTION 6.10 *Litigation*.

The Sponsor is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust's interests. The Sponsor shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the Trust's assets and, thereafter, out of the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Sponsor.

SECTION 6.11 *Bankruptcy; Merger of the Sponsor*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sponsor shall not cease to be a Sponsor of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part of its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, and on sixty (60) days' prior written notice to the Shareholders of their right to vote thereon, if any such transaction is other than with an affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Sponsor with another corporation or other entity, the reorganization of the Sponsor into or with any other corporation or other entity, the transfer of all the capital stock of the Sponsor or the assumption of the rights, duties and liabilities of the Sponsor by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of <u>Section 6.10</u> or an Event of Withdrawal for purposes of <u>Section 12.1(a)(iii)</u>.

**ARTICLE VII**

**THE SHAREHOLDERS**

SECTION 7.1 *No Management or Control; Limited Liability; Exercise of Rights through an Authorized Participant*.

The Shareholders shall not participate in the management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Sponsor. Except as provided in <u>Section 7.3</u> hereof, no Shareholder shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of its Percentage Interest of the Trust Estate. Except as provided in <u>Section 7.3</u> hereof, each Share owned by a Shareholder shall be fully paid and no assessment shall be made against any Shareholder. No salary shall be paid to any Shareholder in its capacity as a Shareholder, nor shall any Shareholder have a drawing account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful delivery and acceptance of Shares, each owner of such Shares shall be deemed to be a Shareholder and beneficiary of the Trust and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Trust Agreement.

SECTION 7.2 *Rights and Duties*.

The Shareholders shall have the following rights, powers, privileges, duties and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholders shall have the right to obtain from the Sponsor information on all things affecting the Trust, *provided* that such information is for a purpose reasonably related to the Shareholder's interest as a beneficial owner of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times provided for in this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except for the Shareholders' transfer rights set forth in <u>Article IV</u> and the Shareholders' redemption rights set forth in <u>Article V</u> hereof, Shareholders shall have the right to demand a redemption of their Shares only upon the dissolution and winding up of the Trust and only to the extent of funds available therefor, as provided in <u>Section 12.2</u>. In no event shall a Shareholder be entitled to demand or receive property other than cash upon the dissolution and winding up of the Trust. No Shareholder shall have priority over any other Shareholder as to distributions. The Shareholder shall not have any right to bring an action for partition against the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shareholders holding Shares representing at least a majority (over 50%) of the Shares may vote to appoint a successor Sponsor as provided in <u>Section 6.10</u> or to continue the Trust as provided in <u>Section 12.1(a)(iv)</u>.

Except as set forth above, the Shareholders shall have no voting or other rights with respect to the Trust.

SECTION 7.3 *Limitation of Liability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 6.7(f)</u> hereof, and as otherwise provided under Delaware law, the Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of Delaware and no Shareholder shall be liable for claims against or debts of the Trust in excess of its Percentage Interest of the Trust Estate, except in the case of a Shareholder that is an Authorized Participant, in the event that the liability is founded upon misstatements or omissions contained in such Shareholder's Authorized Participant Agreement. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such Shareholder upon redemption of such Shareholder's Shares unless, under Delaware law, such Shareholder is liable to repay such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the Trust Estate, each Shareholder against any claims of liability asserted against such Shareholder solely because it is a beneficial owner of one or more Shares as a Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the Sponsor on behalf of the Trust shall give notice to the effect that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon the Shareholders individually but are binding only upon the assets and property of the Trust, and no resort shall be had to the Shareholders' personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any further recital that the Sponsor deems appropriate, but the omission thereof shall not operate to bind the Shareholders individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this <u>Section 7.3</u> shall diminish the limitation on the liability of the Trust to the extent set forth in <u>Section 3.5</u> hereof.

SECTION 7.4 *Derivative Actions*.

Subject to any other requirements of applicable law including Section 3816 of the Delaware Trust Statute, no Shareholder shall have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not Affiliates of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding. This Section 7.4 shall not apply to any derivative claims brought under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or the rules and regulations thereunder.

SECTION 7.5 *Appointment of Agents*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By the purchase and acceptance or other lawful delivery, acceptance or holding of the Shares, the Shareholders shall be deemed to agree that the Sponsor may cause the Trust to appoint an agent (an "**IR Agent**") to act on their behalf in connection with any distribution of Incidental Rights and/or IR Assets if the Sponsor has determined in good faith that such appointment is reasonably necessary or in the best interests of the Trust and the Shareholders in order to facilitate the distribution of any Incidental Rights and/or IR Assets. For the avoidance of doubt, the Sponsor may cause the Trust to appoint the Sponsor or any of its Affiliates to act in such capacity, subject to <u>Section 6.2(a)</u> of this Trust Agreement. Any Person appointed as IR Agent of the Shareholders pursuant to this <u>Section 7.5(a)</u> shall receive an in-kind distribution of Incidental Rights and/or IR Assets on behalf of the Shareholders of record with respect to such distribution and following receipt of any such distribution, shall determine, in such Person's sole discretion and without any direction from the Trust or the Sponsor (in its capacity as Sponsor of the Trust), whether and when to sell the distributed Incidental Rights and/or IR Assets on behalf of the record date Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any IR Agent appointed pursuant to <u>Section 7.5(a)</u> shall not receive any compensation in connection with its role as IR Agent. The foregoing notwithstanding, any such IR Agent shall be entitled to receive from any distribution of Incidental Rights and/or IR Assets, Incidental Rights and/or IR Assets with an aggregate fair market value equal to the amount of administrative and other reasonable expenses incurred by such IR Agent in connection with such in-kind distribution of Incidental Rights and/or IR Assets, including expenses incurred by such IR Agent in connection with any post-distribution sale of such Incidental Rights and/or IR Assets.

SECTION 7.6 *Business of Shareholders*.

Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer, director, employee or other Person holding a legal or beneficial interest in an entity that is a Shareholder, may engage in or possess an interest in business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive with the affairs of the Trust, shall not be deemed wrongful or improper.

SECTION 7.7 *Authorization of Prospectus*.

Each Shareholder (or any permitted assignee thereof) hereby agrees that the Trust, the Sponsor and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in, or contemplated by, the Prospectus on behalf of the Trust without any further act, approval or vote of the Shareholders, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation.

**ARTICLE VIII**

**BOOKS OF ACCOUNT AND REPORTS**

SECTION 8.1 *Books of Account*.

Proper books of account for the Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust as are required by the applicable law and regulations and as are usually entered into books of account kept by trusts. The books of account shall be kept at the principal office of the Trust and each Shareholder (or any duly constituted designee of a Shareholder) shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the Shareholder's interest as a beneficial owner of the Trust. Such books of account shall be kept, and the Trust shall report its profits and losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article IX.

SECTION 8.2 *Annual Updates, Quarterly Updates and Account Statements*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Shares are not then listed, quoted or traded on any Secondary Market or registered under the Securities Act or the Exchange Act, the Sponsor shall furnish each Shareholder with an annual report of the Trust within one hundred and eighty (180) calendar days after the Trust's fiscal year (or as soon as reasonably practicable thereafter) including, but not limited to, annual audited financial statements (including a statement of income and statement of financial condition), prepared in accordance with GAAP and accompanied by a report of the independent registered public accounting firm that audited such statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Shares are then listed, quoted or traded on a Secondary Market or registered under the Securities Act or the Exchange Act, the Sponsor shall prepare and publish the Trust's Annual Reports and Quarterly Reports as required by the rules and regulations of such Secondary Market or the SEC, as applicable.

SECTION 8.3 *Tax Information*.

Appropriate tax information (adequate to enable each Shareholder to complete and file its U.S. federal tax return) shall be delivered to each Shareholder following the end of each Fiscal Year but, to the extent possible, no later than April 1. All such information shall be prepared, and all of the Trust's tax returns shall be filed, in a manner consistent with the treatment of the Trust as a grantor trust. The Trust's taxable year shall be the calendar year. The Trust shall comply with all U.S. federal withholding requirements respecting distributions to, or receipts of amounts on behalf of, Shareholders that the Sponsor reasonably believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding.

SECTION 8.4 *Calculation of XRP Holdings*.

The Sponsor or its delegate shall calculate and publish the Trust's XRP Holdings on each Business Day as of 4:00 p.m., New York time, or as soon as practicable thereafter, as set forth in and in accordance with the Prospectus.

SECTION 8.5 *Maintenance of Records*.

The Sponsor shall maintain for a period of at least six Fiscal Years (a) all books of account required by <u>Section 8.1</u> hereof; (b) a list of the names and last known address of, and number of Shares owned by, all Shareholders; (c) a copy of the Certificate of Trust and all certificates of amendment thereto; (d) executed copies of any powers of attorney pursuant to which any certificate has been executed; (e) copies of the Trust's U.S. federal, state and local income tax returns and reports, if any; (f) copies of any effective written Trust Agreements, Authorized Participant Agreements, including any amendments thereto; and (g) any financial statements of the Trust. The Sponsor may keep and maintain the books and records of the Trust in paper, magnetic, electronic or other format as the Sponsor may determine in its sole discretion, *provided* that the Sponsor shall use reasonable care to prevent the loss or destruction of such records. If there is a conflict between this <u>Section 8.5</u> and the rules and regulations of any Secondary Market on which the Shares are listed, quoted or traded or, if applicable, the SEC with respect to the maintenance of records, the records shall be maintained pursuant to the rules and regulations of such Secondary Market or the SEC.

**ARTICLE IX**

**FISCAL YEAR**

SECTION 9.1 *Fiscal Year*.

The fiscal year of the Trust for financial accounting purposes (the "**Fiscal Year**") shall begin on the first day of January and end on the last day of December of each year. The Fiscal Year in which the Trust shall terminate shall end on the date of such termination.

**ARTICLE X**

**AMENDMENT OF TRUST AGREEMENT; MEETINGS**

SECTION 10.1 *Amendments to the Trust Agreement*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amendment Generally*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise specifically provided in this <u>Section 10.1</u>, the Sponsor, in its sole discretion and without Shareholder consent, may amend or otherwise supplement this Trust Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated declaration of trust and trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by the Sponsor in its sole discretion; *provided* that the Sponsor shall not be permitted to make any such amendment, or otherwise supplement this Trust Agreement, if such amendment or supplement would permit the Sponsor, the Trustee or any other Person to vary the investment of the Shareholders (within the meaning of Treasury Regulations Section 301.7701-4(c)) or would otherwise adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limitation of the foregoing, the Sponsor may, without the approval of the Shareholders, amend the provisions of this Trust Agreement if the Trust is advised at any time by the Trust's accountants or legal counsel that the amendments made are necessary to ensure that the Trust's status as a grantor trust will be respected for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in writing. No amendment shall be made to this Trust Agreement without the consent of the Trustee if the Trustee reasonably believes that such amendment adversely affects any of its rights, duties or liabilities. The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Trust is a party until it has received an instruction letter from the Sponsor, in form and substance reasonably satisfactory to the Trustee, (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee and do not adversely affect the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such change. At the expense of the Sponsor, the Trustee shall execute and file any amendment to the Certificate of Trust, if so directed by the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this <u>Section 10.1</u>.

SECTION 10.2 *Meetings of the Trust*.

Meetings of the Shareholders may be called by the Sponsor in its sole discretion. The Sponsor shall furnish written notice to all Shareholders thereof of the meeting and the purpose of the meeting, which shall be held on a date not less than ten (10) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting. Shareholders may vote in person or by proxy at any such meeting.

SECTION 10.3 *Action Without a Meeting*.

Any action required or permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any Shareholder, as contemplated by this Trust Agreement, is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder given in the manner provided in <u>Section 13.5</u>. The vote or consent of each Shareholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice given in the manner provided in <u>Section 13.5</u> and actually received by the Trust within twenty (20) days after the notice of solicitation is sent. The Covered Persons dealing with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to this <u>Section 10.3</u> and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Shareholders shall not be void or voidable by reason of any communication made by or on behalf of all or any of such Shareholders in any manner other than as expressly provided in <u>Section 13.5</u>.

**ARTICLE XI**

**TERM**

SECTION 11.1 *Term*.

The term for which the Trust is to exist shall be perpetual, unless terminated pursuant to the provisions of Article XII hereof or as otherwise provided by law.

**ARTICLE XII**

**TERMINATION**

SECTION 12.1 *Events Requiring Dissolution of the Trust*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall dissolve at any time upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a U.S. federal or state regulator requires the Trust to shut down or forces the Trust to liquidate its XRP or seizes, impounds or otherwise restricts access to the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any ongoing event exists that either prevents the Trust from converting or makes impractical the Trust's reasonable efforts to convert XRP to U.S. Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate of dissolution or revocation of the Sponsor's charter is filed (and ninety (90) days have passed after the date of notice to the Sponsor of revocation without a reinstatement of the Sponsor's charter) or the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Sponsor (each of the foregoing events an "**Event of Withdrawal**") has occurred unless (i) at the time there is at least one remaining Sponsor or (ii) within ninety (90) days of such Event of Withdrawal Shareholders holding at least a majority (over 50%) of the Shares agree in writing to continue the affairs of the Trust and to select, effective as of the date of such event, one or more successor Sponsors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shareholders holding at least 50% of the outstanding Shares, not including affiliated parties of the Sponsor for purposes of calculation of such percentage, notify the Sponsor that they elect to dissolve the Trust, notice of which is sent to the Sponsor not less than ninety (90) business days prior to the effective date of dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor may, in its sole discretion, dissolve the Trust if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the SEC determines that the Trust is an investment company required to be registered under the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trust is determined to be a "money service business" under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trust is required to obtain a license or make a registration under any state law regulating money transmitters, money services businesses, providers of prepaid or stored value or similar entities, or virtual currency businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Trust becomes insolvent or bankrupt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Custodian resigns or is removed without replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all of the Trust's assets are sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Sponsor determines that the size of the Trust Estate in relation to the expenses of the Trust makes it unreasonable or imprudent to continue the affairs of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Sponsor receives notice from the IRS or from counsel for the Trust or the Sponsor that the Trust fails to qualify for treatment, or will not be treated, as a grantor trust under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Trustee notifies the Sponsor of the Trustee's election to resign and the Sponsor does not appoint a successor trustee within one hundred and eighty (180) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Sponsor determines, in its sole discretion, that it is desirable or advisable for any reason to discontinue the affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Shareholder (as long as such Shareholder is not the sole Shareholder of the Trust) shall not result in the termination of the Trust, and such Shareholder, his or her estate, custodian or personal representative shall have no right to a redemption of such Shareholder's Shares. Each Shareholder (and any assignee thereof) expressly agrees that in the event of his or her death, he or she waives on behalf of himself or herself and his or her estate, and he or she directs the legal representative of his or her estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the Trust Estate and any right to an audit or examination of the books of account for the Trust, except for such rights as are set forth in <u>Article VIII</u> hereof relating to the books of account and reports of the Trust.

SECTION 12.2 *Distributions on Dissolution*.

Upon the dissolution of the Trust, the Sponsor (or in the event there is no Sponsor, such person (the "**Liquidating Trustee**") as the majority in interest of the Shareholders may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and *provided* that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the affairs of the Trust shall be wound up by the Sponsor or the Liquidating Trustee and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Shareholders, and (b) to the Shareholders pro rata in accordance with their respective Percentage Interests of the Trust Estate.

SECTION 12.3 *Termination; Certificate of Cancellation*.

Following the dissolution and distribution of the assets of the Trust, the Trust shall terminate and the Sponsor or the Liquidating Trustee, as the case may be, shall instruct the Trustee in writing to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute at the expense of the Sponsor or the Liquidating Trustee, as the case may be. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation.

**ARTICLE XIII**

**MISCELLANEOUS**

SECTION 13.1 *Governing Law*.

The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; *provided*, *however*, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this <u>Section 13.1</u>, and *provided*, *further*, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the Sponsor, the Shareholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts that relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a "statutory trust," and without limiting the provisions hereof, but subject to <u>Section 1.5</u> and <u>Section 1.6</u>, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. Subject to <u>Section 1.5</u> and <u>Section 1.6</u>, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

SECTION 13.2 *Provisions In Conflict With Law or Regulations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Trust Agreement are severable, and if the Sponsor shall determine, with the advice of counsel, that any one or more of such provisions (the "**Conflicting Provisions**") are in conflict with the Code, the Delaware Trust Statute, the Securities Act, if applicable, or other applicable U.S. federal or state laws or the rules and regulations of any Secondary Market, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; *provided*, *however*, that such determination by the Sponsor shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Sponsor or Trustee shall be liable for making or failing to make such a determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction.

SECTION 13.3 *Merger and Consolidation*.

Subject to the provisions of <u>Section 1.5</u> and <u>Section 1.6</u>, the Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into beneficial interests in another statutory trust (or series thereof); or (iii) the Shares of the Trust to be exchanged for shares in another trust or company under or pursuant to any U.S. state or federal statute to the extent permitted by law. For the avoidance of doubt, subject to the provisions of <u>Section 1.5</u>, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i), (ii) and (iii) above without any vote or other action of the Shareholders.

SECTION 13.4 *Construction*.

In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement.

SECTION 13.5 *Notices*.

All notices or communications under this Trust Agreement (other than notices of pledge or encumbrance of Shares, and reports and notices by the Sponsor to the Shareholders) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by email, or by overnight courier, and addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Notices of pledge or encumbrance of Shares shall be effective upon timely receipt by the Sponsor in writing. Any reports or notices by the Sponsor to the Shareholders which are given electronically shall be effective upon receipt without requirement of confirmation.

All notices that are required to be provided to the Trustee shall be sent to:

CSC Delaware Trust Company<br> Attn: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

All notices that the Trustee is required to provide shall be sent to:

if to the Trust, at

CoinShares XRP ETF<br> 37 Madison Avenue, 28<sup>th</sup> Floor<br> New York, NY 10022<br> Attention: Legal Department

if to the Sponsor, at

CoinShares Co.<br> 37 Madison Avenue, 28<sup>th</sup> Floor<br> New York, NY 10022<br> Attention: Legal Department

SECTION 13.6 *Counterparts; Electronic Signatures*.

This Trust Agreement may be executed in one or more counterparts (including those by facsimile or other electronic means), all of which shall constitute one and the same instrument binding on all of the parties hereto, notwithstanding that all parties are not signatory to the original or the same counterpart. This Trust Agreement, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.

SECTION 13.7 *Binding Nature of Trust Agreement*.

The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee hereunder, the Trust and the Sponsor may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Trust and the Sponsor, in determining such rights, shall rely on such records and that Shareholders and their assignees shall be bound by such determination.

SECTION 13.8 *No Legal Title to Trust Estate*.

Subject to the provisions of <u>Section 1.7</u> in the case of the Sponsor, the Shareholders shall not have legal title to any part of the Trust Estate.

SECTION 13.9 *Creditors*.

No creditors of any Shareholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate.

SECTION 13.10 *Integration*.

This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

SECTION 13.11 *Goodwill; Use of Name*.

No value shall be placed on the name or goodwill of the Trust, which shall belong exclusively to CoinShares Co..

SECTION 13.12 *Patriot Act Compliance*.

The parties hereto acknowledge that in accordance with requirements established under the USA PATRIOT Act and its implementing regulations (collectively, the "Patriot Act"), the Trustee, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. Each party hereby agrees that it shall provide the Trustee with such information in its possession as the Trustee may request from time to time in order to comply with any applicable requirements of the Patriot Act.

SECTION 13.13 *Corporate Transparency Act*.

The Corporate Transparency Act (31 U.S.C. § 5336) and its implementing regulations (collectively, the "CTA"), may require the Trust to file reports with Financial Crimes Enforcement Network. It shall be Sponsor's duty and not the Trustee's duty to prepare such filings, cause the Trust to make such filings, and to cause the Trust to comply with its obligations under the CTA, if any.

**IN WITNESS WHEREOF**, the undersigned have duly executed this Trust Agreement as of the day and year first above written.

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| | |
|:---|:---|
| CSC DELAWARE TRUST COMPANY <br> as Trustee  | CSC DELAWARE TRUST COMPANY <br> as Trustee  |
| By: | /s/ Gregory Daniels |
|  | Name: Gregory Daniels |
|  | Title: Vice President |
| COINSHARES CO. <br> as Sponsor  | COINSHARES CO. <br> as Sponsor  |
| By: |  |
|  | Name: |
|  | Title: |

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**EXHIBIT A**

**FORM OF CERTIFICATE OF TRUST**

**CERTIFICATE OF TRUST<br> OF<br> COINSHARES XRP ETF**

This Certificate of Trust of CoinShares XRP ETF (the "**Trust**") is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 <u>Del. C.</u> § 3801 <u>et seq</u>.) (the "**Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust formed hereby is CoinShares XRP ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delaware Trustee</u>. The name and business address of the trustee of the Trust in the State of Delaware are CSC Delaware Trust Company, 251 Little Falls Drive, Wilmington, DE 19808.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

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| | |
|:---|:---|
| CSC DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee of the Trust | CSC DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee of the Trust |
| By: |  |
|  | Name: |
|  | Title: |

---

## Exhibit 3.2

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 3.2**

<u>Delaware</u> The First State Page 1

**I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF STATUTORY TRUST REGISTRATION OF "COINSHARES XRP ETF", FILED IN THIS OFFICE ON THE TENTH DAY OF DECEMBER, A.D. 2024, AT 6:47 O'CLOCK P.M.**

---

| | | |
|:---|:---|:---|
|  |  | ![](ex32001.jpg) |
|  |  | **Jeffrey W. Bullock, Secretary of State** |
| 10033008 8100 <br> SR# 20244451228 | ![](ex32002.jpg) | Authentication: 205106214<br> Date: 12-11-24 |

---

You may verify this certificate online at corp.delaware.gov/authver.shtml

**State of Delaware<br> Secretary of State<br> Division of Corporations<br> Delivered 06:47 PM 12/10/2024<br> FILED 06:47 PM 12/10/2024<br> SR 20244451228 - File Number 10033008**<br>

**<u>CERTIFICATE OF TRUST</u>**<br> **<u>OF</u>**<br> **<u>COINSHARES XRP ETF</u>**

THIS Certificate of Trust of CoinShares XRP ETF (the "Trust") is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust formed by this Certificate of Trust is CoinShares XRP ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delaware Trustee</u>. The name and address of the trustee of the Trust having a principal place of business in the State of Delaware is CSC Delaware Trust Company, 251 Little Falls Drive, Wilmington, DE 19808, Attn: Corporate Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned trustee has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

---

| | |
|:---|:---|
| CSC DELAWARE TRUST COMPANY, not in its individual capacity but solely as trustee | CSC DELAWARE TRUST COMPANY, not in its individual capacity but solely as trustee |
| By: | ![](ex32003.jpg) |
| Name: | Gregory Daniels |
| Title: | Vice President |

---

## Exhibit 5.1

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| ![](chapman_001.jpg) | **Morrison Warren**<br> Partner<br>| **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3484<br> warren@chapman.com<br>|

---

October 10, 2025

CoinShares XRP ETF

437 Madison Avenue, 28<sup>th</sup> Floor

New York, NY 10022

Re: <u>CoinShares XRP ETF</u>

Ladies and Gentlemen:

We have acted as counsel to the CoinShares XRP ETF, a Delaware statutory trust (the *"Trust"*), with respect to the filing with the U.S. Securities and Exchange Commission of Amendment No. 2 (the *"Amendment"*) to the Trust's Registration Statement on Form S-1 under the Securities Act of 1933, as amended. The Trust filed the Amendment on or about October 10, 2025, in order to register shares (the *"Shares"*) of beneficial interest of the Trust. The Amendment seeks to register an unlimited number of Shares.

We have examined the Trust's Certificate of Trust; its First Amended and Restated Trust Agreement; a form of Authorized Participant Agreement; its Certificate of Good Standing for the Trust; and such other legal and factual matters as we have considered necessary.

This opinion is based exclusively on the Delaware Statutory Trust Act and the federal securities laws of the United States of America governing the issuance of shares of the Trust and does not extend to the securities or "blue sky" laws of the State of Delaware or other States or to other Federal securities or other laws.

We have assumed the following for purposes of this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The legal capacity of all natural persons, the accuracy and completeness of all documents and records
that we have reviewed, the genuineness of all signatures, the authenticity of the documents submitted to us as originals and the conformity
to authentic original documents of all documents submitted to us as certified, conformed or reproduced copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust's Shares will be issued against consideration therefor as described in the Trust's
prospectus relating thereto.

This opinion relates solely to the registration of Shares of the Trust and not to the registration of any other series or classes of the Trust that have previously been registered.

![](chapman_002.jpg)

---

| |
|:---|
| ![](chapman_001.jpg) |
| October 10, 2025 |
| Page 2 |

---

Based upon the foregoing, it is our opinion that, upon the effectiveness of the Amendment, the Shares of beneficial interest of the Trust, when issued upon the terms and for the consideration described in the Amendment, will be validly issued, fully paid and non-assessable.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the prospectus discussion of this opinion, the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

---

| | |
|:---|:---|
|  | Respectfully submitted, |
| By: | /s/ Chapmand and Cutler LLP |
|  | Chapman and Cutler llp |

---

## Exhibit 8.1

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 8.1**

---

| | |
|:---|:---|
| ![](ex81001.jpg) | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606 |

---

October 10, 2025

CoinShares Co.<br> Attn: Charles Butler<br> 437 Madison Avenue, 28<sup>th</sup> Floor<br> New York, NY 10022

Re: CoinShares XRP ETF

Ladies/Gentlemen:

We have acted as counsel for CoinShares Co., Sponsor of CoinShares XRP ETF, a Delaware statutory trust (the *"Trust"*), in connection with the issuance of Shares of fractional undivided interests in the Trust (the *"Shares"*), under the Declaration of Trust and First Amended and Restated Trust Agreement (the "Trust Agreement"), dated as of October 10, 2025 (the *"Trust Agreement"*) among CoinShares Co, a Delaware corporation, as sponsor (the *"Sponsor)* and CSC Delaware Trust Company (formerly Delaware Trust Company), as trustee (the *"Trustee"*). This opinion applies only to the Trust. Holders of beneficial interests in the Trust are referred to herein as the *"Shareholders."* Any capitalized terms not defined herein have the meaning provided in the Trust Agreement.

**Reliance and Review**

In this connection, we have examined the preliminary prospectus of the Trust related to the Shares (the *"Prospectus"*), the Registration Statement on Form S-1 for the Shares, of which the Prospectus forms a part, the Trust Agreement, and such other instruments and documents, as we have deemed pertinent (the *"Transaction Documents"*). For purposes of this opinion, we are assuming that the relevant parties will at all times operate and be operated in accordance with the Transaction Documents. In addition, we are assuming that each of the assets deposited in the Trust is either XRP or cash required to by the terms of the Trust Agreement to be converted to XRP. Failure the parties to operate at all times in accordance with the Transaction Documents could result in federal and state tax treatment different from that described below.

**Assumptions**

You have informed us, and we are assuming that the assets of the Trust will consist of XRP and cash required to be converted to ether or waiting to be distributed. All of the assets of the Trust constitute the "Trust Assets." We have assumed that the Incidental Rights and IR Assets do not become trust assets. You have not requested us to examine, and accordingly we have not examined, any of the Trust Assets and express no opinion as to the federal or state income tax treatment thereof.

![](image_001.jpg)

October 10, 2025

The Transaction Documents include certain representations by the Sponsor and the Trustee with respect to which we have no independent knowledge and have done no independent investigation. Such representations include, without limitation, that: (i) the Trust will acquire and hold the Trust Assets solely for the account of the Shareholders; (ii) the activities of the Trust will consist of the investment in the Trust Assets, the collection of the income and proceeds from such investments, and the incidental replacement of Trust Assets and temporary borrowing or reinvestment of proceeds under limited and specified circumstances; and (iii) the Trust has not and will not (a) establish an office, (b) hire employees, or (c) conduct any acts not permitted by the Trust Agreement.

**Opinions**

Based upon the foregoing and assuming the accuracy of the aforementioned representations and assumptions on the date hereof, the discussion below as well as continuing satisfaction of such representations and assumptions, and based upon an investigation of such matters of law as we consider to be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) We are of the opinion that, under existing federal income tax law, the Trust is not an association taxable as a corporation for federal income tax purposes but should be classified as a grantor trust and should be governed by the provisions of subpart E of Part I of subchapter J (relating to trusts) of chapter 1, of the Internal Revenue Code of 1986, as amended (the *"Code"*),<sup>1</sup> and treated as an investment trust under Treas. Reg. § 301.7701-4(c) and a widely held investment trust under Treas. Reg. § 1.671-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 671 provides that, where a trust grantor is treated as the owner of any portion of a trust, there shall then be included in computing the taxable income and credits of the grantor those items of income, deductions and credits against tax of the trust which are attributable to that portion of the trust to the extent that such items would be taken into account under the Code in computing taxable income or credits against the tax of an individual. Each Shareholder should be treated as the owner of a pro rata portion of the Trust under Section 676. Therefore, a Shareholder should be considered as owning a pro rata share of each of the Trust Assets in the proportion that the number of Shares held by him or her bears to the total number of Shares outstanding. We are of the opinion that, under existing federal income tax law, (a) under subpart E, subchapter J of chapter 1 of the Code, income of the Trust should be treated as income of each Shareholder in the proportion described above, and an item of Trust income should have the same character in the hands of a Shareholder as it would have if the Shareholder directly owned a pro rata portion of the Trust's assets and (b) each Shareholder should be considered to have received his or her pro rata share of income derived from each Trust asset when such income would be considered to be received by the Shareholder if the Shareholder directly owned a pro rata portion of the Trust's assets.

------

<sup>1</sup> Except where otherwise indicated, references to sections are references to sections of the Code.

![](image_001.jpg)

October 10, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Although the discussion in the Prospectus under the heading "United States Federal Income Tax Consequences" does not purport to discuss all possible United States federal income tax consequences of the purchase, ownership and disposition of Shares, in our opinion, under existing federal income tax law, such discussion, taken as a whole, is an accurate summary in all material respects, to the extent that the discussion constitutes statements of law or legal conclusions with respect to United States federal income tax matters. In this regard, please note that (a) we have not examined any of the Trust Assets and we are therefore unable to express an opinion, and we express no opinion as to the federal income tax treatment thereof and (b) the discussion under "Taxes" depends in part on the facts peculiar to individual Shareholders of which we have made no investigation and have no knowledge.

Our opinion is based on the Code and the regulations promulgated thereunder and other relevant authorities and law, all as in effect on the date hereof. Consequently, future changes in such laws, the regulations promulgated thereunder and other relevant authorities and law may cause the tax treatment of the transaction to be materially different from that described above. This opinion is given as of the date hereof and we undertake no, and hereby disclaim any, obligation to advise you of any change in any matter set forth herein. Our opinion represents only our legal judgment, is not a guarantee of a result and, unlike a tax ruling, is binding neither on the Internal Revenue Service, nor a court of law, and has no official status of any kind. The Internal Revenue Service or a court of law could disagree with the opinion expressed herein. Although we believe that, in a properly presented case, the opinion expressed herein would be found to be correct if challenged, there can be no assurance that this will be the case. In evaluating these tax issues, we have not taken into account the possibility that a tax return will not be audited, that an issue will not be raised on audit, or that an issue will be resolved through settlement if raised.

**Limitations**

This opinion, as qualified herein, covers only the opinions expressly contained herein, and we express no opinion with respect to any other considerations which may arise relating to the transaction, any other taxes or any other matters arising under United States Federal, state, local or foreign law.

![](image_001.jpg)

October 10, 2025

The Committee on Legal Opinions of the American Bar Association promulgated the "Third-Party Legal Opinion Report, including the Legal Opinion Accord," (the *"ABA Guidelines"*) in 1991. Among other things, the ABA Guidelines provide that attorneys should not provide legal opinions as to matters of fact or financial or economic forecasts (or similar predictions). In this regard, matters discussed expressly or implicitly within this letter which are determined to be matters of fact or financial or economic forecasts (or similar predictions) should be interpreted to be a confirmation of our understanding and a statement of our belief rather than a legal opinion, regardless of the language used.

Chapman and Cutler LLP does not and will not impose any limitation on the disclosure of tax treatment or tax structure of any transaction relating to this matter. We hereby consent to the filing with the SEC of this letter as an exhibit to the Registration Statement and the reference to this letter and to us under the heading "United States Federal Income Tax Consequences" in the Prospectus. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933.

---

| |
|:---|
| Sincerely, |
| Chapman and Cutler LLP |

---

PDCarman; H_Martin; MCWarren

## Exhibit 10.1

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.1**

**BITGO**

**CUSTODIAL SERVICES AGREEMENT** 

This BitGo Custodial Services Agreement (this "**Agreement**") is made as of the Effective Date by and between:

---

| | | | |
|:---|:---|:---|:---|
| CoinShares XRP ETF | CoinShares XRP ETF | ("CLIENT") | ("CLIENT") |
| a | Delaware | Delaware | ETF |

---

and Custodian. This Agreement governs Client's use of the Services (as defined below) provided or made available by Custodian to Client.

**Definitions**. Capitalized terms not defined elsewhere in this Agreement shall have the meaning set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) "**Agreement**" means this BitGo Custodial Services Agreement, as it may be amended from
time to time, and includes all schedules and exhibits to this BitGo Custodial Services Agreement, as they may be amended from time to
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) "**Applicable Law**" means any applicable statute, rule, regulation, regulatory guideline,
order, law, ordinance, or code; the common law and laws of equity; any binding court order, judgment, or decree; any applicable industry
code, rule, guideline, policy, or standard enforceable by law (including as a result of participation in a self-regulatory organization);
and any official interpretations of any of the foregoing, including data protection laws such as the applicable data protection and privacy
laws of the European Union and the United Kingdom, including Regulation (EU) 2016/679 (the General Data Protection Regulation) and the
UK Data Protection Act 2018, as may be supplemented or amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) "**Assets**" means, as applicable, Digital Assets and/or Fiat Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) "**Authorized Persons**" means any person authorized by Client or a person reasonably believed
by Custodian to be authorized by Client to act on behalf of Client (e.g., viewer, admin, enterprise owner, viewer with additional video
rights, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the individuals authorized by the Client to act on its behalf (e.g., viewer, admin, enterprise owner,
viewer with additional video rights, etc.), as identified in Schedule B as such list may be updated from time to time by the Client upon
written notice to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) "**Bank**" means either (a) a U.S. banking institution insured by the Federal Deposit Insurance
Corporation (FDIC) or (b) an organization that is organized under the laws of a foreign country, or a territory of the United States that
is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or the country in which its principal
banking operations are located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) "**Client Security Codes**" means IDs, credentials, passwords, login information, hints,
personal identification numbers, non-custodial wallet keys (other than Client Keys), yubikeys, 2-factor authentication devices or backups,
or any other codes that Client uses to access the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) "**Company Site**" means <u>https://www.bitgo.com/</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) "**Custodian**" means BitGo Trust Company, Inc., a South Dakota trust company duly organized
and chartered under § 51A-6A-1(12A) of the South Dakota Banking Law and licensed to act as custodian of Client's Assets on
Client's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) "**Digital Assets**" means digital assets, virtual currencies, tokens, or coins held for
Client under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) "**Effective Date**" means the last signature below unless otherwise specified in this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) "**Fee Schedule**" means the fees associated with the Services set forth in Schedule A
to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) "**Fiat Currency**" means certain supported fiat currencies, such as U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) "**Instructions**" means instructions given by Client or Client's Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) "**Losses**" means, collectively, liabilities, damages, losses, costs, and expenses, including
reasonable attorneys' fees and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) "**Pool**" means the segregated group of Digital Assets held by the Custodian in one or
more Custodial Accounts, with the Digital Assets in each Custodial Account to be recorded separately in the books and records of the Custodian
and kept segregated from the Digital Assets of any other Custodial Account, any other client of the Custodian, or the Custodian's
own assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) "**Services**" means, collectively, all the services that Client receives from Custodian
and its affiliates, including, Custodial Services, Wallet Services, and Settlement Services, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) "**UI**" means the web user interface available to Client through the Company Site that
allows Client to access certain Services.

**1. SERVICES**.

**1.1. Authorization**. Client authorizes, approves, and directs Custodian to establish and maintain one or more custody accounts on its books (each a "**Custodial Account**"), pursuant to the terms of this Agreement, for the receipt, safekeeping, and maintenance of Client's Assets ("**Custodial Services**").

**1.2. Custody Transactions**. The Custodial Services allow Client to deposit Assets to Client's Custodial Account and to withdraw Assets from Client's Custodial Account to an external location, in each case, pursuant to Instructions provided through the UI (each of such transactions is a "**Custody Transaction**") and consistent with the provisions set forth in <u>Section 2</u>. Custodian reserves the right to refuse to process or to cancel any pending Custody Transaction: (a) as required by Applicable Law; (b) to enforce a transaction, threshold, and condition limits; or (c) if Custodian reasonably believes that the Custody Transaction may violate or facilitate the violation of any Applicable Law. Custodian cannot reverse a Custody Transaction which has been broadcast to a Digital Asset network.

**1.3. Third-Party Payments**. The Custodial Services are not intended to facilitate third-party payments of any kind. As such, Custodian has no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any goods or services that Client may purchase from a third party (including other users of Custodial Services) using Assets in Client's Custodial Account.

**1.4. Clearing and Settlement Services**. Custodian may offer clearing and settlement services (the "**Settlement Services**") that facilitate the settlement of transactions of supported Assets between Client and Client's trade counterparty that also has a Custodial Account with Custodian ("**Settlement Partner**") pursuant to the operational terms set forth in <u>Section 2.10</u>.

**1.5. Fees**. Fees and payment terms associated with the Services are set forth in the Fee Schedule. Custodian reserves the right to revise its Fee Schedule at any time following the Initial Term (as defined below), provided that Custodian will provide Client with at least thirty (30) days' advance notice of any such revision. Within such thirty (30)-day period, Client may terminate this Agreement and discontinue the Services hereunder at no additional charge to Client.

**1.6. Taxes**. Client is solely responsible for any taxes applicable to any Custody Transactions, and for withholding, collecting, reporting, or remitting the correct amount of taxes to the appropriate tax authorities. Client's Custody Transactions' history is available by accessing Client's Custodial Account through the UI or by contacting Custodian directly. If Custodian or an affiliate of Custodian has a legal obligation to pay or collect taxes for which Client is responsible, Client will be invoiced for the relevant amount, including any penalties, fines, or interest thereon, and Client will pay that amount promptly upon the receipt of the applicable invoice(s) unless Client provides the Custodian or relevant affiliate of Custodian with a valid tax exemption certificate authorized by the appropriate taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** **Acknowledgement of Risks**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Risks; No Investment, Tax, or Legal Advice; No Brokerage</u>. CLIENT ACKNOWLEDGES THAT CUSTODIAN DOES NOT PROVIDE INVESTMENT, TAX, OR LEGAL ADVICE, NOR DOES CUSTODIAN BROKER TRANSACTIONS ON CLIENT'S BEHALF. CLIENT ACKNOWLEDGES THAT CUSTODIAN HAS NOT PROVIDED AND WILL NOT PROVIDE ANY ADVICE, GUIDANCE, OR RECOMMENDATIONS TO CLIENT WITH REGARD TO THE SUITABILITY OR VALUE OF ANY ASSETS, AND THAT CUSTODIAN HAS NO LIABILITY REGARDING ANY SELECTION OF A DIGITAL ASSET OR OTHERWISE THAT IS HELD BY CLIENT THROUGH CLIENT'S CUSTODIAL ACCOUNT AND THE CUSTODIAL SERVICES OR OTHER SERVICES. ALL CUSTODY TRANSACTIONS ARE EXECUTED BASED ON INSTRUCTIONS, AND CLIENT IS SOLELY RESPONSIBLE FOR DETERMINING WHETHER ANY INVESTMENT, INVESTMENT STRATEGY, OR RELATED TRANSACTION INVOLVING CLIENT'S ASSETS IS APPROPRIATE FOR CLIENT BASED ON CLIENT'S INVESTMENT OBJECTIVES, FINANCIAL CIRCUMSTANCES, AND RISK TOLERANCE. CLIENT SHOULD SEEK LEGAL AND PROFESSIONAL TAX ADVICE REGARDING ANY TRANSACTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Material Risk in Investing in Digital Assets</u>. CLIENT ACKNOWLEDGES THAT: (i) DIGITAL ASSETS ARE NOT LEGAL TENDER, ARE NOT BACKED BY THE U.S. GOVERNMENT, AND ACCOUNTS AND VALUE BALANCES ARE NOT SUBJECT TO FEDERAL DEPOSIT INSURANCE CORPORATION OR SECURITIES INVESTOR PROTECTIONS; (ii) LEGISLATIVE AND REGULATORY CHANGES OR ACTIONS AT THE STATE, FEDERAL, OR INTERNATIONAL LEVEL MAY ADVERSELY AFFECT THE USE, TRANSFER, EXCHANGE, AND VALUE OF DIGITAL ASSETS; (iii) TRANSACTIONS INVOLVING DIGITAL ASSETS MAY BE IRREVERSIBLE, AND, ACCORDINGLY, LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE RECOVERABLE; (iv) SOME DIGITAL ASSETS TRANSACTIONS SHALL BE DEEMED TO BE MADE WHEN RECORDED ON A PUBLIC LEDGER, WHICH IS NOT NECESSARILY THE DATE OR TIME THAT CLIENT INITIATES THE TRANSACTION; (v) THE VALUE OF DIGITAL ASSETS MAY BE DERIVED FROM THE CONTINUED WILLINGNESS OF MARKET PARTICIPANTS TO EXCHANGE FIAT CURRENCY FOR DIGITAL ASSETS, WHICH MAY RESULT IN THE POTENTIAL FOR PERMANENT AND TOTAL LOSS OF VALUE OF A PARTICULAR DIGITAL ASSET SHOULD THE MARKET FOR THAT DIGITAL ASSET DISAPPEAR; (vi) THERE IS NO ASSURANCE THAT A PERSON WHO ACCEPTS DIGITAL ASSETS AS PAYMENT TODAY WILL CONTINUE TO DO SO IN THE FUTURE; (vii) THE VOLATILITY AND UNPREDICTABILITY OF THE PRICE OF DIGITAL ASSETS RELATIVE TO FIAT CURRENCY MAY RESULT IN SIGNIFICANT LOSS OVER A SHORT PERIOD OF TIME; (viii) THE NATURE OF DIGITAL ASSETS MAY LEAD TO AN INCREASED RISK OF FRAUD OR CYBER ATTACK; (ix) THE NATURE OF DIGITAL ASSETS MEANS THAT ANY TECHNOLOGICAL DIFFICULTIES EXPERIENCED BY CUSTODIAN MAY PREVENT THE ACCESS OR USE OF A CLIENT'S OR CLIENT'S CUSTOMERS' DIGITAL ASSETS; AND (x) ANY ACCOUNT MAINTAINED BY CUSTODIAN FOR THE BENEFIT OF CLIENT (E.G., A BOND OR TRUST ACCOUNT) MAY NOT BE SUFFICIENT TO COVER ALL LOSSES INCURRED BY CLIENT OR CLIENT'S CUSTOMERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Client Acknowledgment</u>. CLIENT ACKNOWLEDGES THAT USING DIGITAL ASSETS AND ANY RELATED NETWORKS AND PROTOCOLS INVOLVES SERIOUS RISKS. CLIENT AGREES THAT IT HAS READ AND ACCEPTS THE RISKS LISTED IN THIS <u>SECTION 1.9</u>, WHICH IS NON-EXHAUSTIVE AND WHICH MAY NOT CAPTURE ALL RISKS ASSOCIATED WITH CLIENT'S ACTIVITY. IT IS CLIENT'S DUTY TO LEARN ABOUT ALL THE RISKS INVOLVED WITH DIGITAL ASSETS AND ANY RELATED PROTOCOLS AND NETWORKS. CUSTODIAN MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE VALUE OF DIGITAL ASSETS OR THE SECURITY OR PERFORMANCE OF ANY RELATED NETWORK OR PROTOCOL.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **OPERATIONAL TERMS** 

**2.1. General**. The Digital Assets stored in Client's Custodial Account are segregated from both the (a) property of Custodian, and (b) the Assets of other customers of Custodian, except for Digital Assets specifically moved into shared accounts by Client. Fiat Currency stored on Client's behalf is stored by Custodian in accordance with <u>Section 2.4</u>.

2.2 **Registration; Authorized Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) To create a Custodial Account and use the Custodial Services, Client must provide Custodian with all information requested. Based on the information provided (or not provided), Custodian may, in its sole discretion, refuse to allow Client to establish a Custodial Account, limit the number of Custodial Accounts, or decide to subsequently terminate a Custodial Account.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client will maintain an updated and current list of Authorized Persons at all times on the UI and will immediately notify Custodian of any changes to the list of Authorized Persons by updating the list on the UI. Client shall make available all necessary documentation and identification information, as reasonably requested by Custodian to confirm: (i) the identity of each Authorized Person; (ii) that each Authorized Person is eligible to be deemed an "Authorized Person" as defined in this Agreement; and (iii) the person requesting the changes in the list of Authorized Persons has valid authority to request changes on behalf of Client.

2.3 **Instructions.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian acts upon Instructions that are received and verified by Custodian in accordance with its procedures and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Instructions will be required for any action requested of Custodian. Instructions shall continue in full force and effect until canceled by Client (if possible) or executed.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian shall be entitled to rely upon any Instructions it receives pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Custodian may assume that any Instructions received hereunder, if applicable, are not in any way inconsistent with the provisions of organizational documents of Client or of any vote, resolution, or proper authorization, and that Client is authorized to take the actions specified in the Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Client shall verify all information submitted in Instructions to Custodian. Custodian shall have no duty to inquire into or investigate the validity, accuracy, or content of any Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Custodian undertakes to cooperate fully and in good faith to ensure the proper and timely execution of all Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Instructions are ambiguous, incomplete, or conflicting, Custodian may refuse to execute such Instructions until any ambiguity, incompleteness, or conflict has been resolved. Custodian may refuse to execute Instructions if, in its sole opinion, such Instructions are outside the scope of its duties under this Agreement or are contrary to any Applicable Law. The Custodian will use commercially reasonable efforts to inform the Client of any refusal to execute an Instruction and, to the extent permissible under Applicable Law, shall provide an explanation without undue delay.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Client is responsible for any Losses resulting from inaccurate Instructions (e.g., if Client provides the wrong destination address for executing a withdrawal transaction). Custodian does not guarantee the identity of any user, receiver, requestee, or other party to a Custody Transaction. Custodian shall have no liability whatsoever for failure to perform pursuant to such Instructions except in the case of Custodian's gross negligence, fraud, or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Custodian shall be responsible for any Losses arising from the alteration, corruption, or misexecution of Instructions resulting from technical malfunctions, system errors, cybersecurity incidents, or any other acts or omissions attributable to the Custodian or its subcontractors. In such cases, the Custodian shall promptly inform the Client, cooperate in good faith to mitigate any damage, and, subject to the terms of Section 9 of this Agreement, indemnify the Client for any direct Losses incurred as a result.

2.4 **Fiat Currency**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) As part of Custodial Services, Client may use Custodian to hold Fiat Currency in a Custodial Account for Client's benefit. Custodian will custody Fiat Currency in one or more of the following "**Customer Omnibus Accounts**", as determined by Custodian: (i) deposit accounts established by Custodian at a Bank; (ii) money market accounts established by Custodian at a Bank; or (iii) such other accounts as may be agreed between Client and Custodian in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Customer Omnibus Account shall be titled in the name of Custodian or in the name of Custodian for the benefit of its customers, in either case under the control of Custodian. Each Customer Omnibus Account shall be maintained separately and segregated from the Custodian's business, operating, and reserve accounts. Each Customer Omnibus Account constitutes a banking relationship between Custodian and the relevant Bank and shall not constitute a custodial relationship between Client and Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian may hold some or any portion of Fiat Currency in accounts that may or may not receive interest or other earnings. Client agrees that the amount of any such interest or earnings attributable to such Fiat Currency in Customer Omnibus Accounts shall be retained by Custodian as additional consideration for its services under this Agreement, and nothing in this Agreement entitles Client to any portion of such interest or earnings. In addition, Custodian may receive earnings or compensation for a Customer Omnibus Account in the form of services provided at a reduced rate or similar compensation. Any such compensation shall be retained by Custodian, Client is not entitled to any portion of such compensation, and no portion of any such compensation shall be paid to or for Client. Client's rights in the Customer Omnibus Accounts are limited to the specific amount of Fiat Currency Custodian custodies on Client's behalf, as may be limited under this Agreement and by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Client agrees and understands that wire deposit settlement times and wire withdrawal transfer times are subject to factors outside of Custodian's control, including processes and operations related to Client's account at a depository institution and Custodian's bank account.

2.5 **Digital Asset Deposits and Withdrawals.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to initiating a deposit of Digital Assets to Custodian, Client must confirm that the specific Digital Asset is found in the then-current list available at <u>https://www.bitgo.com/resources/coins</u>, as may be amended from time to time in Custodian's sole discretion (the "**Supported Digital Assets List**"). By initiating a deposit of Digital Assets to a Custodial Account, Client attests that Client has confirmed that the Digital Asset being transferred is listed in the Supported Digital Assets List.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client must initiate any withdrawal request through Client's Custodial Account to a Client wallet address. Custodian will process withdrawal requests with or without video verification, such decision to be based on a set of criteria (which may or may not be linked to a dollar value and may or may not be tied to a single transaction or aggregated in a series of transactions during a predetermined amount of time) set by you on the UI. The time of such a request shall be considered the time of transmission of such notice from Client's Custodial Account. Notwithstanding the foregoing, Custodian reserves the right to request video verification for any transaction or series of transactions for any reason in its sole discretion. The initiation of a twenty-four (24)-hour time period in <u>Section 2.6</u> to process the withdrawal request shall be considered at the time at which Client completes any required video verification.

&nbsp;&nbsp;&nbsp;&nbsp;(c) As further set forth in <u>Section 3.4</u>, Client must manage and keep secure any and all information or devices associated with deposit and withdrawal procedures, including Client Security Codes. Custodian reserves the right to charge for pass through network fees (e.g. miner fees) to process a Custody Transaction involving Digital Assets on Client's behalf. Custodian will notify Client of the estimated network fee at or before the time Client authorizes such Custodial Transaction.

2.6 **Digital Asset Access Time.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian endeavors to process any request to withdraw Digital Assets promptly. Custodian may, however, require up to twelve (12) hours (excluding weekends and US federal holidays) between any request to withdraw Digital Assets from Client's Custodial Account and submission of Client's withdrawal to the applicable Digital Asset network.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Custodian reserves the right to take additional time beyond the twelve (12)-hour period if such time is required to verify security processes for large or suspicious transactions. Any such processes will be executed reasonably and in accordance with Custodian documented protocols, which may change from time to time at the sole discretion of Custodian. In the event of significant delays, Client may contact Custodian at <u>support@bitgo.com</u> or contact Client's assigned Customer Success Manager and Custodian will provide reasonable updates.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian makes no representations or warranties with respect to the availability or accessibility of the Digital Assets. Custodian will make reasonable efforts to ensure that Client initiated deposits are processed in a timely manner, but Custodian makes no representations or warranties regarding the amount of time needed to complete processing of deposits which is dependent upon factors outside of Custodian's control.

2.7 **Supported Digital Assets**. The Custodial Services are available only in connection with Digital Assets available in the Supported Digital Assets List, as may be amended from time to time in Custodian's sole discretion. Custodian shall provide Client with ten (10) days' prior written notice before ceasing to support a Digital Asset in Client's Custodial Account, unless Custodian is required to cease such support sooner to comply with Applicable Law or in the event such support creates an urgent security or operational risk in Custodian's reasonable discretion (in which event Custodian will provide as much notice as is practicable under the circumstances). Under no circumstances should Client attempt to use the Custodial Services to deposit or store any Digital Assets that are not listed in the Supported Digital Assets List. Depositing, or attempting to deposit, Digital Assets that are not listed in the Supported Digital Assets List will result in such Digital Asset being irretrievable by Client and Custodian. Custodian assumes no obligation or liability whatsoever regarding any attempt to use the Custodial Services for Digital Assets that are not listed in the Supported Digital Assets List.

2.8 **Operation of Digital Asset Protocols.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian does not own or control the underlying software protocols that govern the operation of Digital Assets on the Supported Digital Assets List. By using the Custodial Services, Client acknowledges and agrees that (i) Custodian is not responsible for operation of the underlying protocols and that Custodian makes no guarantee of their functionality, security, or availability; and (ii) the underlying protocols are subject to sudden changes in operating rules (a.k.a. "forks"); and (iii) that such forks may materially affect the value, function, or even the name of the Digital Assets that Client stores in Client's Custodial Account. In the event of a fork, Client agrees that Custodian may temporarily suspend Custodian operations with respect to the affected Digital Assets (with or without advance notice to Client) and that Custodian may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the forked protocol entirely. Custodian assumes absolutely no liability whatsoever in respect of an unsupported branch of a forked protocol or its determination whether or not to support a forked protocol.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client agrees that all "airdrops" (free distributions of certain Digital Assets) and forks will be handled by Custodian pursuant to its fork policy (the "**Fork Policy**") (currently available at <u>www.bitgo.com/resources/bitgo-fork-policy</u>). Client acknowledges that Custodian is under no obligation to support any airdrops, side chains, forks, or other derivative, enhanced protocol, token, or coins which interact with a Digital Asset supported by Custodian (collectively, "**Advanced Protocols**") or handle such Advanced Protocols in any manner, except as detailed above and in the Fork Policy. Custodian, at its sole discretion, may update the Fork Policy from time to time or the URL at which it is available. Custodian will notify Client of any update in its Fork Policy. Client shall not use its Custodial Account to attempt to receive, request, send, store, or engage in any other type of transaction involving an Advanced Protocol. Custodian assumes absolutely no liability whatsoever in respect to Advanced Protocols.

2.9 **Account Statements.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian will provide Client with an electronic account statement every calendar quarter. Each statement will be provided via the UI and notice of its posting will be sent via electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client will have forty-five (45) days to file any written objections or exceptions with Custodian after the posting of a Custodial Account statement online. If Client does not file any objections or exceptions within the forty-five (45)-day period, this shall indicate Client's approval of the statement and will preclude Client from making future objections or exceptions regarding the information contained in the statement. Such approval by Client shall be full acquittal and discharge of Custodian regarding the transactions and information on such statement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To value Digital Assets held in Client's Custodial Account, the Custodian will electronically obtain USD equivalent prices from digital asset market data with amounts rounded up to the seventh decimal place to the right. Custodian does not guarantee the accuracy or timeliness of prices received and the prices are not to be relied upon for any decisions for Client's Custodial Account.

2.10 **Settlement**

&nbsp;&nbsp;&nbsp;&nbsp; (a) Client acknowledges that the Settlement Service is an API product complemented by an UI. Clients may utilize the Settlement Services by way of settlement of one-sided requests with counterparty affirmation or one-sided requests with instant settlement; and two-sided requests with reconciliation. Client understands that Assets available for use within the Settlement Services may not include all of Client's Assets held under custody. For the avoidance of doubt, use of the UI is subject to the Online Terms.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Settlement Services allow Client to submit, through the UI, a request to settle a purchase or sale of Assets with a Settlement Partner. Client authorizes Custodian to accept Client's cryptographic signature submitted through the UI. When a cryptographic signature is received through the UI along with the settlement transaction details, Client is authorizing Custodian to act on the Instruction to settle such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A one-sided request with counterparty affirmation requires Client to submit a request, including its own cryptographic signature on the trade details, via UI calls. Custodian will notify the Settlement Partner and lock funds of both parties while waiting for the Settlement Partner to affirm the request. Custodian will settle the trade immediately upon affirmation and the locked funds will be released.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A one-sided request with instant settlement requires one side of the trade to submit a request, including cryptographic signatures of both parties to the trade via UI calls. Custodian will settle the trade immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A two-sided request with reconciliation requires that both Client and Settlement Partner submit requests via UI calls, with each party providing their own cryptographic signatures. Custodian will reconcile the trades and settle immediately upon successful reconciliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. In any one-sided or two-sided request, the Settlement Partner must be identified and selected by Client prior to submitting a settlement request. Client may submit a balance inquiry through the UI to verify that Settlement Partner has a sufficient balance of Assets to be transacted before the parties execute a transaction. This balance inquiry function is to be used only for the purpose of executing a trade transaction to ensure the Settlement Partner has sufficient Assets to settle the transaction. Client expressly authorizes and consents to Custodian providing access to such information to Client's Settlement Partner in order to facilitate the settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Client and Settlement Partner's Custodial Accounts must have sufficient Assets prior to initiating any settlement request. The full amount of Assets required to fulfill a transaction are locked until such Instruction has been completed. All Instructions are binding on Client and Client's Custodial Account. Custodian does not guarantee that any settlement will be completed by any Settlement Partner. Client may not be able to withdraw an Instruction in the form of an offer (or withdraw its Instruction to accept an offer) prior to completion of a settlement and Custodian shall not be liable for the completion of any Instruction after a cancellation request has been submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Client shall ensure that only an appropriate Authorized Person of its Custodial Account has access to the Client Security Codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Client is solely responsible for any decision to enter into a settlement by way of the Settlement Services, including the evaluation of any and all risks related to any such transaction and has not relied on any statement or other representation of Custodian. Custodian is a facilitator and not a counterparty to any settlement; and, as a facilitator, Custodian bears no liability with respect to any transaction and does not assume any clearing risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Any notifications that Client may receive regarding the Settlement Services are Client's responsibility to review in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon execution of the settlement, the UI provides Client a summary of the terms of the transaction, including: the type of Digital Asset purchased or sold; the delivery time; and the purchase or sale price. Settlement of a transaction is completed in an off-chain trading account by way of offsetting journal transactions within Custodian's off-chain settlement system. On-chain synchronization occurs at the time the withdrawal from Client's trading account takes place (other than through a subsequent Settlement Services transaction).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Custodian reserves the right to refuse to settle any transaction, or any portion of any transaction, presents a risk of contravening Applicable Laws, security concerns, or technical issues. Custodian bears no responsibility if an Instruction was placed or was active during any time the Settlement Services system is unavailable or encounters an error; or, if any such Instruction triggers certain regulatory controls.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Custodian may charge additional fees for the Settlement Services furnished to Client as indicated in the Fee Schedule and any amendments to the Fee Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Clearing and settlement transactions are subject to Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **USE OF SERVICES**.

**3.1 Company Site and Content**. Custodian grants Client a limited, nonexclusive, non-transferable, revocable, royalty-free license, subject to the terms of this Agreement, to access and use the Company Site and related content, materials, and information (collectively, the "**Content**") solely for using the Services in accordance with this Agreement. Any other use of the Company Site or Content is expressly prohibited and all other right, title, and interest in the Company Site or Content is exclusively the property of Custodian, its affiliates and its licensors. Client shall not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit the Company Site or any of the Content, in whole or in part without Custodian's or its affiliates' prior written consent. "www.bitgo.com," "BitGo," "BitGo Custody," and all logos related to the Services or displayed on the Company Site are either trademarks or registered marks of Custodian, its affiliates or its licensors. Client may not copy, imitate, or use them without Custodian's prior written consent in each instance**.**

**3.2 Website Accuracy**. Although Custodian intends to provide accurate and timely information on the Company Site, the Company Site (including the Content, but excluding any portions thereof that are explicitly described in this Agreement) may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide Client with as complete and accurate information as possible, such information may be changed or updated from time to time without notice, including information regarding Custodian policies, products and services. Accordingly, Client should verify all information before relying on it, and all decisions based on information contained on the Company Site are Client's sole responsibility and Custodian shall have no liability for such decisions. Links to third-party materials (including websites) may be provided as a convenience but are not controlled by Custodian. Custodian is not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third-party sites accessible from or linked to the Company Site.

**3.3 Prohibited Use**. Custodian may monitor use of the Services and the resulting information may be used, reviewed, retained, and disclosed by Custodian in aggregated and non-identifiable forms for its legitimate business purposes or in accordance with Applicable Law. Client will not, directly or indirectly: (a) use the Services to upload, store or transmit any content that is infringing, libelous, unlawful, tortious, violate privacy rights, or that includes any viruses, software routines, or other code designed to permit unauthorized access, disable, erase, or otherwise harm software, hardware, or data; (b) engage in any activity that interferes with, disrupts, damages, or accesses in an unauthorized manner the Services, servers, networks, data, or other properties of Custodian or of its suppliers or licensors; (c) develop, distribute, or make available a Developer Application in any way in furtherance of criminal, fraudulent, or other unlawful activity; (d) use the Services, for the benefit of anyone other than Client or end customer of any Developer Application; (e) sell, resell, license, sublicense, distribute, rent, or lease any Services, or include any Services in a services bureau or outsourcing offering; (f) circumvents a contractual usage limit; (g) obscure, remove, or destroy any copyright notices, proprietary markings or confidential legends provided with the Services; (h) use the Services to build a competitive product or service; (i) distribute a Developer Application in source code form in a manner that would disclose the source code of the Services; (j) reverse engineer, decrypt, decompile, decode, disassemble, or otherwise attempt to obtain the human readable form of the Services, to the extent such restriction is permitted by Applicable Law; or (k) engage in any of the prohibited practices set forth at <u>https://www.bitgo.com/bitgo-prohibited-uses-and-businesses-terms/</u>, as may be amended by Custodian from time to time in Custodian's sole discretion (collectively, the "**Prohibited Practices**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Security; Client Responsibilities**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Client shall maintain adequate security and control of all Client Keys and Client Security Codes. Any loss or compromise of the foregoing information or Client's personal information may result in unauthorized access to Client's Custodial Account by third parties and the loss or theft of Assets. Client shall keep Client's email address and telephone number up to date in Client's profile to receive notices, alerts, and other communications from Custodian. Custodian assumes no responsibility for any loss that Client may sustain due to compromise of Client Security Codes due to no fault of Custodian or Client's failure to follow or act on any notices or alerts that Custodian may send to Client.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client will ensure that all Authorized Persons are adequately trained to safely and securely access the Services, including with respect to general security principles regarding Client Keys, Client Security Codes, and Client's personnel.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Client acknowledges that granting permission to a third party or non-permissioned user to take specific actions on Client's behalf does not relieve Client of any of Client's responsibilities under this Agreement and may violate the terms of this Agreement. Client is fully responsible for all activities taken on Client's Custodial Account (including acts or omissions of any third party or non-permissioned user with access to Client's Custodial Account).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Custodian, shall not bear any liability whatsoever for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms, or other malware that may affect Client's computer or other equipment, or any phishing, spoofing, or other attack, unless such damage or interruption directly resulted from Custodian's default, gross negligence, fraud, or willful misconduct. Client should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks, and Client should use care in reviewing messages purporting to originate from Custodian. Client should always log into Client's Custodial Account through the UI to review any Custody Transactions or required actions if Client has any uncertainty regarding the authenticity of any communication or notice.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event Client believes Client's Custodial Account information has been compromised, Client shall immediately notify Custodian by contacting Custodian at <u>security@bitgo.com</u> from the email address associated with Client's Custodial Account. Client will provide Custodian with all relevant information Custodian reasonably requests to assess the security of the Assets and Custodial Accounts.

**3.5 Service Providers**. Services may be provided from time to time by, through or with the assistance of affiliates of, or vendors to, Custodian, including BitGo Inc. (collectively, "**Service Providers**"). Custodian shall remain liable for its obligations under this Agreement in the event of any breach of this Agreement caused by such Service Provider.

**3.6 Independent Verification**. If Client is subject to Rule 206(4)-2 under the Investment Advisers Act of 1940, Custodian shall, upon written request, provide Client's authorized independent public accountant confirmation of, or access to, information sufficient to confirm (a) Client's Digital Assets as of the date of an examination conducted pursuant to Rule 206(4)-2(a)(4), and (b) Client's Digital Assets are held either in a separate account under Client's name or in accounts under Client's name as an agent or trustee for Client's customers.

**4. TERM; TERMINATION**.

**4.1. Initial Term; Renewal Term**. This Agreement will commence on the Effective Date and will continue for one (1) year, unless earlier terminated in accordance with the terms of this Agreement (the "**Initial Term**"). After the Initial Term, this Agreement will automatically renew for successive one (1)-year periods (each, a "**Renewal Term**"), unless either party notifies the other party of its intention not to renew at least sixty (60) days prior to the expiration of the then-current Term. "**Term**" means the Initial Term and any Renewal Terms.

**4.2. Termination for Breach**. Either party may terminate this Agreement if the other party breaches a material term of this Agreement and fails to cure such breach within thirty (30) calendar days following written notice thereof.

**4.3. Suspension, Termination, or Cancellation by Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian may suspend or restrict Client's access to the Custodial Services or deactivate, terminate, or cancel Client's Custodial Account if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Custodian reasonably suspects Client of using Client's Custodial Account in connection with a Prohibited Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Custodian is so required by Applicable Law, including a facially valid subpoena, court order, or binding order of a government authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Custodian perceives a risk of legal or regulatory non-compliance associated with Client's Custodial Account activity or the provision of the Custodial Account to Client by Custodian (including any risk perceived by Custodian in the review of any materials, documents, information, statements, or related materials provided by Client after execution of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A Service Provider is unable to support Client's use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Client takes any action that Custodian deems as circumventing Custodian's controls, including opening multiple Custodial Accounts, abusing promotions which Custodian may offer from time to time, or otherwise misrepresenting any information set forth in Client's Custodial Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Client fails to fund its Custodial Account to the "Minimum Account Balance" as indicated in the Fee Schedule within one hundred and eighty (180) days of Custodial Account opening.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If Custodian suspends or restricts Client's access to the Custodial Services or deactivates, terminates or cancels Client's Custodial Account for any reason, Custodian will provide Client with notice of Custodian's actions via email unless prohibited by Applicable Law. Custodian's decision to take certain actions, including limiting access to, suspending, or closing Client's Custodial Account, may be based on confidential criteria that are essential to Custodian's compliance, risk management, or security protocols. Custodian is under no obligation to disclose the details of any of its internal risk management and security procedures to Client.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If Custodian terminates Client's Custodial Account, this Agreement will automatically terminate on the later of (i) the effective date of such cancellation or (ii) the date on which all of Client's Assets have been withdrawn.

**4.4. Early Termination**. Client may terminate this Agreement before the end of the Term if Client: (a) provides Custodian at least thirty (30) days prior written notice of Client's intent to exercise its termination right under this <u>Section 4.4</u>, (b) pays all outstanding amounts due under this Agreement through the date of termination, and (c) pays a one-time early termination fee equal to the highest monthly fees due, excluding any Onboarding Fee, for any month of Services before such notice multiplied by the number of months remaining in the applicable Initial Term or Renewal Term, including partial months (the "**Early Termination Fee**"). Such termination will not be deemed effective unless and until (i) Client removes all Assets from Custodial Accounts and Wallet Services, and (ii) Custodian receives such Early Termination Fee, which Client understands and acknowledges will not be deemed a penalty, but a figure reasonably calculated to reflect remaining payment due to Custodian in return for Client's term commitment. Client may not cancel the Services before the expiration of the then current Term, except as specified in this Agreement.

**4.5. Effect of Termination**. On termination of this Agreement, Client will: (a) withdraw all Assets associated with Client's Custodial Accounts within ninety (90) days, unless such withdrawal is prohibited by Applicable Law (including applicable sanctions programs or a facially valid subpoena, court order, or binding order of a government authority); (b) pay all fees owed or accrued to Custodian through the date of Client's withdrawal of funds, which may include any applicable Early Termination Fee; and (c) authorize Custodian to cancel or suspend any pending Custody Transactions as of the effective date of termination. The definitions set forth in this Agreement and <u>Sections 1.9</u>, <u>3.1</u>, <u>3.2</u>, <u>4.5</u>, <u>6.1</u>, <u>7 - 10</u> as well as any other provision that, in order to give proper effect to its intent, should survive such termination, will survive the termination of this Agreement.

**5. CUSTODIAN OBLIGATIONS**.

**5.1. Insurance**. Custodian will obtain or maintain insurance coverage in such types and amounts as are commercially reasonable for the Custodial Services provided hereunder. Client acknowledges that any insurance to protect the Digital Assets will apply to Custodial Services only (where all keys are held by Custodian) and not Wallet Services for non-custodial accounts (where one or more keys are held by Client or its designee).

**5.2. Standard of Care**. Subject to the terms of this Agreement, Custodian shall not be responsible for any loss or damage suffered by Client as a result of Custodian performing its obligations, unless the same results from an act of gross negligence, fraud, or willful misconduct on the part of Custodian. Custodian shall not be responsible for the title, validity, or genuineness of any of the Assets (or any evidence of title thereto) received or delivered by it pursuant to this Agreement.

**5.3. Business Continuity Plan**. Custodian has established a business continuity plan that will support its ability to conduct business in the event of a significant business disruption ("**SBD**"). This plan is reviewed and updated annually, and may be updated more frequently, if deemed necessary by Custodian in its sole discretion. Should Custodian be impacted by an SBD, Custodian aims to minimize business interruption as quickly and efficiently as possible. To receive more information about Custodian's business continuity plan, please send a written request to <u>security@bitgo.com</u>.

**5.4. Support and Service Level Agreement.** Custodian will use commercially reasonable efforts to: (a) provide reasonable technical support to Client, by email or telephone, during Custodian's normal business hours (9:30 AM to 6 PM ET); (b) respond to support requests in a timely manner; (c) resolve such issues by providing updates or workarounds to Client (to the extent reasonably possible and practical), consistent with the severity level of the issues identified in such requests and their impact on Client's business operations; (d) abide by the terms of the Service Level Agreement ("SLA") currently made available at <u>https://www.bitgo.com/resources/bitgo-service-level-agreement</u> (as SLA or the URL at which it is made available may be amended from time to time) provided that (i) upon Client subscribing to status.bitgo.com, Client will be notified of any scheduled maintenance that may affect service availability at least ten (10) business days in advance; and (ii) exclusions to service levels shall be limited to those events expressly identified in the SLA. In the event of any inconsistency between the SLA and this Agreement, the terms of this Agreement shall prevail; and (e) make Custodial Accounts available via the internet twenty-four (24) hours a day, seven (7) days a week.

**5.5.** Custodian's responsibilities: Segregation of Digital Assets

The Custodian will be responsible for the safekeeping of the Digital Assets on the terms and conditions of this Agreement. In particular, the Custodian will:

● segregate the Digital Assets stored in the Custodial Account applicable to each Pool from any Digital Assets stored which the Custodian owns or holds for each other Pool, by making appropriate entries in its books and records including, but not limited to, assigning a separate public wallet address for each Digital Asset held for each Pool;

● hold the Digital Assets in safe custody in the Custodial Accounts at all times, and shall not independently create, or permit to exist, any encumbrance of any nature in respect of the Custodial Accounts, other than as permitted pursuant to this Custody Agreement;

● label or otherwise appropriately identify the Digital Assets by a unique reference number applicable to each Pool as being held for the Company and that Pool;

● hold the Digital Assets on a non-fungible basis;

● not commingle the Digital Assets held for any Pool with any other Digital Assets held by the Custodian for its own account or for any other account;

● not, without the prior written consent of the Client, deposit or hold the Digital Assets with any third-party depository, custodian, clearance system or wallet; and

● keep the private keys secure and will not disclose such keys to any third party, except as permitted by this Agreement or required by Applicable Law.

**5.6.** Custodian's responsibilities: Attachment

The Custodian shall use reasonable efforts to provide commercially reasonable notice to Client of the occurrence of any request, consent, writ, order or claim pertaining to the attachment, freeze, or seizure of Digital Assets (unless such notice is prohibited by law).

**5.7.** Custodian's responsibilities: Ownership of Digital Assets

The Custodian shall record in its books and records that the Digital Assets belong to the Company and that the Digital Asset applicable to each Pool is held for the account of the Client for that Pool. The Custodian shall maintain such books and records (which may be electronic) as are necessary to provide a complete record of all Digital Assets held in the Custodial Accounts, including transfers to and from each wallet address and all Instructions received from the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **CONFIDENTIALITY, PRIVACY, DATA SECURITY**.

**6.1. Confidentiality.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement, "**Confidential Information**" means any non-public, confidential or proprietary information of a party ("**Discloser**") including information relating to Discloser's business operations or business relationships, financial information, pricing information, business plans, customer lists, data, records, reports, trade secrets, software, formulas, inventions, techniques, and strategies. Confidential Information includes all documents and other tangible objects containing or representing Confidential Information and all copies or extracts thereof or notes derived therefrom that are in the possession or control of the party receiving Confidential Information ("**Recipient**") and all of the foregoing shall be and remain the property of the Discloser. For clarity, the existence and the terms of this Agreement shall be deemed the Confidential Information of each party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recipient will not disclose the Discloser's Confidential Information to any unrelated third party without the prior written consent of the Discloser, except as provided in subsection (c) below and has policies and procedures reasonably designed to create information barriers with respect to such party's officers, directors, agents, employees, affiliates, consultants, contractors, and professional advisors. Recipient will protect such Confidential Information from unauthorized access, use, and disclosure. Recipient shall not use Discloser's Confidential Information for any purpose other than to perform its obligations or exercise its rights under this Agreement. For the purposes of this <u>Section 6.1</u>, no affiliate of Custodian shall be considered a third party and Custodian may share Client's Confidential Information with its affiliates in connection with the Services; provided that Custodian causes each such affiliate to undertake the obligations in this <u>Section 6.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations under Section 6.1(b) shall not apply to any (i) information that is or becomes generally publicly available through no fault of Recipient, (ii) information that Recipient obtains from a third party (other than in connection with this Agreement) that, to Recipient's best knowledge, is not bound by confidentiality obligations prohibiting such disclosure; or (iii) information that is independently developed or acquired by Recipient without the use of or reference to the Discloser's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, Recipient may disclose the Confidential Information of Discloser to the extent required under Applicable Law; provided, however, Recipient shall first notify Discloser (to the extent legally permissible) and shall afford Discloser a reasonable opportunity to seek a protective order or other confidential treatment.

&nbsp;&nbsp;&nbsp;&nbsp;(e) At Discloser's request or on termination of this Agreement (whichever is earlier), Recipient shall return or destroy all Confidential Information; provided, however, Recipient may retain one copy of Confidential Information (i) if required by Applicable Law, or (ii) pursuant to a bona fide and consistently applied document retention policy; provided, further, that in either case, any Confidential Information so retained shall remain subject to the confidentiality obligations of this Agreement.

**6.2. Privacy**. Client acknowledges that Client has read the BitGo Privacy Notice, available at <u>https://www.bitgo.com/privacy</u>, which identifies how BitGo collects, uses, and discloses, on a limited basis, Client's information.

**6.3. Security**. Custodian has implemented and will maintain a reasonable information security program that includes policies and procedures that are reasonably designed to safeguard Custodian's electronic systems and Client's Confidential Information from, among other things, unauthorized disclosure, access, or misuse, including, by Custodian and its affiliates. In the event of a data security incident, Custodian will provide all notices required under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **REPRESENTATIONS, WARRANTIES, AND COVENANTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **By Client**. Client represents, warrants, and covenants to Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Client fully complies with all Applicable Law in each jurisdiction in which Client operates, including
applicable securities and commodities laws and regulations, efforts to fight the funding of terrorism and money laundering, sanctions
regimes, licensing requirements, and all related regulations and requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent Client receives Assets from third-parties, the receipt of said Assets is based on lawful activity. Client shall have conducted and satisfied all due diligence procedures required by Applicable Law with respect to such third parties prior to placing with Custodian any Assets associated with such third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Client will not use any Services for any illegal activity, including illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, the financing of terrorism, other violent activities, or any prohibited market practices, including any Prohibited Practices.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Client is currently and will remain at all times in good standing with all relevant government agencies, departments, and regulatory or supervisory bodies in all relevant jurisdictions in which Client does business, and Client will immediately notify Custodian if Client ceases to be in good standing with any applicable regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Client will promptly provide such information as Custodian may reasonably request from time to time regarding: (i) Client's policies, procedures, and activities which relate to the Custodial Services in any manner, as determined by Custodian in its sole and absolute discretion; and (ii) any transaction which involves the use of the Services, to the extent reasonably necessary to comply with Applicable Law, or the guidance or direction of, or request from any regulatory authority or financial institution, provided that such information may be redacted to remove confidential commercial information not relevant to the requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Client either owns or possesses lawful authorization to transact with all Assets involved in the Custody Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no claim pending, or to Client's best knowledge, threatened, and no encumbrance or other lien, in each case, that may adversely affect any delivery of Assets made in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(h) It owns the Assets in Client's Custodial Account free and clear of all liens, claims, security interests, and encumbrances and it has all rights, title, and interest in and to the Assets in Client's Custodial Account as necessary for Custodian to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Client has the full capacity and authority to enter into and be bound by this Agreement and the person executing or otherwise accepting this Agreement for Client has full legal capacity and authorization to do so;

&nbsp;&nbsp;&nbsp;&nbsp;(j) All information provided by Client to Custodian in the course of negotiating this Agreement and the onboarding of Client is complete, true, and accurate in all material respects, including with respect to the ownership of Client and Client's primary address; no material information has been excluded; and no other person or entity has an ownership interest in Client's Assets except for those disclosed in connection with such onboarding; and

&nbsp;&nbsp;&nbsp;&nbsp;(k) Client is not owned in part or in whole, nor controlled by any person or entity that is, nor is it conducting any activities on behalf of, any person or entity that is (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, or any other Governmental Authority with jurisdiction over Custodian or its affiliates; (ii) identified on the Denied Persons, Entity, or Unverified Lists of the U.S. Department of Commerce's Bureau of Industry and Security; or (iii) located, organized or resident in a country or territory that is, or whose government is, the subject of U.S. economic sanctions, including the Crimean, Donetsk, and Luhansk regions of Ukraine, Cuba, Iran, North Korea, or Syria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **By Custodian**. Custodian represents, warrants, and covenants to Client that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian is duly organized, validly existing and in good standing under the applicable South Dakota laws, has all corporate powers required to carry on its business as now conducted, and is duly qualified to do business in each jurisdiction where such qualification is necessary;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Custodian has the full capacity and authority to enter into and be bound by this Agreement and the person executing or otherwise accepting this Agreement for Custodian has full legal capacity and authorization to do so;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian complies with all Applicable Law in all material respects each jurisdiction in which Custodian operates, including applicable securities and commodities laws and regulations, efforts to fight the funding of terrorism and money laundering, sanctions regimes, licensing requirements, and all related regulations and requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(d) There is no actual litigation against the Custodian or any claim pending, or to Custodian's best knowledge, that would reasonably be expected to have a materially adverse effect on the Custodian's business or ability to perform its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian has all the requisite and necessary authorizations, approvals and means to provide the Services to the Client in a lawful manner.

&nbsp;&nbsp;&nbsp;&nbsp;(f) **DISCLAIMER**. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, CUSTODIAN SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. CUSTODIAN DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE COMPANY SITE, ANY PART OF THE SERVICES, OR ANY OF THE MATERIALS CONTAINED IN ANY OF THE FOREGOING WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM, OR OTHER SERVICES; OR BE SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.

**7.3. Notification**. Without limitation of either party's rights or remedies, each party shall immediately notify the other party if, at any time after the Effective Date, any of the representations, warranties, or covenants made by it under this Agreement fail to be true and correct as if made at and as of such time. Such notice shall describe in reasonable detail the representation, warranty, or covenant affected, the circumstances giving rise to such failure and the steps the notifying party has taken or proposes to take to rectify such failure.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INDEMNIFICATION**.

**8.1. Indemnity**. Client will defend, indemnify, and hold harmless Custodian, its affiliates and Service Providers, and each of its or their respective officers, directors, agents, employees, and representatives, (each, a "**Custodian Indemnitees**"), from and against any Losses resulting from any third-party claim, demand, action or proceeding (a "**Claim**") arising out of or related to Client's (i) use of Services, (ii) breach of this Agreement, (iii) violation of any Applicable Law in connection with its use of Services; and (iv) arising out of or related to any act or omission of any party using Client's Custodial Account (including acts or omissions of any third party or non-permissioned user with access to Client's Custodial Account), except to the extent such acts or omissions result from Custodian's gross negligence, willful misconduct, or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Indemnification Process**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian will (i) provide Client with prompt notice of any indemnifiable Claim under <u>Section 8.1</u> (provided that the failure to provide prompt notice shall only relieve Client of its obligation to the extent it is materially prejudiced by such failure and can demonstrate such prejudice); (ii) permit Client to assume and control the defense of such action upon Client's written notice to Custodian of Client's intention to indemnify, with counsel acceptable to Custodian in its discretion; and (iii) upon Client's written request, and at no expense to Custodian, provide to Client all available information and assistance reasonably necessary for Client to defend such Claim. Custodian shall be permitted to participate in the defense and settlement of any Claim with counsel of Custodian's choice at Custodian's expense (unless such retention is necessary because of Client's failure to assume the defense of such Claim, in which event Client shall be responsible for all such fees and costs). Client will not enter into any settlement or compromise of any such Claim, which settlement or compromise would result in any liability to any Custodian Indemnitee or constitute any admission of or stipulation to any guilt, fault, or wrongdoing, without Custodian's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client acknowledges and agrees that any Losses imposed on Custodian (whether in the form of fines, penalties, or otherwise) as a result of a violation by Client of any Applicable Law, may at Custodian's discretion, be passed on to Client and Client acknowledges and represents that Client will be responsible for payment to Custodian of all such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **LIMITATIONS OF LIABILITY**.

**9.1. NO CONSEQUENTIAL DAMAGES**. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW AND SUBJECT TO THE EXCEPTIONS PROVIDED IN <u>SECTION 9.3</u> BELOW, IN NO EVENT SHALL CUSTODIAN, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, OR REPRESENTATIVES, BE LIABLE FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE COMPANY SITE OR THE SERVICES, OR THIS AGREEMENT, EVEN IF CUSTODIAN HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.

**9.2. LIMITATION ON DIRECT DAMAGES**. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW AND SUBJECT TO THE EXCEPTIONS PROVIDED IN <u>SECTION 9.3</u> BELOW, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF CUSTODIAN, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, OR REPRESENTATIVES, EXCEED THE FEES PAID OR PAYABLE TO CUSTODIAN UNDER THIS AGREEMENT DURING THE TWELVE (12)-MONTH PERIOD IMMEDIATELY PRECEDING THE FIRST INCIDENT GIVING RISE TO SUCH LIABILITY.

**9.3. EXCEPTIONS TO EXCLUSIONS AND LIMITATIONS OF LIABILITY**. THE EXCLUSIONS AND LIMITATIONS OF LIABILITY IN <u>SECTION 9.1</u> AND <u>SECTION 9.2</u> WILL NOT APPLY TO CUSTODIAN'S FRAUD, WILLFUL MISCONDUCT, OR GROSS NEGLIGENCE. CUSTODIAN'S LIABILITY FOR GROSS NEGLIGENCE SHALL BE LIMITED TO THE VALUE OF THE AFFECTED DIGITAL ASSETS OR FIAT CURRENCY.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **MISCELLANEOUS**.

**10.1. Notice**. All notices under this Agreement shall be given in writing, in the English language, and shall be deemed given when personally delivered, when sent by email, or three (3) days after being sent by prepaid certified mail or internationally recognized overnight courier to the addresses set forth in the signature blocks below (or such other address as may be specified by party following written notice given in accordance with this <u>Section 10.1</u>).

**10.2. Publicity**. Client consents to Custodian's identification of Client as a customer of the Services, including in marketing or investor materials, and Custodian consents to Client's use of Custodian's name or approved logos or promotional materials to identify Custodian as its custodial service provider as contemplated by this Agreement. Notwithstanding the foregoing, Custodian may revoke its consent to such publicity under this <u>Section 10.2</u> at any time for any reason upon notice to Client, and Client will promptly cease any further use of Custodian's name, logos, and trademarks and remove all references and postings identifying Custodian.

**10.3. Entire Agreement**. This Agreement, any schedules or attachments to this Agreement, the BitGo Privacy Notice, and all disclosures, notices, or policies available on the Company Site that are specifically referenced in this Agreement, comprise the entire understanding and agreement between Client and Custodian regarding the Services, and supersede any and all prior discussions, agreements, and understandings of any kind (including any prior versions of this Agreement) and every nature between and among Client and Custodian with respect to the subject matter hereof.

**10.4. Interpretation.** For purposes of this Agreement, (a) the words "include," "includes" and "including" are deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereto," and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to sections, schedules, and exhibits mean the sections of, and schedules and exhibits attached to, this Agreement; and (y) to an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The schedules and exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein. Whenever the masculine is used in this Agreement, the same shall include the feminine and whenever the feminine is used herein, the same shall include the masculine, where appropriate. Whenever the singular is used in this Agreement, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. Section headings in this Agreement are for convenience only and shall not govern the meaning or interpretation of any provision of this Agreement.

**10.5. No Waiver**. No waiver under this Agreement is effective unless it is in writing, identified as a waiver to this Agreement, and signed by an authorized representative of the party waiving its right. Any waiver authorized on one occasion is effective only in that instance and only for the purpose stated, and does not operate as a waiver on any future occasion. None of the following constitutes a waiver or estoppel of any right, remedy, power, privilege, or condition arising from this Agreement: (i) any failure or delay in exercising any right, remedy, power, or privilege or in enforcing any condition under this Agreement; or (ii) any act, omission, or course of dealing between the parties.

**10.6. Amendments**. Any modification or addition to this Agreement must be in a writing signed by a duly authorized representative of each of the parties. Client agrees that Custodian shall not be liable to Client or any third party for any modification or termination of the Custodial Services, or suspension or termination of Client's access to the Custodial Services, except to the extent otherwise expressly set forth herein.

**10.7. Assignment**. Client may not assign any rights or licenses granted under this Agreement without the prior written consent of Custodian. Custodian may not assign any of its rights without the prior written consent of Client; except that Custodian may assign this Agreement without the prior consent of Client to any Custodian affiliates or subsidiaries or pursuant to a transfer of all or substantially all of Custodian's business and assets, whether by merger, sale of assets, sale of stock, or otherwise. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors, and permitted assigns.

**10.8. Severability**. If any provision of this Agreement shall be determined to be invalid or unenforceable, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under Applicable Law and the validity or enforceability of any other provision of this Agreement shall not be affected.

**10.9. DISPUTE RESOLUTION**. THE PARTIES AGREE THAT ALL CONTROVERSIES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE USE OF THE SERVICES ("**DISPUTES**"), WHETHER ARISING PRIOR TO, ON, OR SUBSEQUENT TO THE EFFECTIVE DATE, SHALL BE ARBITRATED AS FOLLOWS: The Parties irrevocably agree to submit all Disputes between them to binding arbitration conducted under the Commercial Dispute Resolution Procedures of the American Arbitration Association (the "**AAA**"), including the Optional Procedures for Large Complex Commercial Disputes, if applicable. The place and location of the arbitration shall be in Sioux Falls, South Dakota. All arbitration proceedings shall be closed to the public and confidential, and all related records shall be permanently sealed, except as necessary to obtain court confirmation of the arbitration award. The arbitration shall be conducted before a single arbitrator selected jointly by the parties. The arbitrator shall be a retired judge with experience in custodial and trust matters under South Dakota law. If the parties are unable to agree upon an arbitrator, then the AAA shall choose the arbitrator. The language to be used in the arbitral proceedings shall be English. The arbitrator shall be bound to the strict interpretation and observation of the terms of this Agreement and shall be specifically empowered to grant injunctions or specific performance and to allocate between the parties the costs of arbitration, as well as reasonable attorneys' fees and costs, in such equitable manner as the arbitrator may determine. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute, or other matter in question would be barred by the applicable statute of limitations. Notwithstanding the foregoing, either party shall have the right, without waiving any right or remedy available to such party under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any interim or provisional relief that is necessary or desirable to protect the rights or property of such party, pending the selection of the arbitrator hereunder or pending the arbitrator's determination of any dispute, controversy, or claim hereunder.

**10.10. Governing Law**. The laws of the State of South Dakota, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between Client and Custodian, except to the extent governed by federal law of the United States of America.

**10.11. Force Majeure**. Custodian shall not be liable for delays, suspension of operations, whether temporary or permanent, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of Custodian, including any delay or failure due to any act of God, natural disasters, epidemic, pandemic, act of civil or military authorities, act of terrorists, including cyber-related terrorist acts, hacking, government restrictions, exchange or market rulings, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment or software, other catastrophe, or any other occurrence which are beyond the reasonable control of Custodian.

**10.12. Relationship of the Parties**. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, Client and Custodian to be treated as partners, joint ventures, or otherwise as joint associates for profit, or either Client or Custodian to be treated as the agent of the other.

[*Remainder of page intentionally left blank. Signature page follows*.]

**IN WITNESS WHEREOF**, this Agreement is executed by the parties as of the Effective Date.

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| | |
|:---|:---|
| **BITGO TRUST COMPANY, INC.** <br>By: /s/ Jody Mettler<br>Name: Jody Mettler<br>Title: President<br>Date: October 10, 2025<br>Address for Notice:<br>6216 Pinnacle Place<br> Suite 101<br> Sioux Falls, SD 57108<br> Attn: Legal<br> Email: <u>legal@bitgo.com</u><br>| Executed for and on behalf of<br> CoinShares co as Sponsor of<br> CoinShares XRP ETF<br>By: /s/ Charles Butler<br>Name: Charles Butler<br>Title: Director<br>Date: September 10, 2025<br>Address for Notice:<br>a trust having its principal place of business in the State of Delaware at 251 Little Falls Drive, Wilmington, DE 19808<br> Attn: Legal<br> Email: legal@coinshares.com |

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**SCHEDULE A**

**FEES AND ADDITIONAL TERMS**

This Schedule A forms part of the Custodial Services Agreement by and between Client and Custodian (the "**Agreement**") and is effective as of the Effective Date. The parties hereto agree that the fees associated with applicable Services shall be as set forth below. All fees are exclusive of all applicable taxes imposed by the appropriate taxing authority. All capitalized terms not defined in this Schedule A shall have the meaning ascribed to them in the body of the Agreement.

**I. <u>Minimum Custodial Account Balance</u>.** At all times during the Term of the Agreement, Client is required to maintain a balance equivalent to $100 (USD) in each of its Custodial Accounts.

**II. <u>Fees</u>.** The Fees<sup>1</sup> associated with Services for Client are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1. Onboarding Fee.** 

The Client implementation fee set forth below is a one-time flat fee assessed to cover onboarding and implementation costs (the "**Onboarding Fee**").

The Onboarding Fee will be $____0_______.

&nbsp;&nbsp;&nbsp;&nbsp;**2. Monthly Minimum Fee.** Aggregate monthly fees (Digital Asset Storage Fees + Transaction Fees + Settlement Fees) are subject to a minimum charge of $_____0_______ ("**Monthly Minimum Fee**") per month.

&nbsp;&nbsp;&nbsp;&nbsp;**3. Digital Asset Storage Fee.**

The "Digital Asset Storage Fee" is calculated at the end of each calendar month based on the aggregate USD market value of average holdings held by Client in (i) Custodial Accounts and (ii) wallets provided as Wallet Services. The Digital Asset Storage Fee is a tiered fee, as applicable, as defined in the table below. Tiers are cumulative.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Digital Asset Storage Fee<sup>2</sup>:** | &nbsp;&nbsp;**Digital Asset Storage Fee<sup>2</sup>:** |
| &nbsp;&nbsp;**Digital Assets Stored ($ USD)** | &nbsp;&nbsp;**Basis Points (bps)** |
| &nbsp;&nbsp;From: ALL | &nbsp;&nbsp;.4166 |

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<sup>1</sup> For the purpose of calculating fees, please consult: https://www.bitgo.com/resources/price-feeds for current information on how Custodian computes USD value of Digital Assets.

<sup>2</sup> Digital Asset Storage Fees are assessed at the end of each calendar month based on the USD volume of average holdings (per asset type) and are billed monthly.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Transaction Fees.** The "Transaction Fees" are tiered, as applicable, as defined in the table below. Transaction Fees are cumulative and as defined in the table below, based on the aggregate USD market value of the transaction volume (i.e., all outgoing transactions from Custodial Accounts and Wallet Services) during that month. Transaction Fees are exclusive of any network fees charged by the underlying blockchain, and these network fees shall be collected from Client.

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| | |
|:---|:---|
| **Transaction Fee<sup>3</sup>:** | **Transaction Fee<sup>3</sup>:** |
| &nbsp;&nbsp;&nbsp;**Transaction Volume ($ USD)** | &nbsp;&nbsp;**Basis Points (bps)** |
| &nbsp;&nbsp;From: ALL | &nbsp;&nbsp;0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Initial Payment.** 

Concurrent with the execution of this Schedule A, Client shall make an up-front non-refundable payment to Custodian of an amount equal to the Onboarding Fee plus one Monthly Minimum Fee. The Initial Payment is non-refundable, and the Monthly Minimum Fee component thereof shall be applied only towards the first month of Service Fees owed by Client under the Agreement.

**III. <u>Expanded Definition of Services</u>.** Under this fee structure, Client may be provided access to additional services provided by Custodian or its affiliates. As such, the definition of "Services" as used in the Agreement shall be modified to mean Custodial Services, Wallet Services and the additional services set forth below. **Each additional service is subject to additional terms and conditions set forth in the applicable hyperlink.**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **WalletConnect.** The Wallet
 Services may integrate with WalletConnect's APIs and services. WalletConnect is a non-BitGo
 application that enables Client to connect with third-party applications and decentralized
 applications (collectively, "dApps"). While the Wallet Services may facilitate
 such connections, WalletConnect and any dApps accessed through it are not owned, operated,
 controlled, reviewed, or endorsed by BitGo Inc or its affiliates. Transactions authorized
 through WalletConnect may be irreversible. Client should connect only to trusted third-party
 applications and wallets. BitGo Inc disclaims all liability for any losses or damages arising
 from Client's use of WalletConnect or any dApps or wallets accessed through it. Use
 of WalletConnect is governed by the WalletConnect Foundation's Terms of Use (located
 at <u>https://walletconnect.network/terms</u>).

<sup>3</sup> Transaction Fees are calculated on outgoing transactions only. For clarity, transfers by Client to Non-custodial wallets offered under the Agreement under Client's account will not be assessed Transaction Fees. Transaction Fees are also exclusive of any network fees charged by the underlying blockchain.

WalletConnect Monthly fee: __N/A______

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. NFT Custody.** NFT Custody is governed by <u>https://www.bitgo.com/legal/nft-service-terms.</u>

The Digital Asset Storage Fee covers up to [____N/A________] NFTs in all products, in aggregate.

Overage fee: _N/A____

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Staking Services.** Staking (where available) are governed by <u>https://www.bitgo.com/legal/staking-and-delegation-services-terms.</u>

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Optional Services.** Client may order the following additional Service by initialing below:

__N/A_______Customer API Endpoint: $500 per month

**IV. <u>Payment Terms</u>.** Client shall pay such fees and expenses to Custodian within seven (7) days after the date of Custodian's invoice. Invoices may be provided by electronic delivery. Payments shall be made to Custodian in U.S. Dollars, Bitcoin, USDC or USDT. If any invoice is disputed in good faith, Client shall pay all undisputed amounts and the disputed amount will be due and payable within seven (7) days after any such dispute has been resolved either by agreement of the parties or in accordance with dispute resolution procedures in the Agreement. All late payments and any disputed payments made after the resolution of such dispute shall bear interest accruing from the original payment due date through the date that such amounts are paid at the lower interest rate of (A) 1.0% per month and (B) the highest interest rate allowed by Applicable Law. Notwithstanding the foregoing, failure to pay undisputed fees and expenses by Client shall constitute a material breach of the Agreement. Client agrees that, without limitation of Custodian's other rights and remedies, Custodian shall have the right and authority, in its discretion, to liquidate any and all Digital Assets in Client's Account to cover any unpaid fees and expenses.

If a correct taxpayer number is not provided to Custodian, Client understands and agrees that Client may be subject to backup withholding tax at the appropriate rate on any interest and gross proceeds paid to the account for the benefit of Client. Backup withholding taxes are sent to the appropriate taxing authority and cannot be refunded by Custodian.

**V. <u>Fee Schedule Amendment</u>.** Any amendment of this Schedule A shall be in writing and executed by authorized representatives of each party.

## Exhibit 10.2

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.2**

**FUND ADMINISTRATION SERVICING AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services"), **VALKYRIE BITCOIN FUND**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **VALKYRIE DIGITAL ASSETS LLC**, the sponsor of the Funds (the "Sponsor").

WHEREAS, each Fund is operated as a commodity pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement on Form S-1 or Form S-3, as applicable (each a "Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"); and

WHEREAS, the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and each Fund; and

WHEREAS, the Trust and Sponsor desire to retain Fund Services to provide fund administration services to each Fund listed on **<u>Exhibit A</u>** attached hereto (as amended from time to time) the services described herein, all as more fully set forth below;

WHEREAS, the Trust and Sponsor desire to retain Fund Services to provide to each Fund the fund administration services described herein, all as more fully set below;

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Appointment of Fund Services as Administrator** 

The Trust hereby appoints Fund Services as administrator of the Trust on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

**2.** **Services and Duties of Fund Services** 

Fund Services shall provide the following administration services to the Trust with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General
Fund Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Act
as liaison among Fund service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Supply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Non-investment-related
statistical and research data as requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Audits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For
the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the independent auditors,
and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For
SEC or other regulatory audits, provide requested information to the SEC, other regulatory agencies, or the Trust to assist the
audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Pay
Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Keep
the Trust's governing documents, including its charter, bylaws and minutes, but only to the extent such documents are provided
to Fund Services by the Trust or its representatives for safe keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Financial
Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Supervise
the Fund's custodian and fund accountants in the maintenance of the Fund's general ledger and in the preparation of
the Fund's financial statements, including oversight of expense accruals and payments, and the declaration and payment of
dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prepare
financial statements, which include, without limitation, the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule
of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Statement
of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Statement
of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Statement
of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement
of Cash Flows (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Tax
Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provide
the Fund's Sponsor and independent accountant with financial information as requested for tax reporting purposes pertaining
to the Fund and available to Fund Services as required in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prepare
and File Forms 1099-NEC as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Optional
Tax Services:

If the Fund so chooses the following optional tax services are available. These services are in addition to the Standard Services defined in Section C above and are not part of the annual fees set out in Exhibit B. Fees will be determined based on level of complexity and required effort involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Preparation of annual taxable income calculations and supporting workpapers for the review by the Fund's independent accountants.

**3.** **License of Data; Warranty; Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund
 Services has entered into agreements with various data service providers (each, a "Data
 Provider"), including, without limitation, MSCI index data services ("MSCI"),
 Standard & Poor Financial Services LLC ("S&P"), Morningstar, Broadridge,
 FTSE, and ICE to provide data services that may include, without limitation, index returns
 and pricing information (collectively, the "Data") to facilitate the services
 provided by Fund Services to each Fund. These Data Providers have required Fund Services
 to include certain provisions regarding the use of the Data in this Agreement attached
 hereto as <u>Exhibit C</u>. The Data is being licensed, not sold, to the Fund. The Trust
 acknowledges and agrees that certain Data Providers may also require the Trust or one
 or more Funds to enter into an agreement directly with the Data Provider for the use
 of that Data Provider's Data. The provisions in <u>Exhibit C</u> shall not have
 any effect upon the standard of care and liability Fund Services has set forth in Section
 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
Trust agrees to indemnify and hold harmless Fund Services, its information providers, and any other third party involved in or
related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees
and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys'
fees and costs, as incurred, arising in and any manner out of the Trust's or any third party's use of, or inability
to use, the Data or any breach by the Trust of any provision contained in this Agreement regarding the Data. The immediately preceding
sentence shall not have any effect upon the standard of care and liability of Fund Services as set forth in Section 6 of this
Agreement.

**4.** **Compensation** 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). Fund Services shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit B</u> hereto as are reasonably incurred by Fund Services in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to Fund Services shall only be paid out of the assets and property of the particular Fund involved.

**5.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
Trust hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
records of the Trust provided to Fund Services by the Trust or by a prior service provider of the Trust are accurate and complete
and Fund Services is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund
Services hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and constitutes
a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

**6.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund
Services shall exercise reasonable care in the performance of its duties under this Agreement. Neither Fund Services nor any of
its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any Fund,
the adviser or any other service provider to the Trust or a Fund, or any employee of the foregoing; or for any loss suffered by
the Trust, a Fund, or any third party in connection with Fund Services' duties under this Agreement, including losses resulting
from mechanical breakdowns or the failure of communication or power supplies beyond Fund Services' reasonable control, except
a loss arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement (other
than where such compliance would violate applicable law) or from its bad faith, negligence, or willful misconduct in the performance
of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable
care in the performance of its duties under this Agreement, the Trust shall indemnify and hold harmless Fund Services and its
affiliates and suppliers from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature
(including reasonable attorneys' fees) that Fund Services or its affiliates and suppliers may sustain or incur or that may
be asserted against Fund Services or its affiliates and suppliers by any person arising out of any action taken or omitted to
be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any
written or oral instruction provided to Fund Services by any duly authorized officer of the Fund, except for any and all claims,
demands, losses, expenses, and liabilities arising out of or relating to Fund Services' refusal or failure to comply with
the terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, negligence
or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of
the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term
"Fund Services" shall include Fund Services' directors, officers and employees.

Fund Services shall indemnify and hold the Trust harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services' refusal or failure to comply with the terms of this Agreement, or from Fund Services' bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); or (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable business continuity and disaster contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Fund Services' premises and operating capabilities at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall provide the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent
facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify
the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification.
The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.
In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete
defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall
seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case
in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If
Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to
relieve Fund Services of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In
conjunction with the tax services provided to the Fund by Fund Services hereunder, Fund Services shall not be deemed to act as
an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the IRC, or any successor
thereof. Any information provided by Fund Services to a Fund for income tax reporting purposes with respect to any item of income,
gain, loss, or credit will be performed solely in Fund Services' administrative capacity. Fund Services shall not be required
to determine, and shall not take any position with respect to whether, the reasonable belief standard described in Section 6694
of the IRC has been satisfied with respect to any income tax item. Each Fund, and any appointees thereof, shall have the right
to inspect the transaction summaries produced and aggregated by Fund Services, and any supporting documents thereto, in connection
with the tax reporting services provided to each Fund by Fund Services. Fund Services shall not be liable for the provision or
omission of any tax advice with respect to any information provided by Fund Services to a Fund. The tax information provided by
Fund Services shall be pertinent to the data and information made available to Fund Services, and is neither derived from nor
construed as tax advice.

**7.** **Data Necessary to Perform Services** 

The Trust or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

**8.** **Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund
Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust
(and clients of said shareholders), and not to use such records and information for any purpose other than the performance of
its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which
approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt
proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when
so requested by the Trust. Records and other information which have become known to the public through no wrongful act of Fund
Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services
prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

Further, Fund Services will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information
of Fund Services, all non-public information relative to Fund Services (including, without limitation, information regarding Fund
Services' pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market
opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software
in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes
and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided
under this Agreement, except (i) after prior notification to and approval in writing by Fund Services, which approval shall not
be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for
failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested
by the Fund Services. Information which has become known to the public through no wrongful act of the Trust or any of its employees,
agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from Fund
Services, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of Fund Services as a service provider,
redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering
documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) Fund Services shall be permitted to
include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations,
and other marketing and promotional purposes.

**9.** **Records** 

**10.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
Trust has and retains primary responsibility for all compliance matters relating to the Funds, including but not limited to compliance
with the 1933 Act, 1934 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the
rules and regulations of the SEC, U.S. Commodity Futures Trading Commission, National Futures Association, the securities exchange
on which any Shares are listed and the policies and limitations of the Fund relating to its portfolio investments as set forth
in its registration statement. Fund Services' services hereunder shall not relieve the Trust or Sponsor of its responsibilities
for assuring such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
Trust shall immediately notify Fund Services if the investment strategy of any Fund materially changes or deviates from the investment
strategy disclosed in the current Prospectus, or if it (or any Fund) becomes subject to any new law, rule, regulation, or order
of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Trust or any Fund
or the services provided under this Agreement.

**11.** **Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This
Agreement shall become effective as of the last date written on the signature page and will continue in effect for a period of
three (3) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless
either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject
to Section 12, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving 90
days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Fund
Services may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the continued service of
such Funds or the Trust would cause Fund Services or any of its affiliates to be in violation of any applicable law, rule, regulation,
or order of any governmental, regulatory or judicial authority of competent jurisdiction, or if the Funds or the Trust (or any
affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring itself into public disrepute,
contempt, scandal, or ridicule, or such that the continued association with the Funds or the Trust would reflect unfavorably upon
Fund Services' reputation, provided that in such event Fund Services shall, to the extent it is legally permitted and able
to do so, provide reasonable assistance to transition such Funds or the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach
is not cured within 15 days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This
Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and
authorized or approved by the Trust's Board of Trustees.

**12.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all
monthly fees through the remaining term of the Agreement, including the repayment of any negotiated discounts (provided that no
such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all
fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all
fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to
a successor service provider; all miscellaneous costs associated with a.-c. above.

**13.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Fund Services' duties or responsibilities hereunder is designated by the Trust by written notice to Fund Services, Fund Services will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which Fund Services has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that Fund Services is obligated under applicable law, regulation, or rule to continue following the termination.

**14.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board of Trustees.

**15.** **Governing Law** 

This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

**16.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**17.** **Services Not Exclusive** 

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**18.** **Invalidity** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**19.** **Legal-Related Services** 

Nothing in this Agreement shall be deemed to appoint Fund Services or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of Fund Services or its affiliates (whether relating to the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Trust acknowledges that employees of Fund Services and its affiliates who are attorneys do not represent the Trust and rely on outside counsel retained by the Trust to review all services provided by Fund Services and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between the Trust and Fund Services (or any employee of Fund Services or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

**20.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

U.S. Bank Global Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Attn: President

Notice to the Trust shall be sent to:

Valkyrie Digital Assets LLC<br> 320 Seven Springs Way, Suite 250<br> Brentwood, Tennessee 37027

**21.** **No Third Party Rights** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

**22.** **Multiple Originals** 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

Signature Page Follows

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **VALKYRIE BITCOIN FUND** | **VALKYRIE BITCOIN FUND** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex102001.jpg) | By: | ![](ex102002.jpg) |
| **Name:** | **Leah Wald** | **Name:** | **Jason Hadler** |
| **Title:** | **Manager of Sponsor** | **Title:** | **SVP** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Date:** | **12/27/2023** | **Date:** | **1/5/2024** |

---

---

| | |
|:---|:---|
| **VALKYRIE DIGITAL ASSETS LLC** | **VALKYRIE DIGITAL ASSETS LLC** |
| **By:** |  |
| **Name:** | **Leah Wald** |
| **Title:** | **Manager** |
| **Date:** | **12/27/2023** |

---

**Exhibit A**

**to the Fund Administration Servicing Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

Valkyrie Bitcoin Fund

**Exhibit B**

**Fund Administration Servicing Agreement Fee Schedule**

**Optional Regulatory Administration Services – in support of external legal counsel**

**Full Start Up – New Registrant** 

$45,000 per project – one fund<br> $55,000 per project – two funds<br> $65,000 per project – three funds<br> $75,000 per project – four funds

Plus $10,000 each additional fund

Above fees are applicable when all new funds are registered in same statutory prospectus.

(Excludes Trust counsel fee; subject to services provided, if applicable)

**Full Start Up Services-** 

■ Product
design assistance

■ Implementation
project management

■ Formation
of Delaware statutory trust

■ Preparation
of declaration of trust and by-laws

■ Preparation
of Prospectus, SAI, Part C (registration statement)

■ Preparation
of Form N-8A to register as investment company

■ Preparation
of initial trustee actions to organize trust and initial fund

■ Preparation
of exhibits and other materials to be filed with the registration statement

■ Preparation
of subscription agreement for statutory seed capital

■ Preparation
of Rule 12b-1 distribution plan

■ Preparation
of Form 8-A for listing shares on a securities exchange

■ Preparation
of Inline XBRL exhibits

■ Taking
of and preparation of written response to SEC comments

■ Other
assistance as necessary and agreed upon

**Additional Regulatory Administration Services – in support of external legal counsel** 

■ Subsequent
new fund launch – $20,000 per fund, or as negotiated

■ Drafting
SEC exemptive order application for required relief, as negotiated

■ Proxy
Statement – as negotiated based upon specific requirements

■ Additional
fee of $2,500 per sub-adviser for 2 or more sub-advisers

Note: External legal costs are not included in the above fees.

Fund startup and registration fees are billed 50% following the selection of U.S. Bank and 50% 75 days after the preliminary registration statement is filed with the SEC.

**Ongoing Annual Regulatory Administration Services – in support of external legal counsel** 

Includes annual registration statement update and drafting of supplements:

■ $18,000
for first three active or inactive funds in same statutory prospectus

■ $5,000
for each additional active or inactive fund in the same statutory prospectus

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

■ Postage,
if necessary

■ Federal
and state regulatory filing fees

■ Expenses
from Board of Trustee meetings

■ Third
party auditing

■ EDGAR/XBRL
filing (may be charged by third-party or U.S. Bank)

■ All
other Miscellaneous expenses

**Base Fee for Accounting, Administration, Transfer Agent & Account Services**

The following-reflects the greater of the basis point fee or annual minimum where [Adviser's name] (the "Adviser") acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Annual Minimum per Fund<sup>1</sup></u>** | **<u>Annual Minimum per Fund<sup>1</sup></u>** | **<u>Basis Points on Trust AUM<sup>1</sup></u>** | **<u>Basis Points on Trust AUM<sup>1</sup></u>** |
| **Funds 1-5** | **$45000** | **First $250m** | **5 bps** |
| **Funds 6-10** | **$40000** | **Next $250m** | **4 bps** |
| **Funds 11 +** | **$30000** | **Next $2b** | **3 bps** |
|  |  | **Balance** | **2 bps** |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**Pricing Services** 

For daily pricing of each securities (estimated 252 pricing days annually)

■ $0.08 – Listed equity instruments and rates including but not limited to: Domestic
Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

■ $0.50 – Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic
Corporate and Government Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

■ $0.80 – Higher Tier Cost Fixed Income Instruments including but not limited to: CMO
and Asset Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

■ $1.00-
Bank Loans

■ Derivative
Instruments are generally charged at the following rates:

○ $0.90 – Interest Rate Swaps, Foreign Currency Swaps

○ $1.50 – Swaptions

○ $3.00 – Credit Default Swaps

■ Intraday
money market funds pricing, up to 3 times per day

■ $500
per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action and Factor Services** 

Fee for ICE data used to monitor corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per Foreign Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00
per Domestic Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per CMOs, Asset Backed, Mortgage Backed Security per Month

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $1
per security per month for fund administrative

**SEC Modernization Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-PORT – $8,000 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-CEN – $250 per year, per Fund

**10-Q / 10-K Support** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $25,000
per fund per year\*

\*Provide financial data for include in the Fund's 10-Q / 10-K filings.

**Chief Compliance Officer Support Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
support annual fee of $3,000 per trust for each U.S. Bank service selected (administration, accounting, transfer agent, custodian)

This fee includes:

&nbsp;&nbsp;&nbsp;&nbsp;■ Access
to the CCO Portal including business line Critical Procedures, Compliance Controls, Reporting on Testing of Compliance Controls,
Annual U.S. Bank Global Fund Services CCO Review, SOC1 audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
38a-1 certifications to the CCO regarding any changes to critical policies, procedures and controls and compliance events as required
under Rule 38a-1 of the Investment Company Act

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual
client conference which includes CCO roundtable discussions

&nbsp;&nbsp;&nbsp;&nbsp;■ Note:
the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services** 

&nbsp;&nbsp;&nbsp;&nbsp;■ M-1
book-to-tax adjustments at fiscal and excise year-end

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
tax footnotes in conjunction with fiscal year-end audit

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 1120-RIC federal income tax return and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 8613 and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 1099-MISC Forms

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Annual TDF FBAR (Foreign Bank Account Reporting) filing

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Base
fee – $20,000 per fund per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Setup
– $2,500 per fund group

**Quarterly Compliance Monitoring** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees
will be assessed.

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | &nbsp;&nbsp;**Price per Fund per Month** |
| &nbsp;&nbsp;**Limited Derivatives User** | &nbsp;&nbsp;**$120** |
| &nbsp;&nbsp;**Full Derivatives User (no OTC derivatives)** | &nbsp;&nbsp;**$300** |
| &nbsp;&nbsp;**Full Derivative User (with 1-5 OTC derivatives)** | &nbsp;&nbsp;**$400** |
| &nbsp;&nbsp;**Full Derivative User (with 5 or more OTC derivatives)** | &nbsp;&nbsp;**$500** |

---

**Controlled Foreign Corporation (CFC)** 

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
Bank Fee Schedule plus $15,000

**C- Corp Administrative Services** 

&nbsp;&nbsp;&nbsp;&nbsp;■ 1940
Act C-Corp – U.S. Bank Fee Schedule plus $15,000

&nbsp;&nbsp;&nbsp;&nbsp;■ 1933
Act C-Corp – U.S. Bank Fee Schedule plus $25,000

**Section 15(c) Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $2,000
per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

● Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes on one report) OR Full 15(c) report

● Performance reporting package: Peer Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
15c reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
data source – Morningstar; additional charges will apply for other data services

**Optional Tax Services**

Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) – $5,000 per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
Capital Gain Dividend Estimates – (First two included in core services) – $1,000 per additional estimate

&nbsp;&nbsp;&nbsp;&nbsp;■ State
tax returns - (First two included in core services) – $1,500 per additional return

**Tax Reporting** – **C-Corporations**

**Federal Tax Returns** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment
fund (Federal returns & 1099 Breakout Analysis) – $25,000

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Federal and State extensions (If Applicable) – Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
provision estimates – $2,000 Per estimate

**State Tax Returns** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
state income tax returns for funds and blocker entities – $1,500 per state return

● Sign state income tax returns – $2,000 per state return

● Assist in filing state income tax returns – Included with preparation of returns

● State tax notice consultative support and resolution – $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

**Equity & Fixed Income Attribution Reporting** 

Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

**ESG Compliance Reporting Services** 

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings.

**Exhibit C**

**Fund Administration Servicing Agreement**

REQUIRED PROVISIONS OF DATA SERVICE PROVIDERS

● The Trust shall use the Data solely for internal purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.

● The Trust will not use or permit anyone else to use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

● The Trust shall will treat the Data as proprietary to the Data Provider. Further, the Trust shall acknowledge that the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

● The Trust will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including, without limitation, the Trust's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

● The Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

● The Trust shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by the Trust.

● The Trust acknowledges that the Data Providers may, in their sole and absolute discretion and at any time, terminate Fund Services' right to receive and/or use the Data.

● The Trust acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements between the Data Providers and Fund Services with respect to the provision of the Data, entitled to enforce all provisions of such agreement relating to the Data.

● THE DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. FUND SERVICES, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). FUND SERVICES, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

● THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL FUND SERVICES, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF FUND SERVICES, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

**AMENDMENT TO THE <br> FUND ADMINISTRATION SERVICING AGREEMENT**

THIS AMENDMENT made and entered into as of the date last written on the signature page, and effective as of February 1, 2025 (the "Effective Date"), by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services"), **COINSHARES VALKYRIE BITCOIN FUND** (f.k.a. Valkyrie Bitcoin Fund), a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **COINSHARES CO.,** a Delaware corporation, the sponsor of the Funds (the "Sponsor").

WHEREAS, the parties entered into a Fund Administration Servicing Agreement dated as of January 5, 2024, as assigned on June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend the series list in Exhibit A to reflect a name update; and

WHEREAS, the parties desire to amend the fees listed in Exhibit B of the Agreement; and

WHEREAS, Section 11 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
of the Effective date, Exhibit A of the Agreement is hereby superseded and replaced with the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As
of the Effective Date, Exhibit B of the Agreement is hereby superseded and replaced in its entirety with the Exhibit B attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **COINSHARES VALKYRIE BITCOIN FUND** | **COINSHARES VALKYRIE BITCOIN FUND** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| **By:** |  | **By:** | ![](ex102004.jpg) |
| **Name:** | **Charles Butler** | **Name:** | **Greg Farley** |
| **Title:** | **Principal Financial Officer** | **Title:** | **Sr. Vice President** |
| **Date:** | **12/03/2025** | **Date:** | **4/8/25** |
| **COINSHARES CO.** | **COINSHARES CO.** |  |  |
| **By:** |  |  |  |
| **Name:** | **Charles Butler** |  |  |
| **Title:** | **Director** |  |  |
| **Date:** | **12/03/2025** |  |  |

---

**Exhibit A to the Fund Administration Servicing Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

CoinShares Valkyrie Bitcoin Fund

**Exhibit B**

**Fund Administration Servicing Agreement Fee Schedule**

**Base Fee for Accounting, Administration, Transfer Agent & Account Services**

The following-reflects the greater of the basis point fee or annual minimum where Adviser acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Annual Minimum per Fund<sup>1</sup></u>** | **<u>Annual Minimum per Fund<sup>1</sup></u>** | **<u>Basis Points on Complex AUM<sup>1</sup></u>** | **<u>Basis Points on Complex AUM<sup>1</sup></u>** |
| **Funds 1-5** | **$50000** | **First $250m** | **5 bps** |
| **Funds 6-10** | **$40000** | **Next $250m** | **4 bps** |
| **Funds 11 +** | **$30000** | **Balance** | **3 bps** |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**Pricing Services** 

For daily pricing of each securities (estimated 252 pricing days annually)

■ $0.08
– Listed equity instruments and rates including but not limited to: Domestic Equities, Options, ADRs, Foreign Equities,
Futures, Forwards, Currency Rates, Total Return Swaps

■ $0.50
– Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate and Government Agency Bonds,
Mortgage Backed Securities, and Municipal Bonds

■ $0.80
– Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset Backed Securities; Money Market
Instruments; Foreign Bonds; and High Yield Bonds

■ $1.00-
Bank Loans

■ Derivative
Instruments are generally charged at the following rates:

○ $0.90 – Interest Rate Swaps, Foreign Currency Swaps

○ $1.50 – Swaptions

○ $3.00 – Credit Default Swaps

■ Intraday
money market funds pricing, up to 3 times per day

■ $500
per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action and Factor Services** 

Fee for ICE data used to monitor corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per Foreign Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00
per Domestic Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per CMOs, Asset Backed, Mortgage Backed Security per Month

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $1
per security per month for fund administrative

**SEC Modernization Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-PORT – $8,000 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-CEN – $250 per year, per Fund

**10-Q / 10-K Support** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $25,000
per fund per year\*

\*Provide financial data for include in the Fund's 10-Q /10-K filings.

**Chief Compliance Officer Support Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
support annual fee of $3,000 per trust for each U.S. Bank service selected (administration, accounting, transfer agent, custodian)

This fee includes:

&nbsp;&nbsp;&nbsp;&nbsp;■ Access
to the CCO Portal including business line Critical Procedures, Compliance Controls, Reporting on Testing of Compliance Controls,
Annual U.S. Bank Global Fund Services CCO Review, SOC1 audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
38a-1 certifications to the CCO regarding any changes to critical policies, procedures and controls and compliance events as required
under Rule 38a-1 of the Investment Company Act

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual
client conference which includes CCO roundtable discussions

Note: the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services** 

M-1 book-to-tax adjustments at fiscal and excise year-end

Prepare tax footnotes in conjunction with fiscal year-end audit

■ Prepare
Form 1120-RIC federal income tax return and relevant schedules

Prepare Form 8613 and relevant schedules

■ Prepare
Form 1099-MISC Forms

Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing

■ Prepare
state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**Miscellaneous Expenses** 

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Base
fee – $20,000 per fund per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Setup
– $2,500 per fund group

**Quarterly Compliance Monitoring** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees
will be assessed.

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | &nbsp;&nbsp;**Price per Fund per Month** |
| &nbsp;&nbsp;**Limited Derivatives User** | &nbsp;&nbsp;**$120** |
| &nbsp;&nbsp;**Full Derivatives User (no OTC derivatives)** | &nbsp;&nbsp;**$300** |
| &nbsp;&nbsp;**Full Derivative User (with 1-5 OTC derivatives)** | &nbsp;&nbsp;**$400** |
| &nbsp;&nbsp;**Full Derivative User (with 5 or more OTC derivatives)** | &nbsp;&nbsp;**$500** |

---

**Controlled Foreign Corporation (CFC)** 

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
Bank Fee Schedule plus $15,000

**C- Corp Administrative Services** 

&nbsp;&nbsp;&nbsp;&nbsp;■ 1940
Act C-Corp – U.S. Bank Fee Schedule plus $15,000

&nbsp;&nbsp;&nbsp;&nbsp;■ 1933
Act C-Corp – U.S. Bank Fee Schedule plus $25,000

**Section 15(c) Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $2,000
per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

● Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio with classes on one report) OR Full 15(c) report

● Performance reporting package: Peer Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
15© reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
data source – Morningstar; additional charges will apply for other data services

**Optional Tax Services** 

Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) - $5,000 per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional Capital Gain Dividend Estimates
 – (First two included in core services) – $1,000 per additional estimate

&nbsp;&nbsp;&nbsp;&nbsp;■ State
tax returns - (First two included in core services) – $1,500 per additional return

**Tax Reporting – C-Corporations Federal Tax Returns** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment
fund (Federal returns & 1099 Breakout Analysis) – $25,000

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Federal and State extensions (If Applicable) – Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
provision estimates – $2,000 Per estimate

**State Tax Returns** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
state income tax returns for funds and blocker entities – $1,500 per state return

● Sign state income tax returns – $2,000 per state return

● Assist in filing state income tax returns – Included with preparation of returns

● State tax notice consultative support and resolution – $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

**Equity & Fixed Income Attribution Reporting** 

Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

**ESG Compliance Reporting Services**

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings.

**SECOND AMENDMENT TO THE**<br> **FUND ADMINISTRATION SERVICING AGREEMENT**

THIS SECOND AMENDMENT is made and entered into as of the last date written on the signature page below (the "Effective Date"), by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services"), **VALKYRIE BITCOIN FUND**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **COINSHARES CO**, a Delaware corporation, the sponsor of the Funds (the "Sponsor").

WHEREAS, the parties entered into a Fund Administration Servicing Agreement dated as of January 5, 2024, as assigned on June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend Exhibit A of the Agreement, the funds list of the Trust, to add CoinShares Solana Staking ETF and CoinShares XRP ETF; and

WHEREAS, Section 11 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
of the Effective Date, Exhibit A of the Agreement is hereby superseded and replaced in its entirety with the Exhibit A attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **VALKYRIE BITCOIN FUND** | **VALKYRIE BITCOIN FUND** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| **By:** |  | **By:** | ![](ex102004.jpg) |
| **Name:** | **Charles Butler** | **Name:** | **Gregory Farley** |
| **Title:** | **Director** | **Title:** | **Senior Vice President** |
| **Date:** | **24/09/2025** | Date: | **September 26, 2025** |
| **COINSHARES CO** | **COINSHARES CO** |  |  |
| **By:** |  |  |  |
| **Name:** | **Charles Butler** |  |  |
| **Title:** | **Director** |  |  |
| **Date:** | **24/09/2025** |  |  |

---

**Exhibit A**

**Fund Administration Servicing Agreement Fee Schedule**<br> **Separate Series of Trust**

**<u>Name of Series</u>**

CoinShares Bitcoin ETF<br> CoinShares Solana Staking ETF<br> CoinShares XRP ETF

## Exhibit 10.3

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.3**

**TRANSFER AGENT SERVICING AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services"), **VALKYRIE BITCOIN FUND**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **VALKYRIE DIGITAL ASSETS LLC**, the sponsor of the Funds (the "Sponsor").

WHEREAS, the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and each Fund; and

WHEREAS, The Trust intends to issue in respect of its portfolios listed on Exhibit A attached hereto (each a "Fund" or an "ETF Series") an exchange-traded class of shares known as "ETF Shares" for each ETF Series. The ETF Shares shall be created in bundles called "Creation Units." Each Fund shall create and redeem ETF Shares only in Creation Units principally in kind for portfolio securities of the particular ETF Series ("Deposit Securities"), as more fully described in the current prospectus and statement of additional information of each Fund, included in the Fund's registration statement on Form S-1, and as authorized under the Order of Exemption filed with the Securities and Exchange Commission. Only brokers or dealers that are "Authorized Participants" and that have entered into an Authorized Participant Agreement with the [Distributor], acting on behalf of the Trust, shall be authorized to create and redeem ETF Shares in Creation Units from the Trust. The Trust wishes to engage Fund Services to perform certain services on behalf of the Trust with respect to the creation and redemption of ETF Shares, as the Trust's agent, namely: to provide transfer agent services for ETF Shares of each ETF Series; to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation) with respect to the settlement of trade orders with Authorized Participants; and to provide custody services under the terms of the Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for ETF Shares and the redemption of ETF Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each ETF Series.

WHEREAS, each Fund is operated as a commodity pool under the Commodity Exchange Act; and

WHEREAS, each Fund will ordinarily issue for purchase and redeem shares of the Fund (the "Shares) only in aggregations of Shares known as Creation Units (currently 25,000 shares) principally in kind or in cash;

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), will be the registered owner (the "Shareholder") of all Shares; and

WHEREAS, the Trust and Sponsor desire to retain Fund Services as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities to each series of the Trust listed on Exhibit A attached hereto (as amended from time to time) (each a "Fund" and collectively the "Funds").

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment
of Fund Services as Transfer Agent

The Trust and Sponsor hereby appoints Fund Services as transfer agent of the Trust on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;2. Services
and Duties of Fund Services

Fund Services shall provide the following transfer agent and dividend disbursing agent services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Perform and facilitate the performance of purchases and redemption of Creation Units; pursuant to such orders that Fund Services as the Index Receipt Agent shall receive from [Distributor] ("Distributor") and pursuant to the procedures set forth in the Authorized Participant Agreement entered into by the Funds, Fund Services shall transfer appropriate trade instructions to the Funds' custodian, U.S. Bank N.A. ("Custodian"), pursuant to that such purchase orders register the appropriate number of book entry only the Funds' Units in the name of The Depository Trust Company ("DTC") or its nominee as a unit holder (each an "Authorized Participant") of the Funds and deliver the Basket of Units of the Funds and pursuant to that such redemption orders redeem the appropriate number of the Funds' Units that are delivered to the designated DTC Participant Account of the Custodian for redemption and debit such Units from the account of the Authorized Participant on the register of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Prepare and transmit by means of DTC's book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. On behalf of the Funds, Fund Services shall issue the Funds' Units in Creation Baskets for settlement with purchasers through DTC as the purchaser is authorized to receive. Beneficial ownership of the Funds' Units shall be shown on the records of DTC and DTC Participants and not on any records maintained by the Fund Services. In issuing the Funds' Units through DTC to an Authorized Participant, Fund Services shall be entitled to rely upon the latest Instructions that are received from the Distributor concerning the issuance and delivery of such Units for settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Fund Services shall not issue on behalf of the Funds any of the Funds' Units where it has received an Instruction from the Funds or the Distributor or written notification from any federal or state authority that the sale of the Funds' Units has been suspended or discontinued, and Fund Services shall be entitled to rely upon such Instructions or written notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Funds' Units may be redeemed in accordance with the procedures set forth in the relevant Authorized Participant Agreement and Fund Services shall duly process all redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Fund Services will act only upon Instruction from the Funds and/or the Sponsor in addressing any failure in the delivery of cash, treasuries and/or Units in connection with the issuance and redemption of the Funds' Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding, and, based upon data provided to it by the Trust, the total number of authorized Shares. Fund Services shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Prepare and transmit to the Trust and the Trust's administrator and to any applicable securities exchange (as specified to Fund Services by the Trust) information with respect to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to Fund Services and the Trust the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. On days that the Trust may accept orders for purchases or redemptions (pursuant to the Participant Agreement), transmit to Fund Services, the Trust and DTC the amount of Shares purchased on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Maintain those books and records of the Trust specified by the Trust and agreed upon by Fund Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such business day and with respect to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Fund Services shall record the issuance of the Funds' Creation Baskets and maintain, pursuant to Rule 17Ad-14(e) under the Securities Exchange Act of 1934, as amended, a record of the total number of the Funds' Creation Baskets that are authorized, issued and outstanding based upon data provided to Fund Services by the Funds or the Sponsor. Fund Services shall also provide the Funds on a regular basis with the total number of the Funds' Units authorized, issued and outstanding; provided however that Fund Services shall not be responsible for monitoring the issuance of such Units or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Subject to and in accordance with Section 9 of the Agreement, Fund Services shall create and maintain such books and record which the Trust or Fund Services is, or may be, required to create and maintain in accordance with all laws, rules, and regulations applicable to Fund Services as Transfer Agent. Fund Services agrees to make all books and records available for inspection and use by the Trust or by the SEC at reasonable times, and to otherwise keep confidential. Fund Services shall maintain such books and records for at least six years or for such other period of time as Fund Services and Trust may mutually agree or as required by all applicable laws, rules, and regulations. Fund Services further agrees that all such books and records shall be the property of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Upon reasonable notice by the Trust, Fund Services shall make available during regular business hours all records and other data created and maintained by Fund Services as Transfer Agent for reasonable audit and inspections by the Trust, any person retained by the Trust or any shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Anti-Money
Laundering and Red Flag Identity Theft Prevention Programs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Trust acknowledges that it had an opportunity to review and consider the written procedures
 provided by Fund Services describing various processes used by Fund Services which are
 designed to promote the detection and reporting of potential money laundering activity
 and identity theft by monitoring certain aspects of shareholder activity as well as written
 procedures for verifying a customer's identity (collectively, the "Procedures").
 Further, the Trust has determined that the Procedures, as part of the Trust's overall
 anti-money laundering program and identity theft prevention program responsibilities,
 are reasonably designed to help: (i) prevent the Trust from being used for money laundering
 or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve
 compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act
 of 2001, the Fair and Accurate Credit Transactions Act of 2003, and the implementing
 regulations thereunder (together "AML Rules").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Based
 on this determination, the Trust hereby instructs and directs Fund Services to implement
 the Procedures, as applicable, on the Trust's behalf, as such may be amended from
 time to time. It is contemplated that these Procedures will be amended from time to time
 by Fund Services and any such amended Procedures will be provided to the Trust. Should
 the Trust desire that Fund Services perform services not provided for in the Procedures,
 such additional services and the associated cost must be specifically detailed in the
 attached fee schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Trust acknowledges and agrees that although it is directing Fund Services to implement
 the Procedures on its behalf, Fund Services is implementing the Procedures as a service
 provider to the Trust and the Trust is and remains ultimately responsible for complying
 with all applicable laws, rules, and regulations with respect to anti-money laundering,
 customer identification, identity theft prevention, economic sanctions, and terrorist
 financing, whether under the AML Rules, or otherwise, such as, the establishment and
 board adoption of its own formal anti-money laundering program and the designation of
 its own anti-money laundering officer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Trust further acknowledges and agrees that certain portions of the Procedures are applicable
 to certain products, entities, structures, or geographies and, accordingly, certain portions
 of the Procedures may not be implemented with respect to the Trust. The Trust has had
 the opportunity to discuss the Procedures with Fund Services, and the Trust understands
 and agrees which portions of the Procedures may not be implemented on behalf of the Trust.
 Without limitation of the foregoing, Fund Services shall not be responsible for providing
 anti-money laundering or customer identification services with respect to certain intermediary
 or dealer-controlled customer accounts (i.e., level 0 sub-accounts through the Fund/SERV
 system operated by the National Securities Clearing Corporation) and other fund client
 relationships where there is a sub-transfer agency or similar arrangement between the
 Trust and the intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 Trust hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit
 federal regulators access to such information and records maintained by Fund Services
 and relating to Fund Services' implementation of the Procedures, on behalf of the
 Trust, as they may request, and (ii) permit such federal regulators to inspect Fund Services'
 implementation of the Procedures on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;5. Compensation

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on **<u>Exhibit B</u>** attached hereto (as amended from time to time). Fund Services shall be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by Fund Services in performing its duties hereunder. Fund Services shall also be compensated for any increases in costs due to the adoption of any new or amended industry, regulatory or other applicable rules. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid, if any. Notwithstanding anything to the contrary, amounts owed by the Trust to Fund Services shall only be paid out of assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;6. Representations
and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Trust and Sponsor hereby represents and warrants to Fund Services, which representations
 and warranties shall be deemed to be continuing throughout the term of this Agreement,
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 Agreement has been duly authorized, executed and delivered by the Trust in accordance
 with all requisite action and constitutes a valid and legally binding obligation of the
 Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of
 creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A
 registration statement under the 1933 Act, as amended, has been made effective prior
 to the effective date of this Agreement and will remain effective during the term of
 this Agreement, and appropriate state securities law filings will be made prior to the
 effective date of this Agreement and will continue to be made during the term of this
 Agreement as necessary to enable the Trust to make a continuous public offering of its
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) All
 records of the Trust (including, without limitation, all shareholder and account records)
 provided to Fund Services by the Trust or by a prior transfer agent of the Trust are
 accurate and complete and Fund Services is entitled to rely on all such records in the
 form provided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund
 Services hereby represents and warrants to the Trust and Sponsor, which representations
 and warranties shall be deemed to be continuing throughout the term of this Agreement,
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 Agreement has been duly authorized, executed and delivered by Fund Services in accordance
 with all requisite action and constitutes a valid and legally binding obligation of Fund
 Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
 reorganization, moratorium and other laws of general application affecting the rights
 and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) It
is a registered transfer agent under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;7. Standard
of Care; Indemnification; Limitation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund
 Services shall exercise reasonable care in the performance of its duties under this Agreement.
 Neither Fund Services nor any of its affiliates or suppliers shall be liable for any
 error of judgment; mistake of law; fraud or misconduct by the Trust, any Fund, the adviser
 or any other service provider to the Trust or a Fund, or any employee of the foregoing;
 or for any loss suffered by the Trust, a Fund, or any third party in connection with
 Fund Services' duties under this Agreement, including losses resulting from mechanical
 breakdowns or the failure of communication or power supplies beyond Fund Services'
 reasonable control, except a loss arising out of or relating to Fund Services'
 refusal or failure to comply with the terms of this Agreement (other than where such
 compliance would violate applicable law) or from its bad faith, negligence, or willful
 misconduct in the performance of its duties under this Agreement. Notwithstanding
any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under
this Agreement, the Trust shall indemnify and hold harmless Fund Services and its affiliates and suppliers from and against
any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys'
fees) that Fund Services or its affiliates and suppliers may sustain or incur or that may be asserted against Fund Services
or its affiliates and suppliers by any person arising out of or related to (X) any action taken or omitted to be taken by it
in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or
oral instruction provided to Fund Services by any duly authorized officer of the Trust, as approved by the Board of Trustees
of the Trust, or (Y) the Data, or any information, service, report, analysis or publication derived therefrom, except for any
and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services' refusal or
failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from
its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall
be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As
used in this paragraph, the term "Fund Services" shall include Fund Services' directors, officers and
employees. Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages
under any provision of this Agreement.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Fund Services' premises and operating capabilities at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall provide the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 order that the indemnification provisions contained in this section shall apply, it is
 understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee
 harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
 the situation in question, and it is further understood that the indemnitee will use
 all reasonable care to notify the indemnitor promptly concerning any situation that presents
 or appears likely to present the probability of a claim for indemnification. The indemnitor
 shall have the option to defend the indemnitee against any claim that may be the subject
 of this indemnification. In the event that the indemnitor so elects, it will so notify
 the indemnitee and thereupon the indemnitor shall take over complete defense of the claim,
 and the indemnitee shall in such situation initiate no further legal or other expenses
 for which it shall seek indemnification under this section. The indemnitee shall in no
 case confess any claim or make any compromise in any case in which the indemnitor will
 be asked to indemnify the indemnitee except with the indemnitor's prior written
 consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 indemnity and defense provisions set forth in this Section 7 shall indefinitely survive
 the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If
 Fund Services is acting in another capacity for the Trust pursuant to a separate agreement,
 nothing herein shall be deemed to relieve Fund Services of any of its obligations in
 such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;8. Data
Necessary to Perform Services

The Trust or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;9. Proprietary
and Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund
 Services agrees on behalf of itself and its directors, officers, and employees to treat
 confidentially and as proprietary information of the Trust, all records and other information
 relative to the Trust and prior, present, or potential shareholders of the Trust (and
 clients of said shareholders), and not to use such records and information for any purpose
 other than the performance of its responsibilities and duties hereunder, except (i) after
 prior notification to and approval in writing by the Trust, which approval shall not
 be unreasonably withheld and may not be withheld where Fund Services may be exposed to
 civil or criminal contempt proceedings for failure to comply, (ii) when requested to
 divulge such information by duly constituted authorities, or (iii) when so requested
 by the Trust. Records and other information which have become known to the public through
 no wrongful act of Fund Services or any of its employees, agents or representatives,
 and information that was already in the possession of Fund Services prior to receipt
 thereof from the Trust or its agent, shall not be subject to this paragraph.

Further, Fund Services will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially
 and as proprietary information of Fund Services, all non-public information relative
 to Fund Services (including, without limitation, the Data and information regarding Fund
 Services' pricing, products, services, customers, suppliers, financial statements,
 processes, know-how, trade secrets, market opportunities, past, present or future research,
 development or business plans, affairs, operations, systems, computer software in source
 code and object code form, documentation, techniques, procedures, designs, drawings,
 specifications, schematics, processes and/or intellectual property), and not to use such
 information for any purpose other than in connection with the services provided under
 this Agreement, except (i) after prior notification to and approval in writing by Fund
 Services, which approval shall not be unreasonably withheld and may not be withheld where
 the Trust may be exposed to civil or criminal contempt proceedings for failure to comply,
 (ii) when requested to divulge such information by duly constituted authorities, or (iii)
 when so requested by the Fund Services. Information which has become known to the public
 through no wrongful act of the Trust or any of its employees, agents or representatives,
 and information that was already in the possession of the Trust prior to receipt thereof
 from Fund Services, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
 anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity
 of Fund Services as a service provider, redacted copies of this Agreement, and such other
 information as may be required in the Trust's registration or offering documents,
 or as may otherwise be required by applicable law, rule, or regulation, and (ii) Fund
 Services shall be permitted to include the name of the Trust in lists of representative
 clients in due diligence questionnaires, RFP responses, presentations, and other marketing
 and promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;10. Records

&nbsp;&nbsp;&nbsp;&nbsp;11. Compliance
with Laws

The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1933 Act, CFTC, NFA, NYSE, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement of additional information. Fund Services' services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Sponsor's oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;12. Term
of Agreement; Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This
 Agreement shall become effective as of the date written above and will continue in effect
 for a period of three (3) years. Following the initial term, this Agreement shall automatically
 renew for successive one (1) year terms unless either party provides written notice at
 least 90 days prior to the end of the then current term that it will not be renewing
 the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject
 to Section 16, this Agreement may be terminated by either party (in whole or with respect
 to one or more Funds) upon giving 90 days' prior written notice to the other party
 or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Fund
 Services may terminate this Agreement immediately (in whole or with respect to one or
 more Funds) if the continued service of such Funds or the Trust would cause Fund Services
 or any of its affiliates to be in violation of any applicable law, rule, regulation,
 or order of any governmental, regulatory or judicial authority of competent jurisdiction,
 or if the Funds or the Trust (or any affiliate thereof) commits any act, or becomes involved
 in any situation or occurrence, tending to bring itself into public disrepute, contempt,
 scandal, or ridicule, or such that the continued association with the Funds or the Trust
 would reflect unfavorably upon Fund Services' reputation, provided that in such
 event Fund Services shall, to the extent it is legally permitted and able to do so, provide
 reasonable assistance to transition such Funds or the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Agreement may be terminated by any party upon the breach of the other party of any material
 term of this Agreement if such breach is not cured within 15 days of notice of such breach
 to the breaching party.

This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;13. Early
Termination

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all monthly fees through the remaining term of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all miscellaneous costs associated with a. to c. above.

&nbsp;&nbsp;&nbsp;&nbsp;14. Duties
in the Event of Termination

In the event that, in connection with the termination of this Agreement, a successor to any of Fund SBFS' duties or responsibilities hereunder is designated by the Trust by written notice to Fund Services, Fund Services will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which Fund Services has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust and Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;15. Assignment

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied by the authorization or approval of the Trust's Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;16. Governing
Law

This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the Securities and Exchange Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;17. No
Agency Relationship

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;18. Services
Not Exclusive

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;19. Invalidity

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;20. Notices

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: President

and notice to the Trust or Sponsor shall be sent to:

Valkyrie Digital Assets LLC

320 Seven Springs Way, Suite 250

Brentwood, Tennessee 37027

&nbsp;&nbsp;&nbsp;&nbsp;21. Multiple
Originals

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**[SIGNATURES ON THE FOLLOWING PAGE]**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **VALKYRIE BITCOIN FUND** | **VALKYRIE BITCOIN FUND** |
| By: | ![](ex103001.jpg) |
| Name: | Leah Wald |
| Title: | Manager of Sponsor |
| Date: | 12/27/2023 |
| **VALKYRIE DIGITAL ASSETS LLC** | **VALKYRIE DIGITAL ASSETS LLC** |
| By: | ![](ex103001.jpg) |
| Name: | Leah Wald |
| Title: | Manager |
| Date: |  |
| **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex103002.jpg) |
| Name: | Greg Farley |
| Title: | Senior Vice President |
| Date: | 1/5/2024 |

---

**Exhibit A to the Transfer Agent Servicing Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

Valkyrie Bitcoin Fund

**Exhibit B to the Transfer Agent Servicing Agreement**

**Base Fee for Accounting, Administration, Transfer Agent & Account Services**

The following-reflects the greater of the basis point fee or annual minimum where [Adviser's name] (the "Adviser'') acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | | |
|:---|:---|:---|:---|
| <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> |
| Funds 1-5 | $45000 | First $250m | 5 bps |
| Funds 6-10 | $40000 | Next $250m | 4 bps |
| Funds 11+ | $30000 | Next $2b | 3 bps |
|  |  | Balance | 2 bps |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two- year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (*e.g.*, compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**Pricing Services**

For daily pricing of each securities (estimated 252 pricing days annually)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $0.08
 – Listed equity instruments and rates including but not limited to: Domestic Equities,
 Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $0.50
 – Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate
 and Government Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $0.80
 – Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset
 Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00-
 Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Derivative
 Instruments are generally charged at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ $0.90 – Interest Rate Swaps, Foreign Currency Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ $1.50 – Swaptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ $3.00 – Credit Default Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Intraday
money market funds pricing, up to 3 times per day

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $500
per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action and Factor Services**

Fee for ICE data used to monitor corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per Foreign Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00
per Domestic Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per CMOs, Asset Backed, Mortgage Backed Security per Month

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $1
per security per month for fund administrative

**SEC Modernization Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-PORT – $8,000 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-CEN – $250 per year, per Fund

**10-Q / 10-K Support**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $25,000
per fund per year\*

\*Provide financial data for include in the Fund's 10-Q / 10-K filings.

**Chief Compliance Officer Support Fee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
 support annual fee of $3,000 per trust for each U.S. Bank service selected (administration,
 accounting, transfer agent, custodian)

This fee includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Access
 to the CCO Portal including business line Critical Procedures, Compliance Controls, Reporting
 on Testing of Compliance Controls, Annual U.S. Bank Global Fund Services CCO Review,
 SOC1 audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
 38a-1 certifications to the CCO regarding any changes to critical policies, procedures
 and controls and compliance events as required under Rule 38a-1 of the Investment Company
 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Annual
client conference which includes CCO roundtable discussions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Note:
the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ M-1
book-to-tax adjustments at fiscal and excise year-end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
tax footnotes in conjunction with fiscal year-end audit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 1120-RIC federal income tax return and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 8613 and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 1099-MISC Forms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Annual TDF FBAR (Foreign Bank Account Reporting) filing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Base
fee – $20,000 per fund per year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Setup
– $2,500 per fund group

**Quarterly Compliance Monitoring**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Fees
will be assessed.

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | &nbsp;&nbsp;**Price per Fund per Month** |
| &nbsp;&nbsp;Limited Derivatives User | &nbsp;&nbsp;$120 |
| &nbsp;&nbsp;Full Derivatives User (no OTC derivatives) | &nbsp;&nbsp;$300 |
| &nbsp;&nbsp;Full Derivative User (with 1-5 OTC derivatives) | &nbsp;&nbsp;$400 |
| &nbsp;&nbsp;Full Derivative User (with 5 or more OTC derivatives) | &nbsp;&nbsp;$500 |

---

**Controlled Foreign Corporation (CFC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
Bank Fee Schedule plus $15,000

**C- Corp Administrative Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ 1940
Act C-Corp – U.S. Bank Fee Schedule plus $15,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ 1933
Act C-Corp – U.S. Bank Fee Schedule plus $25,000

**Section 15(c) Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $2,000
per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Expense
 reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes
 on one report) OR Full 15(c) report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Performance
reporting package: Peer Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
15c reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
data source – Morningstar; additional charges will apply for other data services

**Optional Tax Services**

Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) –
 $5,000 per year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
 Capital Gain Dividend Estimates – (First two included in core services) – $1,000 per
 additional estimate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ State
tax returns - (First two included in core services) – $1,500 per additional return

**Tax Reporting – C-Corporations**

**Federal Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 corporate Book to tax calculation, average cost analysis and cost basis role forwards,
 and federal income tax returns for investment fund (Federal returns & 1099 Breakout
 Analysis) – $25,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Federal and State extensions (If Applicable) – Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
provision estimates – $2,000 Per estimate

**State Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
state income tax returns for funds and blocker entities – $1,500 per state return

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Sign
state income tax returns – $2,000 per state return

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Assist
in filing state income tax returns – Included with preparation of returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ State
tax notice consultative support and resolution – $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

**Equity & Fixed Income Attribution Reporting**

Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

**ESG Compliance Reporting Services**

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings.

**AMENDMENT TO THE<br> TRANSFER AGENT SERVICING AGREEMENT**

THIS AMENDMENT made and entered into as of the date last written on the signature page, and effective as of February 1, 2025 (the "Effective Date"), by and between **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("Fund Services"), **COINSHARES VALKYRIE BITCOIN FUND** (f.k.a. Valkyrie Bitcoin Fund), a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **COINSHARES CO.**, a Delaware corporation the sponsor of the Funds (the "Sponsor").

WHEREAS, the parties entered into a Transfer Agent Servicing Agreement dated as of January 5, 2024, as assigned June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend the series list in Exhibit A to reflect a name update; and

WHEREAS, the parties desire to amend the fees listed in Exhibit B of the Agreement; and

WHEREAS, Section 12 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
 of the Effective date, Exhibit A of the Agreement is hereby superseded and replaced with
 the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As
 of the Effective date, Exhibit B of the Agreement is hereby superseded and replaced with
 the Exhibit B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | |
|:---|:---|
| **COINSHARES VALKYRIE BITCOIN FUND** | **COINSHARES VALKYRIE BITCOIN FUND** |
| By: | ![](ex103003.jpg) |
| Name: | Charles Butler |
| Title: | Principal Financial Officer |
| Date: | 12/03/2025 |
| **COINSHARES CO.** | **COINSHARES CO.** |
| By: | ![](ex103003.jpg) |
| Name: | Charles Butler |
| Title: | Director |
| Date: | 12/03/2025 |
| **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex103002.jpg) |
| Name: | Greg Farley |
| Title: | Sr. Vice President |
| Date: | 4/8/25 |

---

**Exhibit A to the Transfer Agent Servicing Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

CoinShares Valkyrie Bitcoin Fund

**Exhibit B to the Transfer Agent Servicing Agreement**

**Base Fee for Accounting, Administration, Transfer Agent & Account Services**

The following-reflects the greater of the basis point fee or annual minimum where Adviser acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | | |
|:---|:---|:---|:---|
| <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> |
| Funds 1-5 | $50000 | First $250m | 5 bps |
| Funds 6-10 | $40000 | Next $250m | 4 bps |
| Funds 11+ | $30000 | Balance | 3 bps |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – U.S. City Average' index provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**Pricing Services**

For daily pricing of each securities (estimated 252 pricing days annually)

&nbsp;&nbsp;&nbsp;&nbsp;■ $0.08
 – Listed equity instruments and rates including but not limited to: Domestic Equities,
 Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;■ $0.50
 – Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate
 and Government Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $0.80
 – Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset
 Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00-
Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;■ Derivative
Instruments are generally charged at the following rates:

○ $0.90 – Interest Rate Swaps, Foreign Currency Swaps

○ $1.50 – Swaptions

○ $3.00 – Credit Default Swaps

&nbsp;&nbsp;&nbsp;&nbsp;■ Intraday
money market funds pricing, up to 3 times per day

&nbsp;&nbsp;&nbsp;&nbsp;■ $500
per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action and Factor Services**

Fee for ICE data used to monitor corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per Foreign Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00
per Domestic Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
per CMOs, Asset Backed, Mortgage Backed Security per Month

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $1
per security per month for fund administrative

**SEC Modernization Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-PORT – $8,000 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Form
N-CEN – $250 per year, per Fund

**10-Q / 10-K Support**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $25,000
per fund per year\*

\*Provide financial data for include in the Fund's 10-Q / 10-K filings.

**Chief Compliance Officer Support Fee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
 support annual fee of $3,000 per trust for each U.S. Bank service selected (administration,
 accounting, transfer agent, custodian)

This fee includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Access
 to the CCO Portal including business line Critical Procedures, Compliance Controls, Reporting
 on Testing of Compliance Controls, Annual U.S. Bank Global Fund Services CCO Review,
 SOC1 audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
 38a-1 certifications to the CCO regarding any changes to critical policies, procedures
 and controls and compliance events as required under Rule 38a-1 of the Investment Company
 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Annual
client conference which includes CCO roundtable discussions

Note: the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services**

M-1 book-to-tax adjustments at fiscal and excise year-end

Prepare tax footnotes in conjunction with fiscal year-end audit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 1120-RIC federal income tax return and relevant schedules

Prepare Form 8613 and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Form 1099-MISC Forms

Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax efiling, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Base
fee – $20,000 per fund per year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Setup
– $2,500 per fund group

**Quarterly Compliance Monitoring**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Fees
will be assessed.

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | &nbsp;&nbsp;**Price per Fund per Month** |
| &nbsp;&nbsp;Limited Derivatives User | &nbsp;&nbsp;$120 |
| &nbsp;&nbsp;Full Derivatives User (no OTC derivatives) | &nbsp;&nbsp;$300 |
| &nbsp;&nbsp;Full Derivative User (with 1-5 OTC derivatives) | &nbsp;&nbsp;$400 |
| &nbsp;&nbsp;Full Derivative User (with 5 or more OTC derivatives) | &nbsp;&nbsp;$500 |

---

**Controlled Foreign Corporation (CFC)**

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
Bank Fee Schedule plus $15,000

**C- Corp Administrative Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ **1** 940
Act C-Corp – U.S. Bank Fee Schedule plus $15,000

&nbsp;&nbsp;&nbsp;&nbsp;■ **1** 933
Act C-Corp – U.S. Bank Fee Schedule plus $25,000

**Section 15(c) Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;■ $2,000
per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

&nbsp;&nbsp;&nbsp;&nbsp;● Expense
reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio with classes on one report) OR Full 15(c) report

&nbsp;&nbsp;&nbsp;&nbsp;● Performance
reporting package: Peer Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
15© reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
data source – Morningstar; additional charges will apply for other data services

**Optional Tax Services**

Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) -
 $5,000 per year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
 Capital Gain Dividend Estimates – (First two included in core services) – $1,000 per
 additional estimate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ State
tax returns - (First two included in core services) – $1,500 per additional return

**Tax Reporting –C-Corporations Federal Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment
fund (Federal returns & 1099 Breakout Analysis) – $25,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
Federal and State extensions (If Applicable) – Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
provision estimates – $2,000 Per estimate

**State Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
state income tax returns for funds and blocker entities – $1,500 per state return

● Sign state income tax returns – $2,000 per state return

● Assist in filing state income tax returns – Included with preparation of returns

● State tax notice consultative support and resolution – $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

**Equity & Fixed Income Attribution Reporting**

Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

**ESG Compliance Reporting Services**

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings

**SECOND AMENDMENT TO THE**

**TRANSFER AGENT SERVICING AGREEMENT**

THIS SECOND AMENDMENT is made and entered into as of the last date written on the signature page below (the "Effective Date"), by and between **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("Fund Services"), **VALKYRIE BITCOIN FUND**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **COINSHARES CO**, a Delaware corporation the sponsor of the Funds (the "Sponsor").

WHEREAS, the parties entered into a Transfer Agent Servicing Agreement dated as of January 5, 2024, as assigned June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend Exhibit A of the Agreement, the funds list of the Trust, to add CoinShares Solana Staking ETF and CoinShares XRP ETF; and

WHEREAS, Section 12 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
 of the Effective date, Exhibit A of the Agreement is hereby superseded and replaced with
 the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | |
|:---|:---|
| **VALKYRIE BITCOIN FUND** | **VALKYRIE BITCOIN FUND** |
| By: | ![](ex103003.jpg) |
| Name: | Charles Butler |
| Title: | Director |
| Date: | 24/09/2025 |
| **COINSHARES CO** | **COINSHARES CO** |
| By: | ![](ex103003.jpg) |
| Name: | Charles Butler |
| Title: | Director |
| Date: | 24/09/2025 |
| **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex103002.jpg) |
| Name: | Gregory Farley |
| Title: | Senior Vice President |
| Date: | September 26, 2025 |

---

**<u>EXHIBIT A</u>**

**to the Custody Agreement**

**Separate Series of Trust**

**<u>Name of Series</u>**

CoinShares Bitcoin ETF

CoinShares Solana Staking ETF

CoinShares XRP ETF

## Exhibit 10.4

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.4** 

**BITGO**

**CUSTODIAL SERVICES AGREEMENT** 

This BitGo Custodial Services Agreement (this "**Agreement**") is made as of the Effective Date by and between:

CoinShares XRP ETF ("CLIENT") <br> a Delaware ETF

and Custodian. This Agreement governs Client's use of the Services (as defined below) provided or made available by Custodian to Client.

**Definitions**. Capitalized terms not defined elsewhere in this Agreement shall have the meaning set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) "**Agreement**" means this BitGo Custodial Services Agreement, as it may be amended from
time to time, and includes all schedules and exhibits to this BitGo Custodial Services Agreement, as they may be amended from time to
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) "**Applicable Law**" means any applicable statute, rule, regulation, regulatory guideline,
order, law, ordinance, or code; the common law and laws of equity; any binding court order, judgment, or decree; any applicable industry
code, rule, guideline, policy, or standard enforceable by law (including as a result of participation in a self-regulatory organization);
and any official interpretations of any of the foregoing, including data protection laws such as the applicable data protection and privacy
laws of the European Union and the United Kingdom, including Regulation (EU) 2016/679 (the General Data Protection Regulation) and the
UK Data Protection Act 2018, as may be supplemented or amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) "**Assets**" means, as applicable, Digital Assets and/or Fiat Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) "**Authorized Persons**" means any person authorized by Client or a person reasonably believed
by Custodian to be authorized by Client to act on behalf of Client (e.g., viewer, admin, enterprise owner, viewer with additional video
rights, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the individuals authorized by the Client to act on its behalf (e.g., viewer, admin, enterprise owner,
viewer with additional video rights, etc.), as identified in Schedule B as such list may be updated from time to time by the Client upon
written notice to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) "**Bank**" means either (a) a U.S. banking institution insured by the Federal Deposit Insurance
Corporation (FDIC) or (b) an organization that is organized under the laws of a foreign country, or a territory of the United States that
is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or the country in which its principal
banking operations are located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) "**Client Security Codes**" means IDs, credentials, passwords, login information, hints,
personal identification numbers, non-custodial wallet keys (other than Client Keys), yubikeys, 2-factor authentication devices or backups,
or any other codes that Client uses to access the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) "**Company Site**" means https://www.bitgo.com/ .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) "**Custodian**" means BitGo Trust Company, Inc., a South Dakota trust company duly organized
and chartered under § 51A-6A-1(12A) of the South Dakota Banking Law and licensed to act as custodian of Client's Assets on
Client's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) "**Digital Assets**" means digital assets, virtual currencies, tokens, or coins held for
Client under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) "**Effective Date**" means the last signature below unless otherwise specified in this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) "**Fee Schedule**" means the fees associated with the Services set forth in Schedule A
to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) "**Fiat Currency**" means certain supported fiat currencies, such as U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) "**Instructions**" means instructions given by Client or Client's Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) "**Losses**" means, collectively, liabilities, damages, losses, costs, and expenses, including
reasonable attorneys' fees and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) "**Pool**" means the segregated group of Digital Assets held by the Custodian in one or
more Custodial Accounts, with the Digital Assets in each Custodial Account to be recorded separately in the books and records of the Custodian
and kept segregated from the Digital Assets of any other Custodial Account, any other client of the Custodian, or the Custodian's
own assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) "**Services**" means, collectively, all the services that Client receives from Custodian
and its affiliates, including, Custodial Services, Wallet Services, and Settlement Services, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) "**UI**" means the web user interface available to Client through the Company Site that
allows Client to access certain Services.

**1. SERVICES**.

**1.1. Authorization**. Client authorizes, approves, and directs Custodian to establish and maintain one or more custody accounts on its books (each a "**Custodial Account**"), pursuant to the terms of this Agreement, for the receipt, safekeeping, and maintenance of Client's Assets ("**Custodial Services**").

**1.2. Custody Transactions**. The Custodial Services allow Client to deposit Assets to Client's Custodial Account and to withdraw Assets from Client's Custodial Account to an external location, in each case, pursuant to Instructions provided through the UI (each of such transactions is a "**Custody Transaction**") and consistent with the provisions set forth in <u>Section 2</u>. Custodian reserves the right to refuse to process or to cancel any pending Custody Transaction: (a) as required by Applicable Law; (b) to enforce a transaction, threshold, and condition limits; or (c) if Custodian reasonably believes that the Custody Transaction may violate or facilitate the violation of any Applicable Law. Custodian cannot reverse a Custody Transaction which has been broadcast to a Digital Asset network.

**1.3. Third-Party Payments**. The Custodial Services are not intended to facilitate third-party payments of any kind. As such, Custodian has no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any goods or services that Client may purchase from a third party (including other users of Custodial Services) using Assets in Client's Custodial Account.

**1.4. Clearing and Settlement Services**. Custodian may offer clearing and settlement services (the "**Settlement Services**") that facilitate the settlement of transactions of supported Assets between Client and Client's trade counterparty that also has a Custodial Account with Custodian ("**Settlement Partner**") pursuant to the operational terms set forth in <u>Section 2.10</u>.

**1.5. Fees**. Fees and payment terms associated with the Services are set forth in the Fee Schedule. Custodian reserves the right to revise its Fee Schedule at any time following the Initial Term (as defined below), provided that Custodian will provide Client with at least thirty (30) days' advance notice of any such revision. Within such thirty (30)-day period, Client may terminate this Agreement and discontinue the Services hereunder at no additional charge to Client.

**1.6. Taxes**. Client is solely responsible for any taxes applicable to any Custody Transactions, and for withholding, collecting, reporting, or remitting the correct amount of taxes to the appropriate tax authorities. Client's Custody Transactions' history is available by accessing Client's Custodial Account through the UI or by contacting Custodian directly. If Custodian or an affiliate of Custodian has a legal obligation to pay or collect taxes for which Client is responsible, Client will be invoiced for the relevant amount, including any penalties, fines, or interest thereon, and Client will pay that amount promptly upon the receipt of the applicable invoice(s) unless Client provides the Custodian or relevant affiliate of Custodian with a valid tax exemption certificate authorized by the appropriate taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** **Acknowledgement of Risks**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Risks; No Investment, Tax, or Legal Advice; No Brokerage</u>. CLIENT ACKNOWLEDGES THAT CUSTODIAN DOES NOT PROVIDE INVESTMENT, TAX, OR LEGAL ADVICE, NOR DOES CUSTODIAN BROKER TRANSACTIONS ON CLIENT'S BEHALF. CLIENT ACKNOWLEDGES THAT CUSTODIAN HAS NOT PROVIDED AND WILL NOT PROVIDE ANY ADVICE, GUIDANCE, OR RECOMMENDATIONS TO CLIENT WITH REGARD TO THE SUITABILITY OR VALUE OF ANY ASSETS, AND THAT CUSTODIAN HAS NO LIABILITY REGARDING ANY SELECTION OF A DIGITAL ASSET OR OTHERWISE THAT IS HELD BY CLIENT THROUGH CLIENT'S CUSTODIAL ACCOUNT AND THE CUSTODIAL SERVICES OR OTHER SERVICES. ALL CUSTODY TRANSACTIONS ARE EXECUTED BASED ON INSTRUCTIONS, AND CLIENT IS SOLELY RESPONSIBLE FOR DETERMINING WHETHER ANY INVESTMENT, INVESTMENT STRATEGY, OR RELATED TRANSACTION INVOLVING CLIENT'S ASSETS IS APPROPRIATE FOR CLIENT BASED ON CLIENT'S INVESTMENT OBJECTIVES, FINANCIAL CIRCUMSTANCES, AND RISK TOLERANCE. CLIENT SHOULD SEEK LEGAL AND PROFESSIONAL TAX ADVICE REGARDING ANY TRANSACTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Material Risk in Investing in Digital Assets</u>. CLIENT ACKNOWLEDGES THAT: (i) DIGITAL ASSETS ARE NOT LEGAL TENDER, ARE NOT BACKED BY THE U.S. GOVERNMENT, AND ACCOUNTS AND VALUE BALANCES ARE NOT SUBJECT TO FEDERAL DEPOSIT INSURANCE CORPORATION OR SECURITIES INVESTOR PROTECTIONS; (ii) LEGISLATIVE AND REGULATORY CHANGES OR ACTIONS AT THE STATE, FEDERAL, OR INTERNATIONAL LEVEL MAY ADVERSELY AFFECT THE USE, TRANSFER, EXCHANGE, AND VALUE OF DIGITAL ASSETS; (iii) TRANSACTIONS INVOLVING DIGITAL ASSETS MAY BE IRREVERSIBLE, AND, ACCORDINGLY, LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE RECOVERABLE; (iv) SOME DIGITAL ASSETS TRANSACTIONS SHALL BE DEEMED TO BE MADE WHEN RECORDED ON A PUBLIC LEDGER, WHICH IS NOT NECESSARILY THE DATE OR TIME THAT CLIENT INITIATES THE TRANSACTION; (v) THE VALUE OF DIGITAL ASSETS MAY BE DERIVED FROM THE CONTINUED WILLINGNESS OF MARKET PARTICIPANTS TO EXCHANGE FIAT CURRENCY FOR DIGITAL ASSETS, WHICH MAY RESULT IN THE POTENTIAL FOR PERMANENT AND TOTAL LOSS OF VALUE OF A PARTICULAR DIGITAL ASSET SHOULD THE MARKET FOR THAT DIGITAL ASSET DISAPPEAR; (vi) THERE IS NO ASSURANCE THAT A PERSON WHO ACCEPTS DIGITAL ASSETS AS PAYMENT TODAY WILL CONTINUE TO DO SO IN THE FUTURE; (vii) THE VOLATILITY AND UNPREDICTABILITY OF THE PRICE OF DIGITAL ASSETS RELATIVE TO FIAT CURRENCY MAY RESULT IN SIGNIFICANT LOSS OVER A SHORT PERIOD OF TIME; (viii) THE NATURE OF DIGITAL ASSETS MAY LEAD TO AN INCREASED RISK OF FRAUD OR CYBER ATTACK; (ix) THE NATURE OF DIGITAL ASSETS MEANS THAT ANY TECHNOLOGICAL DIFFICULTIES EXPERIENCED BY CUSTODIAN MAY PREVENT THE ACCESS OR USE OF A CLIENT'S OR CLIENT'S CUSTOMERS' DIGITAL ASSETS; AND (x) ANY ACCOUNT MAINTAINED BY CUSTODIAN FOR THE BENEFIT OF CLIENT (E.G., A BOND OR TRUST ACCOUNT) MAY NOT BE SUFFICIENT TO COVER ALL LOSSES INCURRED BY CLIENT OR CLIENT'S CUSTOMERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Client Acknowledgment</u>. CLIENT ACKNOWLEDGES THAT USING DIGITAL ASSETS AND ANY RELATED NETWORKS AND PROTOCOLS INVOLVES SERIOUS RISKS. CLIENT AGREES THAT IT HAS READ AND ACCEPTS THE RISKS LISTED IN THIS <u>SECTION 1.9</u>, WHICH IS NON-EXHAUSTIVE AND WHICH MAY NOT CAPTURE ALL RISKS ASSOCIATED WITH CLIENT'S ACTIVITY. IT IS CLIENT'S DUTY TO LEARN ABOUT ALL THE RISKS INVOLVED WITH DIGITAL ASSETS AND ANY RELATED PROTOCOLS AND NETWORKS. CUSTODIAN MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE VALUE OF DIGITAL ASSETS OR THE SECURITY OR PERFORMANCE OF ANY RELATED NETWORK OR PROTOCOL.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **OPERATIONAL TERMS** 

**2.1. General**. The Digital Assets stored in Client's Custodial Account are segregated from both the (a) property of Custodian, and (b) the Assets of other customers of Custodian, except for Digital Assets specifically moved into shared accounts by Client. Fiat Currency stored on Client's behalf is stored by Custodian in accordance with <u>Section 2.4</u>.

2.2 **Registration; Authorized Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) To create a Custodial Account and use the Custodial Services, Client must provide Custodian with all information requested. Based on the information provided (or not provided), Custodian may, in its sole discretion, refuse to allow Client to establish a Custodial Account, limit the number of Custodial Accounts, or decide to subsequently terminate a Custodial Account.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client will maintain an updated and current list of Authorized Persons at all times on the UI and will immediately notify Custodian of any changes to the list of Authorized Persons by updating the list on the UI. Client shall make available all necessary documentation and identification information, as reasonably requested by Custodian to confirm: (i) the identity of each Authorized Person; (ii) that each Authorized Person is eligible to be deemed an "Authorized Person" as defined in this Agreement; and (iii) the person requesting the changes in the list of Authorized Persons has valid authority to request changes on behalf of Client.

2.3 **Instructions.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian acts upon Instructions that are received and verified by Custodian in accordance with its procedures and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Instructions will be required for any action requested of Custodian. Instructions shall continue in full force and effect until canceled by Client (if possible) or executed.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian shall be entitled to rely upon any Instructions it receives pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Custodian may assume that any Instructions received hereunder, if applicable, are not in any way inconsistent with the provisions of organizational documents of Client or of any vote, resolution, or proper authorization, and that Client is authorized to take the actions specified in the Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Client shall verify all information submitted in Instructions to Custodian. Custodian shall have no duty to inquire into or investigate the validity, accuracy, or content of any Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Custodian undertakes to cooperate fully and in good faith to ensure the proper and timely execution of all Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Instructions are ambiguous, incomplete, or conflicting, Custodian may refuse to execute such Instructions until any ambiguity, incompleteness, or conflict has been resolved. Custodian may refuse to execute Instructions if, in its sole opinion, such Instructions are outside the scope of its duties under this Agreement or are contrary to any Applicable Law. The Custodian will use commercially reasonable efforts to inform the Client of any refusal to execute an Instruction and, to the extent permissible under Applicable Law, shall provide an explanation without undue delay.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Client is responsible for any Losses resulting from inaccurate Instructions (e.g., if Client provides the wrong destination address for executing a withdrawal transaction). Custodian does not guarantee the identity of any user, receiver, requestee, or other party to a Custody Transaction. Custodian shall have no liability whatsoever for failure to perform pursuant to such Instructions except in the case of Custodian's gross negligence, fraud, or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Custodian shall be responsible for any Losses arising from the alteration, corruption, or misexecution of Instructions resulting from technical malfunctions, system errors, cybersecurity incidents, or any other acts or omissions attributable to the Custodian or its subcontractors. In such cases, the Custodian shall promptly inform the Client, cooperate in good faith to mitigate any damage, and, subject to the terms of Section 9 of this Agreement, indemnify the Client for any direct Losses incurred as a result.

2.4 **Fiat Currency**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) As part of Custodial Services, Client may use Custodian to hold Fiat Currency in a Custodial Account for Client's benefit. Custodian will custody Fiat Currency in one or more of the following "**Customer Omnibus Accounts**", as determined by Custodian: (i) deposit accounts established by Custodian at a Bank; (ii) money market accounts established by Custodian at a Bank; or (iii) such other accounts as may be agreed between Client and Custodian in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Customer Omnibus Account shall be titled in the name of Custodian or in the name of Custodian for the benefit of its customers, in either case under the control of Custodian. Each Customer Omnibus Account shall be maintained separately and segregated from the Custodian's business, operating, and reserve accounts. Each Customer Omnibus Account constitutes a banking relationship between Custodian and the relevant Bank and shall not constitute a custodial relationship between Client and Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian may hold some or any portion of Fiat Currency in accounts that may or may not receive interest or other earnings. Client agrees that the amount of any such interest or earnings attributable to such Fiat Currency in Customer Omnibus Accounts shall be retained by Custodian as additional consideration for its services under this Agreement, and nothing in this Agreement entitles Client to any portion of such interest or earnings. In addition, Custodian may receive earnings or compensation for a Customer Omnibus Account in the form of services provided at a reduced rate or similar compensation. Any such compensation shall be retained by Custodian, Client is not entitled to any portion of such compensation, and no portion of any such compensation shall be paid to or for Client. Client's rights in the Customer Omnibus Accounts are limited to the specific amount of Fiat Currency Custodian custodies on Client's behalf, as may be limited under this Agreement and by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Client agrees and understands that wire deposit settlement times and wire withdrawal transfer times are subject to factors outside of Custodian's control, including processes and operations related to Client's account at a depository institution and Custodian's bank account.

2.5 **Digital Asset Deposits and Withdrawals.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to initiating a deposit of Digital Assets to Custodian, Client must confirm that the specific Digital Asset is found in the then-current list available at https://www.bitgo.com/resources/coins, as may be amended from time to time in Custodian's sole discretion (the "**Supported Digital Assets List**"). By initiating a deposit of Digital Assets to a Custodial Account, Client attests that Client has confirmed that the Digital Asset being transferred is listed in the Supported Digital Assets List.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client must initiate any withdrawal request through Client's Custodial Account to a Client wallet address. Custodian will process withdrawal requests with or without video verification, such decision to be based on a set of criteria (which may or may not be linked to a dollar value and may or may not be tied to a single transaction or aggregated in a series of transactions during a predetermined amount of time) set by you on the UI. The time of such a request shall be considered the time of transmission of such notice from Client's Custodial Account. Notwithstanding the foregoing, Custodian reserves the right to request video verification for any transaction or series of transactions for any reason in its sole discretion. The initiation of a twenty-four (24)-hour time period in <u>Section 2.6</u> to process the withdrawal request shall be considered at the time at which Client completes any required video verification.

&nbsp;&nbsp;&nbsp;&nbsp;(c) As further set forth in <u>Section 3.4</u>, Client must manage and keep secure any and all information or devices associated with deposit and withdrawal procedures, including Client Security Codes. Custodian reserves the right to charge for pass through network fees (e.g. miner fees) to process a Custody Transaction involving Digital Assets on Client's behalf. Custodian will notify Client of the estimated network fee at or before the time Client authorizes such Custodial Transaction.

2.6 **Digital Asset Access Time.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian endeavors to process any request to withdraw Digital Assets promptly. Custodian may, however, require up to twelve (12) hours (excluding weekends and US federal holidays) between any request to withdraw Digital Assets from Client's Custodial Account and submission of Client's withdrawal to the applicable Digital Asset network.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Custodian reserves the right to take additional time beyond the twelve (12)-hour period if such time is required to verify security processes for large or suspicious transactions. Any such processes will be executed reasonably and in accordance with Custodian documented protocols, which may change from time to time at the sole discretion of Custodian. In the event of significant delays, Client may contact Custodian at support@bitgo.com or contact Client's assigned Customer Success Manager and Custodian will provide reasonable updates.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian makes no representations or warranties with respect to the availability or accessibility of the Digital Assets. Custodian will make reasonable efforts to ensure that Client initiated deposits are processed in a timely manner, but Custodian makes no representations or warranties regarding the amount of time needed to complete processing of deposits which is dependent upon factors outside of Custodian's control.

2.7 **Supported Digital Assets**. The Custodial Services are available only in connection with Digital Assets available in the Supported Digital Assets List, as may be amended from time to time in Custodian's sole discretion. Custodian shall provide Client with ten (10) days' prior written notice before ceasing to support a Digital Asset in Client's Custodial Account, unless Custodian is required to cease such support sooner to comply with Applicable Law or in the event such support creates an urgent security or operational risk in Custodian's reasonable discretion (in which event Custodian will provide as much notice as is practicable under the circumstances). Under no circumstances should Client attempt to use the Custodial Services to deposit or store any Digital Assets that are not listed in the Supported Digital Assets List. Depositing, or attempting to deposit, Digital Assets that are not listed in the Supported Digital Assets List will result in such Digital Asset being irretrievable by Client and Custodian. Custodian assumes no obligation or liability whatsoever regarding any attempt to use the Custodial Services for Digital Assets that are not listed in the Supported Digital Assets List.

2.8 **Operation of Digital Asset Protocols.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian does not own or control the underlying software protocols that govern the operation of Digital Assets on the Supported Digital Assets List. By using the Custodial Services, Client acknowledges and agrees that (i) Custodian is not responsible for operation of the underlying protocols and that Custodian makes no guarantee of their functionality, security, or availability; and (ii) the underlying protocols are subject to sudden changes in operating rules (a.k.a. "forks"); and (iii) that such forks may materially affect the value, function, or even the name of the Digital Assets that Client stores in Client's Custodial Account. In the event of a fork, Client agrees that Custodian may temporarily suspend Custodian operations with respect to the affected Digital Assets (with or without advance notice to Client) and that Custodian may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the forked protocol entirely. Custodian assumes absolutely no liability whatsoever in respect of an unsupported branch of a forked protocol or its determination whether or not to support a forked protocol.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client agrees that all "airdrops" (free distributions of certain Digital Assets) and forks will be handled by Custodian pursuant to its fork policy (the "**Fork Policy**") (currently available at www.bitgo.com/resources/bitgo-fork-policy). Client acknowledges that Custodian is under no obligation to support any airdrops, side chains, forks, or other derivative, enhanced protocol, token, or coins which interact with a Digital Asset supported by Custodian (collectively, "**Advanced Protocols**") or handle such Advanced Protocols in any manner, except as detailed above and in the Fork Policy. Custodian, at its sole discretion, may update the Fork Policy from time to time or the URL at which it is available. Custodian will notify Client of any update in its Fork Policy. Client shall not use its Custodial Account to attempt to receive, request, send, store, or engage in any other type of transaction involving an Advanced Protocol. Custodian assumes absolutely no liability whatsoever in respect to Advanced Protocols.

2.9 **Account Statements.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian will provide Client with an electronic account statement every calendar quarter. Each statement will be provided via the UI and notice of its posting will be sent via electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client will have forty-five (45) days to file any written objections or exceptions with Custodian after the posting of a Custodial Account statement online. If Client does not file any objections or exceptions within the forty-five (45)-day period, this shall indicate Client's approval of the statement and will preclude Client from making future objections or exceptions regarding the information contained in the statement. Such approval by Client shall be full acquittal and discharge of Custodian regarding the transactions and information on such statement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To value Digital Assets held in Client's Custodial Account, the Custodian will electronically obtain USD equivalent prices from digital asset market data with amounts rounded up to the seventh decimal place to the right. Custodian does not guarantee the accuracy or timeliness of prices received and the prices are not to be relied upon for any decisions for Client's Custodial Account.

2.10 **Settlement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Client acknowledges that the Settlement Service is an API product complemented by an UI. Clients may utilize
the Settlement Services by way of settlement of one-sided requests with counterparty affirmation or one-sided requests with instant settlement;
and two-sided requests with reconciliation. Client understands that Assets available for use within the Settlement Services may not include
all of Client's Assets held under custody. For the avoidance of doubt, use of the UI is subject to the Online Terms.

(b) The Settlement Services allow Client to submit, through the UI, a request to settle a purchase or sale of Assets with a Settlement Partner. Client authorizes Custodian to accept Client's cryptographic signature submitted through the UI. When a cryptographic signature is received through the UI along with the settlement transaction details, Client is authorizing Custodian to act on the Instruction to settle such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A one-sided request with counterparty affirmation requires Client to submit a request, including its own cryptographic signature on the trade details, via UI calls. Custodian will notify the Settlement Partner and lock funds of both parties while waiting for the Settlement Partner to affirm the request. Custodian will settle the trade immediately upon affirmation and the locked funds will be released.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A one-sided request with instant settlement requires one side of the trade to submit a request, including cryptographic signatures of both parties to the trade via UI calls. Custodian will settle the trade immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A two-sided request with reconciliation requires that both Client and Settlement Partner submit requests via UI calls, with each party providing their own cryptographic signatures. Custodian will reconcile the trades and settle immediately upon successful reconciliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. In any one-sided or two-sided request, the Settlement Partner must be identified and selected by Client prior to submitting a settlement request. Client may submit a balance inquiry through the UI to verify that Settlement Partner has a sufficient balance of Assets to be transacted before the parties execute a transaction. This balance inquiry function is to be used only for the purpose of executing a trade transaction to ensure the Settlement Partner has sufficient Assets to settle the transaction. Client expressly authorizes and consents to Custodian providing access to such information to Client's Settlement Partner in order to facilitate the settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Client and Settlement Partner's Custodial Accounts must have sufficient Assets prior to initiating any settlement request. The full amount of Assets required to fulfill a transaction are locked until such Instruction has been completed. All Instructions are binding on Client and Client's Custodial Account. Custodian does not guarantee that any settlement will be completed by any Settlement Partner. Client may not be able to withdraw an Instruction in the form of an offer (or withdraw its Instruction to accept an offer) prior to completion of a settlement and Custodian shall not be liable for the completion of any Instruction after a cancellation request has been submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Client shall ensure that only an appropriate Authorized Person of its Custodial Account has access to the Client Security Codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Client is solely responsible for any decision to enter into a settlement by way of the Settlement Services, including the evaluation of any and all risks related to any such transaction and has not relied on any statement or other representation of Custodian. Custodian is a facilitator and not a counterparty to any settlement; and, as a facilitator, Custodian bears no liability with respect to any transaction and does not assume any clearing risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Any notifications that Client may receive regarding the Settlement Services are Client's responsibility to review in a timely manner.

(c) Upon execution of the settlement, the UI provides Client a summary of the terms of the transaction, including: the type of Digital Asset purchased or sold; the delivery time; and the purchase or sale price. Settlement of a transaction is completed in an off-chain trading account by way of offsetting journal transactions within Custodian's off-chain settlement system. On-chain synchronization occurs at the time the withdrawal from Client's trading account takes place (other than through a subsequent Settlement Services transaction).

(d) Custodian reserves the right to refuse to settle any transaction, or any portion of any transaction, presents a risk of contravening Applicable Laws, security concerns, or technical issues. Custodian bears no responsibility if an Instruction was placed or was active during any time the Settlement Services system is unavailable or encounters an error; or, if any such Instruction triggers certain regulatory controls.

(e) Custodian may charge additional fees for the Settlement Services furnished to Client as indicated in the Fee Schedule and any amendments to the Fee Schedule.

(f) Clearing and settlement transactions are subject to Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **USE OF SERVICES**.

**3.1 Company Site and Content**. Custodian grants Client a limited, nonexclusive, non-transferable, revocable, royalty-free license, subject to the terms of this Agreement, to access and use the Company Site and related content, materials, and information (collectively, the "**Content**") solely for using the Services in accordance with this Agreement. Any other use of the Company Site or Content is expressly prohibited and all other right, title, and interest in the Company Site or Content is exclusively the property of Custodian, its affiliates and its licensors. Client shall not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit the Company Site or any of the Content, in whole or in part without Custodian's or its affiliates' prior written consent. "www.bitgo.com," "BitGo," "BitGo Custody," and all logos related to the Services or displayed on the Company Site are either trademarks or registered marks of Custodian, its affiliates or its licensors. Client may not copy, imitate, or use them without Custodian's prior written consent in each instance**.**

**3.2 Website Accuracy**. Although Custodian intends to provide accurate and timely information on the Company Site, the Company Site (including the Content, but excluding any portions thereof that are explicitly described in this Agreement) may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide Client with as complete and accurate information as possible, such information may be changed or updated from time to time without notice, including information regarding Custodian policies, products and services. Accordingly, Client should verify all information before relying on it, and all decisions based on information contained on the Company Site are Client's sole responsibility and Custodian shall have no liability for such decisions. Links to third-party materials (including websites) may be provided as a convenience but are not controlled by Custodian. Custodian is not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third-party sites accessible from or linked to the Company Site.

**3.3 Prohibited Use**. Custodian may monitor use of the Services and the resulting information may be used, reviewed, retained, and disclosed by Custodian in aggregated and non-identifiable forms for its legitimate business purposes or in accordance with Applicable Law. Client will not, directly or indirectly: (a) use the Services to upload, store or transmit any content that is infringing, libelous, unlawful, tortious, violate privacy rights, or that includes any viruses, software routines, or other code designed to permit unauthorized access, disable, erase, or otherwise harm software, hardware, or data; (b) engage in any activity that interferes with, disrupts, damages, or accesses in an unauthorized manner the Services, servers, networks, data, or other properties of Custodian or of its suppliers or licensors; (c) develop, distribute, or make available a Developer Application in any way in furtherance of criminal, fraudulent, or other unlawful activity; (d) use the Services, for the benefit of anyone other than Client or end customer of any Developer Application; (e) sell, resell, license, sublicense, distribute, rent, or lease any Services, or include any Services in a services bureau or outsourcing offering; (f) circumvents a contractual usage limit; (g) obscure, remove, or destroy any copyright notices, proprietary markings or confidential legends provided with the Services; (h) use the Services to build a competitive product or service; (i) distribute a Developer Application in source code form in a manner that would disclose the source code of the Services; (j) reverse engineer, decrypt, decompile, decode, disassemble, or otherwise attempt to obtain the human readable form of the Services, to the extent such restriction is permitted by Applicable Law; or (k) engage in any of the prohibited practices set forth at https://www.bitgo.com/bitgo-prohibited-uses-and-businesses-terms/, as may be amended by Custodian from time to time in Custodian's sole discretion (collectively, the "**Prohibited Practices**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Security; Client Responsibilities**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Client shall maintain adequate security and control of all Client Keys and Client Security Codes. Any loss or compromise of the foregoing information or Client's personal information may result in unauthorized access to Client's Custodial Account by third parties and the loss or theft of Assets. Client shall keep Client's email address and telephone number up to date in Client's profile to receive notices, alerts, and other communications from Custodian. Custodian assumes no responsibility for any loss that Client may sustain due to compromise of Client Security Codes due to no fault of Custodian or Client's failure to follow or act on any notices or alerts that Custodian may send to Client.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client will ensure that all Authorized Persons are adequately trained to safely and securely access the Services, including with respect to general security principles regarding Client Keys, Client Security Codes, and Client's personnel.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Client acknowledges that granting permission to a third party or non-permissioned user to take specific actions on Client's behalf does not relieve Client of any of Client's responsibilities under this Agreement and may violate the terms of this Agreement. Client is fully responsible for all activities taken on Client's Custodial Account (including acts or omissions of any third party or non-permissioned user with access to Client's Custodial Account).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Custodian, shall not bear any liability whatsoever for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms, or other malware that may affect Client's computer or other equipment, or any phishing, spoofing, or other attack, unless such damage or interruption directly resulted from Custodian's default, gross negligence, fraud, or willful misconduct. Client should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks, and Client should use care in reviewing messages purporting to originate from Custodian. Client should always log into Client's Custodial Account through the UI to review any Custody Transactions or required actions if Client has any uncertainty regarding the authenticity of any communication or notice.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event Client believes Client's Custodial Account information has been compromised, Client shall immediately notify Custodian by contacting Custodian at security@bitgo.com from the email address associated with Client's Custodial Account. Client will provide Custodian with all relevant information Custodian reasonably requests to assess the security of the Assets and Custodial Accounts.

**3.5 Service Providers**. Services may be provided from time to time by, through or with the assistance of affiliates of, or vendors to, Custodian, including BitGo Inc. (collectively, "**Service Providers**"). Custodian shall remain liable for its obligations under this Agreement in the event of any breach of this Agreement caused by such Service Provider.

**3.6 Independent Verification**. If Client is subject to Rule 206(4)-2 under the Investment Advisers Act of 1940, Custodian shall, upon written request, provide Client's authorized independent public accountant confirmation of, or access to, information sufficient to confirm (a) Client's Digital Assets as of the date of an examination conducted pursuant to Rule 206(4)-2(a)(4), and (b) Client's Digital Assets are held either in a separate account under Client's name or in accounts under Client's name as an agent or trustee for Client's customers.

**4. TERM; TERMINATION**.

**4.1. Initial Term; Renewal Term**. This Agreement will commence on the Effective Date and will continue for one (1) year, unless earlier terminated in accordance with the terms of this Agreement (the "**Initial Term**"). After the Initial Term, this Agreement will automatically renew for successive one (1)-year periods (each, a "**Renewal Term**"), unless either party notifies the other party of its intention not to renew at least sixty (60) days prior to the expiration of the then-current Term. "**Term**" means the Initial Term and any Renewal Terms.

**4.2. Termination for Breach**. Either party may terminate this Agreement if the other party breaches a material term of this Agreement and fails to cure such breach within thirty (30) calendar days following written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **Suspension, Termination, or Cancellation by Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian may suspend or restrict Client's access to the Custodial Services or deactivate, terminate, or cancel Client's Custodial Account if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Custodian reasonably suspects Client of using Client's Custodial Account in connection with a Prohibited Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Custodian is so required by Applicable Law, including a facially valid subpoena, court order, or binding order of a government authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Custodian perceives a risk of legal or regulatory non-compliance associated with Client's Custodial Account activity or the provision of the Custodial Account to Client by Custodian (including any risk perceived by Custodian in the review of any materials, documents, information, statements, or related materials provided by Client after execution of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A Service Provider is unable to support Client's use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Client takes any action that Custodian deems as circumventing Custodian's controls, including opening multiple Custodial Accounts, abusing promotions which Custodian may offer from time to time, or otherwise misrepresenting any information set forth in Client's Custodial Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Client fails to fund its Custodial Account to the "Minimum Account Balance" as indicated in the Fee Schedule within one hundred and eighty (180) days of Custodial Account opening.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If Custodian suspends or restricts Client's access to the Custodial Services or deactivates, terminates or cancels Client's Custodial Account for any reason, Custodian will provide Client with notice of Custodian's actions via email unless prohibited by Applicable Law. Custodian's decision to take certain actions, including limiting access to, suspending, or closing Client's Custodial Account, may be based on confidential criteria that are essential to Custodian's compliance, risk management, or security protocols. Custodian is under no obligation to disclose the details of any of its internal risk management and security procedures to Client.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If Custodian terminates Client's Custodial Account, this Agreement will automatically terminate on the later of (i) the effective date of such cancellation or (ii) the date on which all of Client's Assets have been withdrawn.

**4.4. Early Termination**. Client may terminate this Agreement before the end of the Term if Client: (a) provides Custodian at least thirty (30) days prior written notice of Client's intent to exercise its termination right under this <u>Section 4.4</u>, (b) pays all outstanding amounts due under this Agreement through the date of termination, and (c) pays a one-time early termination fee equal to the highest monthly fees due, excluding any Onboarding Fee, for any month of Services before such notice multiplied by the number of months remaining in the applicable Initial Term or Renewal Term, including partial months (the "Early Termination Fee"). Such termination will not be deemed effective unless and until (i) Client removes all Assets from Custodial Accounts and Wallet Services, and (ii) Custodian receives such Early Termination Fee, which Client understands and acknowledges will not be deemed a penalty, but a figure reasonably calculated to reflect remaining payment due to Custodian in return for Client's term commitment. Client may not cancel the Services before the expiration of the then current Term, except as specified in this Agreement.

**4.5. Effect of Termination**. On termination of this Agreement, Client will: (a) withdraw all Assets associated with Client's Custodial Accounts within ninety (90) days, unless such withdrawal is prohibited by Applicable Law (including applicable sanctions programs or a facially valid subpoena, court order, or binding order of a government authority); (b) pay all fees owed or accrued to Custodian through the date of Client's withdrawal of funds, which may include any applicable Early Termination Fee; and (c) authorize Custodian to cancel or suspend any pending Custody Transactions as of the effective date of termination. The definitions set forth in this Agreement and <u>Sections 1.9</u>, <u>3.1</u>, <u>3.2</u>, <u>4.5</u>, <u>6.1</u>, <u>7 - 10</u> as well as any other provision that, in order to give proper effect to its intent, should survive such termination, will survive the termination of this Agreement.

**5. CUSTODIAN OBLIGATIONS**.

**5.1. Insurance**. Custodian will obtain or maintain insurance coverage in such types and amounts as are commercially reasonable for the Custodial Services provided hereunder. Client acknowledges that any insurance to protect the Digital Assets will apply to Custodial Services only (where all keys are held by Custodian) and not Wallet Services for non-custodial accounts (where one or more keys are held by Client or its designee).

**5.2. Standard of Care**. Subject to the terms of this Agreement, Custodian shall not be responsible for any loss or damage suffered by Client as a result of Custodian performing its obligations, unless the same results from an act of gross negligence, fraud, or willful misconduct on the part of Custodian. Custodian shall not be responsible for the title, validity, or genuineness of any of the Assets (or any evidence of title thereto) received or delivered by it pursuant to this Agreement.

**5.3. Business Continuity Plan**. Custodian has established a business continuity plan that will support its ability to conduct business in the event of a significant business disruption ("**SBD**"). This plan is reviewed and updated annually, and may be updated more frequently, if deemed necessary by Custodian in its sole discretion. Should Custodian be impacted by an SBD, Custodian aims to minimize business interruption as quickly and efficiently as possible. To receive more information about Custodian's business continuity plan, please send a written request to <u>security@bitgo.com</u>.

**5.4. Support and Service Level Agreement.** Custodian will use commercially reasonable efforts to: (a) provide reasonable technical support to Client, by email or telephone, during Custodian's normal business hours (9:30 AM to 6 PM ET); (b) respond to support requests in a timely manner; (c) resolve such issues by providing updates or workarounds to Client (to the extent reasonably possible and practical), consistent with the severity level of the issues identified in such requests and their impact on Client's business operations; (d) abide by the terms of the Service Level Agreement ("SLA") currently made available at https://www.bitgo.com/resources/bitgo-service-level-agreement (as SLA or the URL at which it is made available may be amended from time to time) provided that (i) upon Client subscribing to status.bitgo.com, Client will be notified of any scheduled maintenance that may affect service availability at least ten (10) business days in advance; and (ii) exclusions to service levels shall be limited to those events expressly identified in the SLA. In the event of any inconsistency between the SLA and this Agreement, the terms of this Agreement shall prevail; and (e) make Custodial Accounts available via the internet twenty-four (24) hours a day, seven (7) days a week.

**5.5.** Custodian's responsibilities: Segregation of Digital Assets

The Custodian will be responsible for the safekeeping of the Digital Assets on the terms and conditions of this Agreement. In particular, the Custodian will:

● segregate the Digital Assets stored in the Custodial Account applicable to each Pool from any Digital Assets stored which the Custodian owns or holds for each other Pool, by making appropriate entries in its books and records including, but not limited to, assigning a separate public wallet address for each Digital Asset held for each Pool;

● hold the Digital Assets in safe custody in the Custodial Accounts at all times, and shall not independently create, or permit to exist, any encumbrance of any nature in respect of the Custodial Accounts, other than as permitted pursuant to this Custody Agreement;

● label or otherwise appropriately identify the Digital Assets by a unique reference number applicable to each Pool as being held for the Company and that Pool;

● hold the Digital Assets on a non-fungible basis;

● not commingle the Digital Assets held for any Pool with any other Digital Assets held by the Custodian for its own account or for any other account;

● not, without the prior written consent of the Client, deposit or hold the Digital Assets with any third-party depository, custodian, clearance system or wallet; and

● keep the private keys secure and will not disclose such keys to any third party, except as permitted by this Agreement or required by Applicable Law.

**5.6.** Custodian's responsibilities: Attachment

The Custodian shall use reasonable efforts to provide commercially reasonable notice to Client of the occurrence of any request, consent, writ, order or claim pertaining to the attachment, freeze, or seizure of Digital Assets (unless such notice is prohibited by law).

**5.7.** Custodian's responsibilities: Ownership of Digital Assets

The Custodian shall record in its books and records that the Digital Assets belong to the Company and that the Digital Asset applicable to each Pool is held for the account of the Client for that Pool. The Custodian shall maintain such books and records (which may be electronic) as are necessary to provide a complete record of all Digital Assets held in the Custodial Accounts, including transfers to and from each wallet address and all Instructions received from the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **CONFIDENTIALITY, PRIVACY, DATA SECURITY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Confidentiality**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement, "**Confidential Information**" means any non-public, confidential or proprietary information of a party ("**Discloser**") including information relating to Discloser's business operations or business relationships, financial information, pricing information, business plans, customer lists, data, records, reports, trade secrets, software, formulas, inventions, techniques, and strategies. Confidential Information includes all documents and other tangible objects containing or representing Confidential Information and all copies or extracts thereof or notes derived therefrom that are in the possession or control of the party receiving Confidential Information ("**Recipient**") and all of the foregoing shall be and remain the property of the Discloser. For clarity, the existence and the terms of this Agreement shall be deemed the Confidential Information of each party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recipient will not disclose the Discloser's Confidential Information to any unrelated third party without the prior written consent of the Discloser, except as provided in subsection (c) below and has policies and procedures reasonably designed to create information barriers with respect to such party's officers, directors, agents, employees, affiliates, consultants, contractors, and professional advisors. Recipient will protect such Confidential Information from unauthorized access, use, and disclosure. Recipient shall not use Discloser's Confidential Information for any purpose other than to perform its obligations or exercise its rights under this Agreement. For the purposes of this <u>Section 6.1</u>, no affiliate of Custodian shall be considered a third party and Custodian may share Client's Confidential Information with its affiliates in connection with the Services; provided that Custodian causes each such affiliate to undertake the obligations in this <u>Section 6.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations under Section 6.1(b) shall not apply to any (i) information that is or becomes generally publicly available through no fault of Recipient, (ii) information that Recipient obtains from a third party (other than in connection with this Agreement) that, to Recipient's best knowledge, is not bound by confidentiality obligations prohibiting such disclosure; or (iii) information that is independently developed or acquired by Recipient without the use of or reference to the Discloser's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, Recipient may disclose the Confidential Information of Discloser to the extent required under Applicable Law; provided, however, Recipient shall first notify Discloser (to the extent legally permissible) and shall afford Discloser a reasonable opportunity to seek a protective order or other confidential treatment.

&nbsp;&nbsp;&nbsp;&nbsp;(e) At Discloser's request or on termination of this Agreement (whichever is earlier), Recipient shall return or destroy all Confidential Information; provided, however, Recipient may retain one copy of Confidential Information (i) if required by Applicable Law, or (ii) pursuant to a bona fide and consistently applied document retention policy; provided, further, that in either case, any Confidential Information so retained shall remain subject to the confidentiality obligations of this Agreement.

**6.2. Privacy**. Client acknowledges that Client has read the BitGo Privacy Notice, available at https://www.bitgo.com/privacy, which identifies how BitGo collects, uses, and discloses, on a limited basis, Client's information.

**6.3. Security**. Custodian has implemented and will maintain a reasonable information security program that includes policies and procedures that are reasonably designed to safeguard Custodian's electronic systems and Client's Confidential Information from, among other things, unauthorized disclosure, access, or misuse, including, by Custodian and its affiliates. In the event of a data security incident, Custodian will provide all notices required under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **REPRESENTATIONS, WARRANTIES, AND COVENANTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **By Client**. Client represents, warrants, and covenants to Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Client fully complies with all Applicable Law in each jurisdiction in which Client operates, including
applicable securities and commodities laws and regulations, efforts to fight the funding of terrorism and money laundering, sanctions
regimes, licensing requirements, and all related regulations and requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent Client receives Assets from third-parties, the receipt of said Assets is based on lawful activity. Client shall have conducted and satisfied all due diligence procedures required by Applicable Law with respect to such third parties prior to placing with Custodian any Assets associated with such third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Client will not use any Services for any illegal activity, including illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, the financing of terrorism, other violent activities, or any prohibited market practices, including any Prohibited Practices.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Client is currently and will remain at all times in good standing with all relevant government agencies, departments, and regulatory or supervisory bodies in all relevant jurisdictions in which Client does business, and Client will immediately notify Custodian if Client ceases to be in good standing with any applicable regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Client will promptly provide such information as Custodian may reasonably request from time to time regarding: (i) Client's policies, procedures, and activities which relate to the Custodial Services in any manner, as determined by Custodian in its sole and absolute discretion; and (ii) any transaction which involves the use of the Services, to the extent reasonably necessary to comply with Applicable Law, or the guidance or direction of, or request from any regulatory authority or financial institution, provided that such information may be redacted to remove confidential commercial information not relevant to the requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Client either owns or possesses lawful authorization to transact with all Assets involved in the Custody Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no claim pending, or to Client's best knowledge, threatened, and no encumbrance or other lien, in each case, that may adversely affect any delivery of Assets made in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(h) It owns the Assets in Client's Custodial Account free and clear of all liens, claims, security interests, and encumbrances and it has all rights, title, and interest in and to the Assets in Client's Custodial Account as necessary for Custodian to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Client has the full capacity and authority to enter into and be bound by this Agreement and the person executing or otherwise accepting this Agreement for Client has full legal capacity and authorization to do so;

&nbsp;&nbsp;&nbsp;&nbsp;(j) All information provided by Client to Custodian in the course of negotiating this Agreement and the onboarding of Client is complete, true, and accurate in all material respects, including with respect to the ownership of Client and Client's primary address; no material information has been excluded; and no other person or entity has an ownership interest in Client's Assets except for those disclosed in connection with such onboarding; and

&nbsp;&nbsp;&nbsp;&nbsp;(k) Client is not owned in part or in whole, nor controlled by any person or entity that is, nor is it conducting any activities on behalf of, any person or entity that is (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, or any other Governmental Authority with jurisdiction over Custodian or its affiliates; (ii) identified on the Denied Persons, Entity, or Unverified Lists of the U.S. Department of Commerce's Bureau of Industry and Security; or (iii) located, organized or resident in a country or territory that is, or whose government is, the subject of U.S. economic sanctions, including the Crimean, Donetsk, and Luhansk regions of Ukraine, Cuba, Iran, North Korea, or Syria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **By Custodian**. Custodian represents, warrants, and covenants to Client that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian is duly organized, validly existing and in good standing under the applicable South Dakota laws, has all corporate powers required to carry on its business as now conducted, and is duly qualified to do business in each jurisdiction where such qualification is necessary;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Custodian has the full capacity and authority to enter into and be bound by this Agreement and the person executing or otherwise accepting this Agreement for Custodian has full legal capacity and authorization to do so;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian complies with all Applicable Law in all material respects each jurisdiction in which Custodian operates, including applicable securities and commodities laws and regulations, efforts to fight the funding of terrorism and money laundering, sanctions regimes, licensing requirements, and all related regulations and requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(d) There is no actual litigation against the Custodian or any claim pending, or to Custodian's best knowledge, that would reasonably be expected to have a materially adverse effect on the Custodian's business or ability to perform its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian has all the requisite and necessary authorizations, approvals and means to provide the Services to the Client in a lawful manner.

&nbsp;&nbsp;&nbsp;&nbsp;(f) **DISCLAIMER**. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, CUSTODIAN SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. CUSTODIAN DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE COMPANY SITE, ANY PART OF THE SERVICES, OR ANY OF THE MATERIALS CONTAINED IN ANY OF THE FOREGOING WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM, OR OTHER SERVICES; OR BE SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.

**7.3. Notification**. Without limitation of either party's rights or remedies, each party shall immediately notify the other party if, at any time after the Effective Date, any of the representations, warranties, or covenants made by it under this Agreement fail to be true and correct as if made at and as of such time. Such notice shall describe in reasonable detail the representation, warranty, or covenant affected, the circumstances giving rise to such failure and the steps the notifying party has taken or proposes to take to rectify such failure.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INDEMNIFICATION**.

**8.1. Indemnity**. Client will defend, indemnify, and hold harmless Custodian, its affiliates and Service Providers, and each of its or their respective officers, directors, agents, employees, and representatives, (each, a "**Custodian Indemnitees**"), from and against any Losses resulting from any third-party claim, demand, action or proceeding (a "**Claim**") arising out of or related to Client's (i) use of Services, (ii) breach of this Agreement, (iii) violation of any Applicable Law in connection with its use of Services; and (iv) arising out of or related to any act or omission of any party using Client's Custodial Account (including acts or omissions of any third party or non-permissioned user with access to Client's Custodial Account), except to the extent such acts or omissions result from Custodian's gross negligence, willful misconduct, or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Indemnification Process**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian will (i) provide Client with prompt notice of any indemnifiable Claim under <u>Section 8.1</u> (provided that the failure to provide prompt notice shall only relieve Client of its obligation to the extent it is materially prejudiced by such failure and can demonstrate such prejudice); (ii) permit Client to assume and control the defense of such action upon Client's written notice to Custodian of Client's intention to indemnify, with counsel acceptable to Custodian in its discretion; and (iii) upon Client's written request, and at no expense to Custodian, provide to Client all available information and assistance reasonably necessary for Client to defend such Claim. Custodian shall be permitted to participate in the defense and settlement of any Claim with counsel of Custodian's choice at Custodian's expense (unless such retention is necessary because of Client's failure to assume the defense of such Claim, in which event Client shall be responsible for all such fees and costs). Client will not enter into any settlement or compromise of any such Claim, which settlement or compromise would result in any liability to any Custodian Indemnitee or constitute any admission of or stipulation to any guilt, fault, or wrongdoing, without Custodian's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client acknowledges and agrees that any Losses imposed on Custodian (whether in the form of fines, penalties, or otherwise) as a result of a violation by Client of any Applicable Law, may at Custodian's discretion, be passed on to Client and Client acknowledges and represents that Client will be responsible for payment to Custodian of all such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **LIMITATIONS OF LIABILITY**.

**9.1. NO CONSEQUENTIAL DAMAGES**. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW AND SUBJECT TO THE EXCEPTIONS PROVIDED IN <u>SECTION 9.3</u> BELOW, IN NO EVENT SHALL CUSTODIAN, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, OR REPRESENTATIVES, BE LIABLE FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE COMPANY SITE OR THE SERVICES, OR THIS AGREEMENT, EVEN IF CUSTODIAN HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.

**9.2. LIMITATION ON DIRECT DAMAGES**. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW AND SUBJECT TO THE EXCEPTIONS PROVIDED IN <u>SECTION 9.3</u> BELOW, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF CUSTODIAN, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, OR REPRESENTATIVES, EXCEED THE FEES PAID OR PAYABLE TO CUSTODIAN UNDER THIS AGREEMENT DURING THE TWELVE (12)-MONTH PERIOD IMMEDIATELY PRECEDING THE FIRST INCIDENT GIVING RISE TO SUCH LIABILITY.

**9.3. EXCEPTIONS TO EXCLUSIONS AND LIMITATIONS OF LIABILITY**. THE EXCLUSIONS AND LIMITATIONS OF LIABILITY IN <u>SECTION 9.1</u> AND <u>SECTION 9.2</u> WILL NOT APPLY TO CUSTODIAN'S FRAUD, WILLFUL MISCONDUCT, OR GROSS NEGLIGENCE. CUSTODIAN'S LIABILITY FOR GROSS NEGLIGENCE SHALL BE LIMITED TO THE VALUE OF THE AFFECTED DIGITAL ASSETS OR FIAT CURRENCY.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **MISCELLANEOUS**.

**10.1. Notice**. All notices under this Agreement shall be given in writing, in the English language, and shall be deemed given when personally delivered, when sent by email, or three (3) days after being sent by prepaid certified mail or internationally recognized overnight courier to the addresses set forth in the signature blocks below (or such other address as may be specified by party following written notice given in accordance with this <u>Section 10.1</u>).

**10.2. Publicity**. Client consents to Custodian's identification of Client as a customer of the Services, including in marketing or investor materials, and Custodian consents to Client's use of Custodian's name or approved logos or promotional materials to identify Custodian as its custodial service provider as contemplated by this Agreement. Notwithstanding the foregoing, Custodian may revoke its consent to such publicity under this <u>Section 10.2</u> at any time for any reason upon notice to Client, and Client will promptly cease any further use of Custodian's name, logos, and trademarks and remove all references and postings identifying Custodian.

**10.3. Entire Agreement**. This Agreement, any schedules or attachments to this Agreement, the BitGo Privacy Notice, and all disclosures, notices, or policies available on the Company Site that are specifically referenced in this Agreement, comprise the entire understanding and agreement between Client and Custodian regarding the Services, and supersede any and all prior discussions, agreements, and understandings of any kind (including any prior versions of this Agreement) and every nature between and among Client and Custodian with respect to the subject matter hereof.

**10.4. Interpretation.** For purposes of this Agreement, (a) the words "include," "includes" and "including" are deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereto," and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to sections, schedules, and exhibits mean the sections of, and schedules and exhibits attached to, this Agreement; and (y) to an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The schedules and exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein. Whenever the masculine is used in this Agreement, the same shall include the feminine and whenever the feminine is used herein, the same shall include the masculine, where appropriate. Whenever the singular is used in this Agreement, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. Section headings in this Agreement are for convenience only and shall not govern the meaning or interpretation of any provision of this Agreement.

**10.5. No Waiver**. No waiver under this Agreement is effective unless it is in writing, identified as a waiver to this Agreement, and signed by an authorized representative of the party waiving its right. Any waiver authorized on one occasion is effective only in that instance and only for the purpose stated, and does not operate as a waiver on any future occasion. None of the following constitutes a waiver or estoppel of any right, remedy, power, privilege, or condition arising from this Agreement: (i) any failure or delay in exercising any right, remedy, power, or privilege or in enforcing any condition under this Agreement; or (ii) any act, omission, or course of dealing between the parties.

**10.6. Amendments**. Any modification or addition to this Agreement must be in a writing signed by a duly authorized representative of each of the parties. Client agrees that Custodian shall not be liable to Client or any third party for any modification or termination of the Custodial Services, or suspension or termination of Client's access to the Custodial Services, except to the extent otherwise expressly set forth herein.

**10.7. Assignment**. Client may not assign any rights or licenses granted under this Agreement without the prior written consent of Custodian. Custodian may not assign any of its rights without the prior written consent of Client; except that Custodian may assign this Agreement without the prior consent of Client to any Custodian affiliates or subsidiaries or pursuant to a transfer of all or substantially all of Custodian's business and assets, whether by merger, sale of assets, sale of stock, or otherwise. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors, and permitted assigns.

**10.8. Severability**. If any provision of this Agreement shall be determined to be invalid or unenforceable, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under Applicable Law and the validity or enforceability of any other provision of this Agreement shall not be affected.

**10.9. DISPUTE RESOLUTION**. THE PARTIES AGREE THAT ALL CONTROVERSIES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE USE OF THE SERVICES ("**DISPUTES**"), WHETHER ARISING PRIOR TO, ON, OR SUBSEQUENT TO THE EFFECTIVE DATE, SHALL BE ARBITRATED AS FOLLOWS: The Parties irrevocably agree to submit all Disputes between them to binding arbitration conducted under the Commercial Dispute Resolution Procedures of the American Arbitration Association (the "**AAA**"), including the Optional Procedures for Large Complex Commercial Disputes, if applicable. The place and location of the arbitration shall be in Sioux Falls, South Dakota. All arbitration proceedings shall be closed to the public and confidential, and all related records shall be permanently sealed, except as necessary to obtain court confirmation of the arbitration award. The arbitration shall be conducted before a single arbitrator selected jointly by the parties. The arbitrator shall be a retired judge with experience in custodial and trust matters under South Dakota law. If the parties are unable to agree upon an arbitrator, then the AAA shall choose the arbitrator. The language to be used in the arbitral proceedings shall be English. The arbitrator shall be bound to the strict interpretation and observation of the terms of this Agreement and shall be specifically empowered to grant injunctions or specific performance and to allocate between the parties the costs of arbitration, as well as reasonable attorneys' fees and costs, in such equitable manner as the arbitrator may determine. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute, or other matter in question would be barred by the applicable statute of limitations. Notwithstanding the foregoing, either party shall have the right, without waiving any right or remedy available to such party under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any interim or provisional relief that is necessary or desirable to protect the rights or property of such party, pending the selection of the arbitrator hereunder or pending the arbitrator's determination of any dispute, controversy, or claim hereunder.

**10.10. Governing Law**. The laws of the State of South Dakota, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between Client and Custodian, except to the extent governed by federal law of the United States of America.

**10.11. Force Majeure**. Custodian shall not be liable for delays, suspension of operations, whether temporary or permanent, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of Custodian, including any delay or failure due to any act of God, natural disasters, epidemic, pandemic, act of civil or military authorities, act of terrorists, including cyber-related terrorist acts, hacking, government restrictions, exchange or market rulings, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment or software, other catastrophe, or any other occurrence which are beyond the reasonable control of Custodian.

**10.12. Relationship of the Parties**. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, Client and Custodian to be treated as partners, joint ventures, or otherwise as joint associates for profit, or either Client or Custodian to be treated as the agent of the other.

[*Remainder of page intentionally left blank. Signature page follows*.]

**IN WITNESS WHEREOF**, this Agreement is executed by the parties as of the Effective Date.

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| | |
|:---|:---|
| **BITGO TRUST COMPANY, INC.** | Executed for and on behalf of |
|  | CoinShares co as Sponsor of |
|  | CoinShares XRP ETF |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| Address for Notice: | Address for Notice: |
| 6216 Pinnacle Place<br> Suite 101<br> Sioux Falls, SD 57108<br> Attn: Legal<br> Email: legal@bitgo.com | a trust having its principal place of business<br> in the State of Delaware at 251 Little Falls Drive,<br> Wilmington, DE 19808<br>Attn: Legal<br> Email: legal@coinshares.com |

---

**SCHEDULE A**

**FEES AND ADDITIONAL TERMS**

This Schedule A forms part of the Custodial Services Agreement by and between Client and Custodian (the "**Agreement**") and is effective as of the Effective Date. The parties hereto agree that the fees associated with applicable Services shall be as set forth below. All fees are exclusive of all applicable taxes imposed by the appropriate taxing authority. All capitalized terms not defined in this Schedule A shall have the meaning ascribed to them in the body of the Agreement.

**I. <u>Minimum Custodial Account Balance</u>.** At all times during the Term of the Agreement, Client is required to maintain a balance equivalent to $100 (USD) in each of its Custodial Accounts.

**II. <u>Fees</u>.** The Fees<sup>1</sup> associated with Services for Client are as follows:

---

| |
|:---|
| **1. Onboarding Fee.** |
| The Client implementation fee set forth below is a one-time flat fee assessed to cover onboarding and implementation costs (the "**Onboarding Fee**"). |
| The Onboarding Fee will be $____0_______. |
| **2.** Monthly Minimum Fee. Aggregate monthly fees (Digital Asset Storage Fees + Transaction Fees + Settlement Fees) are subject to a minimum charge of $_____0_______ ("**Monthly Minimum Fee**") per month. |
| **3. Digital Asset Storage Fee.** |
| The "Digital Asset Storage Fee" is calculated at the end of each calendar month based on the aggregate USD market value of average holdings held by Client in (i) Custodial Accounts and (ii) wallets provided as Wallet Services. The Digital Asset Storage Fee is a tiered fee, as applicable, as defined in the table below. Tiers are cumulative. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Digital Asset Storage Fee<sup>2</sup>:** | &nbsp;&nbsp;**Digital Asset Storage Fee<sup>2</sup>:** |
| &nbsp;&nbsp;**Digital Assets Stored ($ USD)** | &nbsp;&nbsp;**Basis Points (bps)** |
| &nbsp;&nbsp;From: ALL | &nbsp;&nbsp;.4166 |

---

------

<sup>1</sup> For the purpose of calculating fees, please consult: https://www.bitgo.com/resources/price-feeds for current information on how Custodian computes USD value of Digital Assets.

<sup>2</sup> Digital Asset Storage Fees are assessed at the end of each calendar month based on the USD volume of average holdings (per asset type) and are billed monthly.

4. **Transaction Fees.** The "Transaction Fees" are tiered, as applicable, as defined in the table below. Transaction Fees are cumulative and as defined in the table below, based on the aggregate USD market value of the transaction volume (i.e., all outgoing transactions from Custodial Accounts and Wallet Services) during that month. Transaction Fees are exclusive of any network fees charged by the underlying blockchain, and these network fees shall be collected from Client.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Transaction Fee<sup>3</sup>:** | &nbsp;&nbsp;**Transaction Fee<sup>3</sup>:** |
| &nbsp;&nbsp;&nbsp;**Transaction Volume ($ USD)** | &nbsp;&nbsp;**Basis Points (bps)** |
| &nbsp;&nbsp;From: ALL | &nbsp;&nbsp;0 |

---

---

| |
|:---|
| **5. Initial Payment.** |
| Concurrent with the execution of this Schedule A, Client shall make an up-front non-refundable payment to Custodian of an amount equal to the Onboarding Fee plus one Monthly Minimum Fee. The Initial Payment is non-refundable, and the Monthly Minimum Fee component thereof shall be applied only towards the first month of Service Fees owed by Client under the Agreement. |
| **III. <u>Expanded Definition of Services</u>**. Under this fee structure, Client may be provided access to additional services provided by Custodian or its affiliates. As such, the definition of "Services" as used in the Agreement shall be modified to mean Custodial Services, Wallet Services and the additional services set forth below. **Each additional service is subject to additional terms and conditions set forth in the applicable hyperlink.** |

---

**1.** **WalletConnect.** The Wallet Services may integrate with WalletConnect's APIs and services.
WalletConnect is a non-BitGo application that enables Client to connect with third-party applications and decentralized applications (collectively,
"dApps"). While the Wallet Services may facilitate such connections, WalletConnect and any dApps accessed through it are not
owned, operated, controlled, reviewed, or endorsed by BitGo Inc or its affiliates. Transactions authorized through WalletConnect may be
irreversible. Client should connect only to trusted third-party applications and wallets. BitGo Inc disclaims all liability for any losses
or damages arising from Client's use of WalletConnect or any dApps or wallets accessed through it. Use of WalletConnect is governed
by the WalletConnect Foundation's Terms of Use (located at https://walletconnect.network/terms).

------

<sup>3</sup> Transaction Fees are calculated on outgoing transactions only. For clarity, transfers by Client to Non-custodial wallets offered under the Agreement under Client's account will not be assessed Transaction Fees. Transaction Fees are also exclusive of any network fees charged by the underlying blockchain.

WalletConnect Monthly fee: __N/A______

---

| | |
|:---|:---|
| **2.** | **NFT Custody.** NFT Custody is governed by https://www.bitgo.com/legal/nft-service-terms |
|  | The Digital Asset Storage Fee covers up to [____N/A________] NFTs in all products, in aggregate. |
|  | Overage fee: _N/A____ |
| **3.** | **Staking Services.** Staking (where available) are governed https://www.bitgo.com/legal/staking-and-delegation-services-terms |
| **4.** | **Optional Services.** Client may order the following additional Service by initialing below: |
|  | __N/A_______Customer API Endpoint: $500 per month |

---

**IV. <u>Payment Terms</u>.** Client shall pay such fees and expenses to Custodian within seven (7) days after the date of Custodian's invoice. Invoices may be provided by electronic delivery. Payments shall be made to Custodian in U.S. Dollars, Bitcoin, USDC or USDT. If any invoice is disputed in good faith, Client shall pay all undisputed amounts and the disputed amount will be due and payable within seven (7) days after any such dispute has been resolved either by agreement of the parties or in accordance with dispute resolution procedures in the Agreement. All late payments and any disputed payments made after the resolution of such dispute shall bear interest accruing from the original payment due date through the date that such amounts are paid at the lower interest rate of (A) 1.0% per month and (B) the highest interest rate allowed by Applicable Law. Notwithstanding the foregoing, failure to pay undisputed fees and expenses by Client shall constitute a material breach of the Agreement. Client agrees that, without limitation of Custodian's other rights and remedies, Custodian shall have the right and authority, in its discretion, to liquidate any and all Digital Assets in Client's Account to cover any unpaid fees and expenses.

If a correct taxpayer number is not provided to Custodian, Client understands and agrees that Client may be subject to backup withholding tax at the appropriate rate on any interest and gross proceeds paid to the account for the benefit of Client. Backup withholding taxes are sent to the appropriate taxing authority and cannot be refunded by Custodian.

**V. <u>Fee Schedule Amendment</u>.** Any amendment of this Schedule A shall be in writing and executed by authorized representatives of each party.

## Exhibit 10.5

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.5**

**FUND ACCOUNTING SERVICING AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Trust Services,** a Wisconsin limited liability company ("USBFS"), **VALKYRIE BITCOIN FUND**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **VALKYRIE DIGITAL ASSETS LLC**, the sponsor of the Funds (the "Sponsor").

WHEREAS, the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and each Fund; and

WHEREAS, each Fund is operated as a commodity pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement on Form S-1 or Form S-3, as applicable (each a "Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"); and

WHEREAS, the Trust and Sponsor desire to retain USBFS to provide to the each Fund the fund accounting services described herein, all as more fully set below.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment of USBFS as Trust Accountant

The Trust and Sponsor hereby appoint USBFS as fund accountant of the Trust for the term of this Agreement to perform the services and duties described herein. USBFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Services and Duties of USBFS

USBFS shall provide the following accounting services to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio
 Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain
 portfolio records on a trade date+1 basis using security trade information
 communicated from the Fund's Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 each valuation date, obtain prices from a pricing source approved by the Sponsor of the
 Trust and apply those prices to the portfolio positions. For those securities where market
 quotations are not readily available, the Sponsor shall approve, in good faith, procedures
 for determining the fair value for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Identify
 interest and dividend accrual balances as of each valuation date and calculate gross
 earnings on investments for each accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine
 gain/loss on security sales and identify them as short-term or long-term; account for
 periodic distributions of gains or losses to shareholders and maintain undistributed
 gain or loss balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) On
 a daily basis, reconcile portfolio holdings and cash of the Trust with the
 Fund's custodian and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Transmit
 a copy of the portfolio valuation to the Fund's Sponsor daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Review
 the impact of current day's activity on a per share basis, and review changes in
 market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense
 Accrual and Payment Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 each valuation date, calculate the expense accrual amounts as directed by the Trust as
 to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Process
 and record payments for Trust expenses upon receipt of written authorization from the
 Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Account
 for Trust expenditures and maintain expense accrual balances at the level of accounting
 detail, as agreed upon by USBFS and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide
 expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Trust
 Valuation and Financial Reporting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Account
 for Trust creation and redemption activity and other Trust share activity
 as reported by the Fund's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Determine
 net investment income (earnings) for the Trust as of each valuation date. Account for
 periodic distributions of earnings to shareholders and maintain undistributed net investment
 income balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintain
 a general ledger and other accounts, books, and financial records for the Trust in the
 form as agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine
 the net asset value of the Trust according to the accounting policies and procedures
 set forth in the Fund's current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Calculate
 per share net asset value, per share net earnings, and other per share amounts reflective
 of Trust operations at such time as required by the nature and characteristics of the
 Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Communicate
 to the Trust, at an agreed upon time, the per share net asset value for each valuation
 date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Prepare
 monthly reports that document the adequacy of accounting detail to support month-end
 ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Provide
 the daily net asset value per share ("NAV") and holdings data to third-party
 reporting agencies as determined by the Trust and Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Create
 and transmit NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax
 Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain
 accounting records for the investment portfolio of the Trust to support the tax reporting
 required under the Internal Revenue Code of 1986, as
 amended (the "Code"), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain
 tax lot detail for the Funds' investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculate
 taxable gain/loss on security sales using the tax lot relief method designated by the
 Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide
 the necessary financial information to calculate the taxable components of income and
 capital gains distributions to support tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance
 Control Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Support
 reporting to regulatory bodies and support financial statement preparation by making
 the Fund's accounting records available to the Trust, Sponsor, the U.S. Securities and
 Exchange Commission (the "SEC"), National Futures Association (the "NFA"),
 the Commodity Futures Trading Commission (the "CFTC") and other applicable
 regulatory bodies and the independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Perform
 its duties hereunder in compliance with all applicable laws and regulations and provide
 any sub-certifications reasonably requested by the Trust and Sponsor in connection with
 any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 (the
 "SOX Act") or any rules or regulations promulgated by the SEC thereunder,
 provided the same shall not be deemed to change Trust Services' standard of care
 as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Cooperate
 with the Trust's independent accountants and take all reasonable action in the
 performance of its obligations under this Agreement to ensure that the necessary information
 is made available to such accountants for the expression of
 their opinion on the Fund's financial statements without any qualification as to
 the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **License of Data; Warranty; Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 valuation information and evaluations being provided to the Trust and Sponsor by USBFS pursuant hereto (collectively, the "Data")
 are being licensed, not sold, to the Trust and Sponsor. The Trust and Sponsor
 have a limited license to use the Data
 only for purposes necessary to valuing the Trust's assets and reporting to regulatory
 bodies (the "License"). The Trust and Sponsor do not have any license
 nor right to use the Data for purposes beyond the intentions of this Agreement including,
 but not limited to, resale to other users or use to create any type of historical database.
 The License is non-transferable and not sub- licensable.
 The Trust's and Sponsor's right to use the Data cannot be passed to or
 shared with any other entity.

The Trust and Sponsor acknowledge the proprietary rights that USBFS and its suppliers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. THE
 TRUST AND SPONSOR HEREBY ACCEPT THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS
 OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS
 may stop supplying some or all Data to the Trust and Sponsor if Trust Services'
 suppliers terminate any agreement to provide Data to USBFS. Also, USBFS may stop supplying
 some or all Data to the Trust and Sponsor if USBFS reasonably believes that the Trust
 and Sponsor are using the Data in violation of the License, or breaching their duties
 of confidentiality provided for hereunder, or if any of Trust Services' suppliers
 demand that the Data be withheld from the Trust and Sponsor. USBFS will provide notice
 to the Trust and Sponsor of any termination of provision of Data as soon as reasonably
 possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pricing
 of Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. For
 each valuation date, USBFS shall obtain prices from a pricing source recommended by USBFS
 and approved by the Sponsor and apply those prices to the portfolio positions of the
 Trust. For those securities where market quotations are not readily available, the Sponsor
 shall approve, in good faith, procedures for determining the fair value for such securities.

If the Trust and Sponsor desire to provide a price that varies from the price provided by the pricing source, the Trust and Sponsor shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Trust or Sponsor will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 the event that the Trust and Sponsor at any time receive Data containing evaluations,
 rather than market quotations, for certain securities or certain other data related to
 such securities, the following provisions will apply: (i) evaluated securities are typically
 complicated financial instruments. There are many methodologies (including computer-based
 analytical modeling and individual security evaluations) available to generate approximations
 of the market value of such securities, and there is significant professional disagreement
 about which method is best. No evaluation method, including those used by USBFS and its
 suppliers, may consistently generate approximations that correspond to actual "traded"
 prices of the securities; (ii) methodologies used to provide the pricing portion
 of certain Data may rely on evaluations; however, the Trust and Sponsor acknowledge that
 there may be errors or defects in the software, databases, or methodologies generating
 the evaluations that may cause resultant evaluations to be inappropriate for use in certain
 applications; and (iii) the Trust and Sponsor assume all responsibility for edit checking,
 external verification of evaluations, and ultimately the appropriateness of using Data
 containing evaluations, regardless of any efforts made by USBFS and its suppliers in
 this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS
 shall not have any obligation to verify the accuracy or appropriateness of any prices,
 evaluations, market quotations, or other data or pricing related inputs received from
 the Trust, the Trust, any of their affiliates, or any third party source. Notwithstanding
 anything else in this Agreement to the contrary, USBFS and its affiliates shall not be
 responsible or liable for any mistakes, errors, or mispricing, or any losses related
 thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations,
 market quotations, or other data or pricing related inputs received from the Trust, the
 Trust, any of their affiliates, or any third party source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Changes
 in Accounting Procedures

Any action by the Sponsor that affects accounting practices and procedures of the Trust under this Agreement shall be effective upon written receipt of notice and acceptance by USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Changes
 in Equipment, Systems, Etc.

USBFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such changes do not adversely affect the services provided to the Trust and Sponsor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Compensation

USBFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on **<u>Exhibit B</u>** hereto (as amended from time to time). USBFS shall also be compensated for such miscelaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by USBFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBFS in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBFS shall only be paid out of the assets and property of the particular Trust involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Representations
 and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust and Sponsor each hereby represents and warrants to USBFS, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Trust or Sponsor, as applicable, in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust or Sponsor, as applicable, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A registration statement under the Securities Act of 1933, as amended, will be made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and appropriate state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Trust to make a continuous public offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) All records of the Trust provided to USBGFS by the Trust or by a prior service provider of the Trust are accurate and complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBFS
 hereby represents and warrants to the Trust and Sponsor, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by USBFS in accordance with all requisite action and constitutes a valid and legally binding obligation of USBFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Standard
 of Care; Indemnification; Limitation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS
 shall exercise reasonable care in the performance of its duties under this Agreement.
 Neither USBFS nor any of its affiliates or suppliers shall be liable for any error of
 judgment; mistake of law; fraud or misconduct by the Trust, any Trust, the adviser or
 any other service provider to the Trust or a Trust, or any employee of the foregoing;
 or for any loss suffered by the Trust, a Trust, or any third party in connection with
 Trust Services' duties under this Agreement, including losses resulting from mechanical
 breakdowns or the failure of communication or power supplies beyond Trust Services'
 reasonable control, except a loss arising out of or relating to Trust Services'
 refusal or failure to comply with the terms of this Agreement (other than where such
 compliance would violate applicable law) or from its bad faith, negligence, or willful
 misconduct in the performance of its duties under this Agreement. Notwithstanding any
 other provision of this Agreement, if USBFS has exercised reasonable care in the performance
 of its duties under this Agreement, the Trust shall indemnify and hold harmless USBFS
 and its affiliates and suppliers from and against any and all claims, demands, losses,
 expenses, and liabilities of any and every nature (including reasonable attorneys'
 fees) that USBFS or its affiliates and suppliers may sustain or incur or that may be
 asserted against USBFS or its affiliates and suppliers by any person arising out of or
 related to (X) any action taken or omitted to be taken by it in performing the services
 hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any
 written or oral instruction provided to USBFS by any duly authorized officer of the Trust,
 as approved by the Board of Trustees of the Trust, or (Y) the Data, or any information,
 service, report, analysis or publication derived therefrom, except for any and all claims,
 demands, losses, expenses, and liabilities arising out of or relating to Trust Services'
 refusal or failure to comply with the terms of this Agreement (other than where such
 compliance would violate applicable law) or from its bad faith, negligence or willful
 misconduct in the performance of its duties under this Agreement. This indemnity shall
 be a continuing obligation of the Trust, its successors and assigns, notwithstanding
 the termination of this Agreement. As used in this paragraph, the term "USBFS"
 shall include Trust Services' directors, officers and employees.

The Trust acknowledges that the Data are intended for use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed judgments concerning securities. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

USBFS shall indemnify and hold the Trust harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken or omitted to be taken by USBFS as a result of Trust Services' refusal or failure to comply with the terms of this Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

In the event of a mechanical breakdown or power supplies beyond its control, USBFS shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. USBFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBFS. USBFS agrees that it shall, at all times, have reasonable contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Trust Services' premises and operating capabilities at any time during regular business hours of USBFS, upon reasonable notice to USBFS. Moreover, USBFS shall provide the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of USBFS relating to the services provided by USBFS under this Agreement.

Notwithstanding the above, USBFS reserves the right to reprocess and correct administrative errors at its own expense.

In no case shall any party be liable to another for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply; or (iii) any claim that arose more than one year prior to the institution of suit therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 order that the indemnification provisions contained in this section shall apply, it is
 understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee
 harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
 the situation in question, and it is further understood that the indemnitee will use
 all reasonable care to notify the indemnitor promptly concerning any situation that presents
 or appears likely to present the probability of a claim for indemnification. The indemnitor
 shall have the option to defend the indemnitee against any claim that may be the subject
 of this indemnification. In the event that the indemnitor so elects, it will so notify
 the indemnitee and thereupon the indemnitor shall take over complete defense of the claim,
 and the indemnitee shall in such situation initiate no further legal or other expenses
 for which it shall seek indemnification under this section. The indemnitee shall in no
 case confess any claim or make any compromise in any case in which the indemnitor will
 be asked to indemnify the indemnitee except with
 the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 indemnity and defense provisions set forth in this Section 9 shall indefinitely survive
 the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If
 USBFS is acting in another capacity for the Trust pursuant to a separate agreement, nothing
 herein shall be deemed to relieve USBFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Notification
 of Error

The Trust and/or Sponsor will notify USBFS of any discrepancy between USBFS and the Trust, including, but not limited to, failing to account for a security position in the Fund's portfolio, upon the later to occur of: (i) three business days after receipt of any reports rendered by USBFS to the Trust; (ii) three business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three business days after receiving notice from any shareholder regarding any such discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Data
 Necessary to Perform Services

The Trust or its agent shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Proprietary
 and Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS
 agrees on behalf of itself and its directors, officers, and employees to treat confidentially
 and as proprietary information of the Trust, all records and other information relative
 to the Trust and prior, present, or potential shareholders of the Trust (and clients
 of said shareholders), and not to use such records and information for any purpose other
 than the performance of its responsibilities and duties hereunder, except (i) after prior
 notification to and approval in writing by the Trust, which approval shall not be unreasonably
 withheld and may not be withheld where USBFS may be exposed to civil or criminal contempt
 proceedings for failure to comply, (ii) when requested to divulge such information by
 duly constituted authorities, or (iii) when so requested by the Trust. Records and other
 information which have become known to the public through no wrongful act of USBFS or
 any of its employees, agents or representatives, and information that was already in
 the possession of USBFS prior to receipt thereof from the Trust or its agent, shall not
 be subject to this paragraph.

Further, USBFS will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, USBFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially
 and as proprietary information of USBFS, all non-public information relative to USBFS
 (including, without limitation, the Data and information regarding Trust Services'
 pricing, products, services, customers, suppliers, financial statements, processes, know-how,
 trade secrets, market opportunities, past, present or future research, development or
 business plans, affairs, operations, systems, computer software in source code and object
 code form, documentation, techniques, procedures, designs, drawings, specifications,
 schematics, processes and/or intellectual property), and not to use such information
 for any purpose other than in connection with the services provided under this Agreement,
 except (i) after prior notification to and approval in writing by USBFS, which approval
 shall not be unreasonably withheld and may not be withheld where the Trust may be exposed
 to civil or criminal contempt proceedings for failure to comply, (ii) when requested
 to divulge such information by duly constituted authorities, or (iii) when so requested
 by the USBFS. Information which has become known to the public through no wrongful act
 of the Trust or any of its employees, agents or representatives, and information that
 was already in the possession of the Trust prior to receipt thereof from USBFS, shall
 not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
 anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity
 of USBFS as a service provider, redacted copies of this Agreement, and such other information
 as may be required in the Trust's registration or offering documents, or as may
 otherwise be required by applicable law, rule, or regulation, and (ii) USBFS shall be
 permitted to include the name of the Trust in lists of representative clients in due
 diligence questionnaires, RFP responses, presentations, and other marketing and promotional
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Compliance with Laws** 

The Trust has and retains primary responsibility for all compliance matters relating to the Trust, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, CFTC, NFA, the securities exchange on which any Shares are listed and the policies and limitations of the Trust relating to its portfolio investments as set forth in its registration statement. Trust Services' services hereunder shall not relieve the Trust or Sponsor of its responsibilities for assuring such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This
 Agreement shall become effective as of the date written above and will continue in effect
 for a period of three (3) years. Following the initial term, this Agreement shall automatically
 renew for successive one (1) year terms unless either party provides written notice at
 least 90 days prior to the end of the then current term that it will not be renewing
 the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject
 to Section 16, this Agreement may be terminated by either party (in whole or with respect
 to one or more Trust) upon giving 90
 days' prior written notice to the other party or such shorter notice period
 as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS
 may terminate this Agreement immediately (in whole or with respect to one or more Trust)
 if the continued service of such Trust or the Trust would cause USBFS or any of its affiliates
 to be in violation of any applicable law, rule, regulation, or order of any governmental,
 regulatory or judicial authority of competent jurisdiction, or if the Trust or the Trust
 (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence,
 tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such
 that the continued association with the Trust or the Trust would reflect unfavorably
 upon Trust Services' reputation,
 provided that in such event USBFS shall, to the extent it is legally permitted
 and able to do so, provide reasonable assistance to transition such Trust or the Trust
 to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Agreement may be terminated by any party upon the breach of the other party of any material
 term of this Agreement if such breach is not cured within 15 days of notice of such breach
 to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This
 Agreement may not be amended or modified in any manner except by written agreement executed
 by USBFS and the Trust, and authorized
 or approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Trust Services' duties or responsibilities hereunder is designated by the Trust by written notice to USBFS, USBFS will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Trust Services' personnel in the establishment of books, records and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust and Sponsor. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBFS is obligated under applicable law, regulation, or rule to continue following the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Trust) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Trust subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all
 monthly fees through the remaining term of the Agreement, including the repayment of
 any negotiated discounts (provided that no such fees shall be paid with respect to any
 Trust following the liquidation of such Trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all
 fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all
 fees associated with any record retention and/or tax reporting obligations that may not
 be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all
 miscellaneous costs associated with a. to c. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Assignment

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBFS, or by USBFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Governing
 Law

This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. No
 Agency Relationship

Nothing herein contained shall be deemed to authorize or empower any party to act as agent for another party to this Agreement, or to conduct business in the name, or for the account, of another party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Services
 Not Exclusive

Nothing in this Agreement shall limit or restrict USBFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Invalidity

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Notices

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to USBFS shall be sent to:

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: President

and notice to the Trust or Sponsor shall be sent to:

Valkyrie Digital Assets LLC

320 Seven Springs Way, Suite 250

Brentwood, Tennessee 37027

24. Multiple
 Originals

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

(signatures on the following page)

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **VALKYRIE BITCOIN FUND** | **VALKYRIE BITCOIN FUND** |
| By: | ![](ex105001.jpg) |
| Name: | Leah wald |
| Title: | Manager of Sponsor |
| Date: | 12/27/2023 |
| **VALKYRIE DIGITAL ASSETS LLC** | **VALKYRIE DIGITAL ASSETS LLC** |
| By: | ![](ex105001.jpg) |
| Name: | Leah wald |
| Title: | Manager |
| Date: | 12/27/2023 |
| **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex105002.jpg) |
| Name: | Jason Hadler |
| Title: | Senior Vice President |
| Date: | 1/5/2024 |

---

**<u>EXHIBIT A</u>**

**to the Fund Accounting Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

Valkyrie Bitcoin Fund

**<u>EXHIBIT B</u>**

**to the Custody Agreement <br>Fee Schedule**

**Base Fee for Accounting, Administration, Transfer Agent & Account Services**

The following-reflects the greater of the basis point fee or annual minimum where [Adviser's name] (the "Adviser") acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | | |
|:---|:---|:---|:---|
| <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> |
| Funds 1-5 | $45000 | First $250m | 5 bps |
| Funds 6-10 | $40000 | Next $250m | 4 bps |
| Funds 11+ | $30000 | Next $2b | 3 bps |
|  |  | Balance | 2 bps |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided *(e.g.,* compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**Pricing Services**

For daily pricing of each securities (estimated 252 pricing days annually)

■ $0.08
 – Listed equity instruments and rates including but not limited to: Domestic Equities,
 Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

■ $0.50
 – Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate
 and Government Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

■ $0.80
 – Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset
 Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

■ $1.00-Bank
 Loans

■ Derivative
 Instruments are generally charged at the following rates:

○ $0.90 – Interest Rate Swaps, Foreign Currency Swaps

○ $1.50 – Swaptions

○ $3.00 – Credit Default Swaps

■ Intraday
 money market funds pricing, up to 3 times per day

■ $500
 per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action and Factor Services**

Fee for ICE data used to monitor corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
 per Foreign Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00
 per Domestic Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
 per CMOs, Asset Backed, Mortgage Backed Security per Month

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)**

&nbsp;&nbsp;&nbsp;&nbsp;■ $1
 per security per month for fund administrative

**SEC Modernization Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
 N-PORT – $8,000 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
 N-CEN – $250 per year, per Fund

**10-Q/ 10-K Support** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $25,000
 per fund per year\*

\* Provide financial data for include in the Fund's 10-Q /10-K filings.

**Chief Compliance Officer Support Fee**

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
 support annual fee of $3,000 per trust for each U.S. Bank service selected (administration,
 accounting, transfer agent, custodian)

This fee includes:

&nbsp;&nbsp;&nbsp;&nbsp;■ Access
 to the CCO Portal including business line Critical Procedures, Compliance Controls, Reporting
 on Testing of Compliance Controls, Annual U.S. Bank Global Fund Services CCO Review,
 SOC1 audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
 38a-1 certifications to the CCO regarding any changes to critical policies, procedures
 and controls and compliance events as required under Rule 38a-1 of the Investment Company
 Act

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
 CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
 forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual
 client conference which includes CCO roundtable discussions

&nbsp;&nbsp;&nbsp;&nbsp;■ Note:
 the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ M-1
 book-to-tax adjustments at fiscal and excise year-end

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 tax footnotes in conjunction with fiscal year-end audit

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 Form 1120-RIC federal income tax return and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 Form 8613 and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 Form 1099-MISC Forms

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 Annual TDF FBAR (Foreign Bank Account Reporting) filing

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e- filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance**

**(provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Base
 fee – $20,000 per fund per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Setup
 – $2,500 per fund group

**Quarterly Compliance Monitoring**

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees
 will be assessed.

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | &nbsp;&nbsp;**Price per Fund per Month** |
| &nbsp;&nbsp;Limited Derivatives User | &nbsp;&nbsp;$120 |
| &nbsp;&nbsp;Full Derivatives User (no OTC derivatives) | &nbsp;&nbsp;$300 |
| &nbsp;&nbsp;Full Derivative User (with 1-5 OTC derivatives) | &nbsp;&nbsp;$400 |
| &nbsp;&nbsp;Full Derivative User (with 5 or more OTC derivatives) | &nbsp;&nbsp;$500 |

---

**Controlled Foreign Corporation (CFC)**

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
 Bank Fee Schedule plus $15,000

**C- Corp Administrative Services** 

&nbsp;&nbsp;&nbsp;&nbsp;■ 1940
 Act C-Corp – U.S. Bank Fee Schedule plus $15,000

&nbsp;&nbsp;&nbsp;&nbsp;■ 1933
 Act C-Corp – U.S. Bank Fee Schedule plus $25,000

**Section 15(c) Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;■ $2,000
 per fund per standard reporting package\*

\* Standard reporting packages for annual 15(c) meeting

● Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes on one report) OR Full 15(c) report

● Performance reporting package: Peer Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
 15c reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
 data source – Morningstar; additional charges will apply for other data services

**Optional Tax Services**

Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) –
 $5,000 per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
 Capital Gain Dividend Estimates - (First two included in core services) – $1,000 per
 additional estimate

&nbsp;&nbsp;&nbsp;&nbsp;■ State
 tax returns – (First two included in core services) – $1,500 per additional return

**Tax Reporting - C-Corporations**

**Federal Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 corporate Book to tax calculation, average cost analysis and cost basis role forwards,
 and federal income tax returns for investment fund (Federal returns & 1099 Breakout
 Analysis) – $25,000

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 Federal and State extensions (If Applicable) – Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 provision estimates – $2,000 Per estimate

**State Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 state income tax returns for funds and blocker entities – $1,500 per state return

● Sign state income tax returns – $2,000 per state return

● Assist in filing state income tax returns – Included with preparation of returns

● State tax notice consultative support and resolution – $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

**Equity & Fixed Income Attribution Reporting**

Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

**ESG Compliance Reporting Services**

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings.

**AMENDMENT TO THE**

**FUND ACCOUNTING SERVICING AGREEMENT**

THIS AMENDMENT made and entered into as of the date last written on the signature page, and effective as of February 1, 2025 (the "Effective Date"), by and between **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Trust Services,** a Wisconsin limited liability company ("USBFS"), **COINSHARES VALKYRIE BITCOIN FUND** (f.k.a. Valkyrie Bitcoin Fund), a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **COINSHARES CO.**, a Delaware corporation, the sponsor of the Funds (the "Sponsor").

WHEREAS, the parties entered into a Fund Accounting Servicing Agreement dated as of January 5, 2024, as assigned June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend the series list in Exhibit A to reflect a name update; and

WHEREAS, the parties desire to amend the fees listed in Exhibit B of the Agreement; and

WHEREAS, the Section 15 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
 of the Effective date, Exhibit A of the Agreement is hereby superseded and replaced with
 the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As
 of the Effective Date, Exhibit B of the Agreement is hereby superseded and replaced by
 the Exhibit B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | |
|:---|:---|
| **COINSHARES VALKYRIE BITCOIN FUND By:** | **COINSHARES VALKYRIE BITCOIN FUND By:** |
| By: | ![](ex105003.jpg) |
| Name: | Charles Butler |
| Title: | Principal Financial Officer |
| Date: | 12/03/2025 |
| **COINSHARES CO.** | **COINSHARES CO.** |
| By: | ![](ex105003.jpg) |
| Name: | Charles Butler |
| Title: | Director |
| Date: | 12/03/2025 |
| **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex105004.jpg) |
| Name: | Greg Farley |
| Title: | Sr. Vice President |
| Date: | 4/8/25 |

---

**Exhibit A to the Fund Accounting Servicing Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

CoinShares Valkyrie Bitcoin Fund

**<u>EXHIBIT B</u>**

**to the Fund Account Agreement**

**Fee Schedule**

**Base Fee for Accounting, Administration, Transfer Agent & Account Services**

The following-reflects the greater of the basis point fee or annual minimum where Adviser acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | | |
|:---|:---|:---|:---|
| <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> |
| Funds 1-5 | $50000 | First $250m | 5 bps |
| Funds 6-10 | $40000 | Next $250m | 4 bps |
| Funds 11+ | $30000 | Balance | 3 bps |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided *(e.g.,* compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**Pricing Services**

For daily pricing of each securities (estimated 252 pricing days annually)

■ $0.08
 – Listed equity instruments and rates including but not limited to: Domestic Equities,
 Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

■ $0.50
 – Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate
 and Government Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

■ $0.80
 – Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset
 Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

■ $1.00-Bank
 Loans

■ Derivative
 Instruments are generally charged at the following rates:

○ $0.90 – Interest Rate Swaps, Foreign Currency Swaps

○ $1.50 – Swaptions

○ $3.00 – Credit Default Swaps

■ Intraday
 money market funds pricing, up to 3 times per day

■ $500
 per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action and Factor Services**

Fee for ICE data used to monitor corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
 per Foreign Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00
 per Domestic Equity Security per Month

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00
 per CMOs, Asset Backed, Mortgage Backed Security per Month

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)**

&nbsp;&nbsp;&nbsp;&nbsp;■ $1
 per security per month for fund administrative SEC
 Modernization Requirements

**SEC Modernization Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
 N-PORT – $8,000 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Form
 N-CEN – $250 per year, per Fund

**10-Q/10-K Support**

&nbsp;&nbsp;&nbsp;&nbsp;■ $25,000
 per fund per year\*

\*Provide financial data for include in the Fund's 10-Q / 10-K filings.

**Chief Compliance Officer Support Fee**

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
 support annual fee of $3,000 per trust for each U.S. Bank service selected (administration,
 accounting, transfer agent, custodian)

This fee includes:

&nbsp;&nbsp;&nbsp;&nbsp;■ Access
 to the CCO Portal including business line Critical Procedures, Compliance Controls, Reporting
 on Testing of Compliance Controls, Annual U.S. Bank Global Fund Services CCO Review,
 SOC1 audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
 38a-1 certifications to the CCO regarding any changes to critical policies, procedures
 and controls and compliance events as required under Rule 38a-1 of the Investment Company
 Act

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly
 CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO
 forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual
 client conference which includes CCO roundtable discussions

Note: the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services**

■ M-1
book-to-tax adjustments at fiscal and excise year-end

■ Prepare
tax footnotes in conjunction with fiscal year-end audit

■ Prepare
 Form 1120-RIC federal income tax return and relevant schedules

■ Prepare
 Form 8613 and relevant schedules

■ Prepare
 Form 1099-MISC Forms

■ Prepare
 Annual TDF FBAR (Foreign Bank Account Reporting) filing

■ Prepare
 state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e- filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance**

**(provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ Base
 fee – $20,000 per fund per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Setup
 – $2,500 per fund group

**Quarterly Compliance Monitoring**

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees
 will be assessed.

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | &nbsp;&nbsp;**Price per Fund per Month** |
| &nbsp;&nbsp;Limited Derivatives User | &nbsp;&nbsp;$120 |
| &nbsp;&nbsp;Full Derivatives User (no OTC derivatives) | &nbsp;&nbsp;$300 |
| &nbsp;&nbsp;Full Derivative User (with 1-5 OTC derivatives) | &nbsp;&nbsp;$400 |
| &nbsp;&nbsp;Full Derivative User (with 5 or more OTC derivatives) | &nbsp;&nbsp;$500 |

---

**Controlled Foreign Corporation (CFC)**

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
 Bank Fee Schedule plus $15,000

**C- Corp Administrative Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ 1940
 Act C-Corp – U.S. Bank Fee Schedule plus $15,000

&nbsp;&nbsp;&nbsp;&nbsp;■ 1933
 Act C-Corp – U.S. Bank Fee Schedule plus $25,000

**Section 15(c) Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;■ $2,000
 per fund per standard reporting package\*

\* Standard reporting packages for annual 15(c) meeting

● Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio with classes on one report) OR Full 15(c) report

● Performance reporting package: Peer Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
 15© reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
 data source – Morningstar; additional charges will apply for other data services

**Optional Tax Services**

Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) -
 $5,000 per year

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
 Capital Gain Dividend Estimates – (First two included in core services) – $1,000 per
 additional estimate

&nbsp;&nbsp;&nbsp;&nbsp;■ State
 tax returns – (First two included in core services) – $1,500 per additional return

**Tax Reporting – C-Corporations Federal Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 corporate Book to tax calculation, average cost analysis and cost basis role forwards,
 and federal income tax returns for investment fund (Federal returns & 1099 Breakout
 Analysis) –$25,000

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 Federal and State extensions (If Applicable) – Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 provision estimates – $2,000 Per estimate

**State Tax Returns**

■ Prepare state income tax returns for funds and blocker entities – $1,500 per state return

● Sign state income tax returns – $2,000 per state return

● Assist in filing state income tax returns – Included with preparation of returns

● State tax notice consultative support and resolution – $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

**Equity & Fixed Income Attribution Reporting** 

Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

**ESG Compliance Reporting Services**

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings

**SECOND AMENDMENT TO THE**

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS SECOND AMENDMENT is made and entered into as of the last date written on the signature page below (the "Effective Date"), by and between U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Trust Services, a Wisconsin limited liability company ("USBFS"), VALKYRIE BITCOIN FUND, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on <u>Exhibit A</u> to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and COINSHARES CO, a Delaware corporation, the sponsor of the Funds (the "Sponsor").**

WHEREAS, the parties entered into a Fund Accounting Servicing Agreement dated as of January 5, 2024, as assigned June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend Exhibit A of the Agreement, the funds list of the Trust, to add CoinShares Solana Staking ETF and CoinShares XRP; and

WHEREAS, the Section 15 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
 of the Effective Date, Exhibit A of the Agreement is hereby superseded and replaced by
 the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
 to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | |
|:---|:---|
| **VALKYRIE BITCOIN FUND** | **VALKYRIE BITCOIN FUND** |
| By: | ![](ex105003.jpg) |
| Name: | Charles Butler |
| Title: | Director |
| Date: | 24/09/2025 |
| **COINSHARES CO.** | **COINSHARES CO.** |
| By: | ![](ex105003.jpg) |
| Name: | Charles Butler |
| Title: | Director |
| Date: | 24/09/2025 |
| **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex105004.jpg) |
| Name: | Gregory Farley |
| Title: | Senior Vice President |
| Date: | September 26. 2025 |

---

**<u>EXHIBIT A</u>**

**to the Fund Account Agreement**

**Separate Series of Trust**

**<u>Name of Series</u>**

CoinShares Bitcoin ETF

CoinShares Solana Staking ETF

CoinShares XRP ETF

## Exhibit 10.6

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.6**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **VALKYRIE BITCOIN FUND,** a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **VALKYRIE DIGITAL ASSETS LLC,** the sponsor of the Funds (the "Sponsor") and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association organized and existing under the laws of the United States of America (the "Custodian").

WHEREAS, each Fund is operated as a commodity pool under the Commodity Exchange Act ("CEA") and is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement on Form S-l or Form S-3, as applicable (each a "Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"); and

WHEREAS, the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and each Fund; and

WHEREAS, the Trust and Sponsor desire to retain the Custodian to act as custodian of the assets of each Fund, and to provide related services as provided herein, and the Custodian is willing to accept the obligations and duties related to that role; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 <u>"Authorized Person"</u> means any Officer or person who has been designated as such by written notice and named in **<u>Exhibit B</u>** and delivered to the Custodian by the Trust or Sponsor, or if the Trust or Sponsor has notified the Custodian in writing that it has an authorized investment manager or other agent, delivered to the Custodian by the Sponsor or other agent of the Trust Such Officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust, or the Sponsor or other agent of the Trust that any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Trust computes the net asset value of Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 <u>"CFTC"</u> shall mean the Commodity Futures Trading Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <u>"Foreign Securities"</u> means any of the Trust's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Trust's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>"IRS"</u> shall mean the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>"NFA"</u> shall mean the National Futures Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>"Officer"</u> shall mean the Principal Executive Officer, the President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Principal Financial Officer, the Treasurer, or any Assistant Treasurer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>"Shares"</u> shall mean, with respect to a Fund, the units of beneficial interest issued by the Trust on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>"Sub-Custodian"</u> shall mean a bank or other financial institution (other than a Securities Depository) having a contract with the Custodian, which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from a Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>"Written Instructions"</u> shall mean (i) written communications actually received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person.

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Appointment</u>. The Trust and Sponsor hereby appoint the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;(a) A
copy of the Trust's declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
copy of the Trust's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;(c) A
copy of the current prospectuses of the Funds (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;(d) A
certification of the President and the Secretary of the Trust setting forth the names and signatures of the current Officers of
the Trust and other Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Notice of Appointment of Transfer Agent</u>. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Fund.

**ARTICLE III.**

**CUSTODY OF CASH AND SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of a Fund (other than Securities maintained in a Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Trust, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody Accounts</u>. As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the Trust coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of such Fund which are delivered to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 Appointment of Agents.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 its discretion, the Custodian may appoint one or more Sub-Custodians to establish and
 maintain arrangements with (i) any Securities Depository or (ii) Sub-Custodian or member
 of a Sub-Custodian's network to hold Securities and cash of the Fund and to carry
 out such other provisions of this Agreement as it may determine; provided, however, that
 the appointment of any such agents and maintenance of any Securities and cash of the
 Fund shall be at the Custodian's expense and shall not relieve the Custodian of
 any of its obligations or liabilities under this Agreement. The Custodian shall be liable
 for the actions of any Sub-Custodians (regardless of whether assets are maintained in
 the custody of a Sub-Custodian or a member of its network) appointed by it as if such
 actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 after the initial appointment of Sub-Custodians by the Trust, on behalf of its series,
 in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians
 to hold property of the Fund, it will so notify the Trust and make the necessary determinations
 as to any such new Sub-Custodian's eligibility as a custodian under applicable
 rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 performing its delegated responsibilities as foreign custody manager to place or maintain
 the Fund's assets with a Sub-Custodian, the Custodian will determine that the Fund's
 assets will be subject to reasonable care, based on the standards applicable to custodians
 in the country in which the Fund's assets will be held by that Sub-Custodian, after
 considering all factors relevant to safekeeping of such assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 the end of each calendar quarter, the Custodian shall provide written reports notifying
 the Sponsor and the Trust of the withdrawal or placement of the Securities and cash of
 the Fund with a Sub-Custodian and of any material changes in the Fund's arrangements.
 Such reports shall include an analysis of the custody risks associated with maintaining
 assets with any Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;(e) With
 respect to its responsibilities under this Section 3.03, the Custodian hereby warrants
 to the Trust that it agrees to exercise reasonable care, prudence and diligence such
 as a person having responsibility for the safekeeping of property of the Fund. The Custodian
 further warrants that the Fund's assets will be subject to reasonable care if maintained
 with a Sub-Custodian, after considering all factors relevant to the safekeeping of such
 assets, including, without limitation: (i) the Sub-Custodian's practices, procedures,
 and internal controls for certificated securities (if applicable), its method of keeping
 custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian
 has the requisite financial strength to provide reasonable care for Fund assets; (iii)
 the Sub-Custodian's general reputation and standing and, in the case of a Securities
 Depository, the Securities Depository's operating history and number of participants;
 and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments
 against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian
 in the United States or the Sub-Custodian's consent to service of process in the
 United States.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Custodian shall establish a system or ensure that its Sub-Custodian has established a
 system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's
 assets with a Sub-Custodian who is a member of a Sub-Custodian's network; (ii)
 the performance of the contract governing the Fund's arrangements with such Sub-Custodian
 or members of a Sub-Custodian's network; and (iii) the custody risks of maintaining
 assets with a Securities Depository. The Custodian must promptly notify the Fund or Sponsor
 of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Custodian shall use commercially reasonable efforts to collect all income and other payments
 with respect to Foreign Securities to which the Fund shall be entitled and shall credit
 such income, as collected, to the Trust. In the event that extraordinary measures are
 required to collect such income, the Trust and Custodian shall consult as to the measures
 and as to the compensation and expenses of the Custodian relating to such measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Delivery of Assets to Custodian</u>. The Trust or Sponsor shall deliver, or cause to be delivered, to the Custodian all Fund Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by a Fund with respect to such Securities, cash or other assets owned by a Fund at any time during the period of this Agreement, and (ii) all cash received by a Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of a Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry
 System all Securities eligible for deposit therein and shall make use of such Securities
 Depository or Book-Entry System to the extent possible and practical in connection with
 its performance hereunder, including, without limitation, in connection with settlements
 of purchases and sales of Securities, loans of Securities, and deliveries and returns
 of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 of the Funds kept in a Book-Entry System or Securities Depository shall be kept in an
 account (''Depository Account") of the Custodian in such Book-Entry
 System or Securities Depository which includes only assets held by the Custodian as a
 fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 records of the Custodian with respect to Securities of the Funds maintained in a Book-Entry
 System or Securities Depository shall, by book-entry, identify such Securities as belonging
 to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 Securities purchased by a Fund are to be held in a Book-Entry System or Securities Depository,
 the Custodian shall pay for such Securities upon (i) receipt of advice from the Book-Entry
 System or Securities Depository that such Securities have been transferred to the Depository
 Account, and (ii) the making of an entry on the records of the Custodian to reflect such
 payment and transfer for the account of the Fund. If Securities sold by a Fund are held
 in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities
 upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment
 for such Securities has been transferred to the Depository Account, and (ii) the making
 of an entry on the records of the Custodian to reflect such transfer and payment for
 the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Custodian shall provide the Trust with copies of any report (obtained by the Custodian
 from a Book-Entry System or Securities Depository in which Securities of the Funds are
 kept) on the internal accounting controls and procedures for safeguarding Securities
 deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 anything to the contrary in this Agreement, the Custodian shall be liable to the Trust
 for any loss or damage to the Fund resulting from (i) the use of a Book-Entry System
 or Securities Depository by reason of any negligence or willful misconduct on the part
 of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian or any Sub-Custodian
 to enforce effectively such rights as it may have against a Book-Entry System or Securities
 Depository. At its election, the Trust shall be subrogated to the rights of the Custodian
 with respect to any claim against a Book-Entry System or Securities Depository or any
 other person from any loss or damage to the Fund arising from the use of such Book-Entry
 System or Securities Depository, if and to the extent that the Fund has not been made
 whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;(g) With
 respect to its responsibilities under this Section 3.05, the Custodian hereby warrants
 to the Trust that it agrees to (i) exercise due care in accordance with reasonable commercial
 standards in discharging its duty as a securities intermediary to obtain and thereafter
 maintain such assets, (ii) provide, promptly upon request by the Trust or Sponsor, such
 reports as are available concerning the Custodian's internal accounting controls and
 financial strength, and (iii) require any Sub-Custodian to exercise due care in accordance
 with reasonable commercial standards in discharging its duty as a securities intermediary
 to obtain and thereafter maintain assets corresponding to the security entitlements of
 its entitlement holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from a Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 the purchase of Securities for a Fund but only in accordance with Section 4.01 of this
 Agreement and only (i) in the case of Securities (other than options on Securities, futures
 contracts and options on futures contracts), against the delivery to the Custodian (or
 any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or
 in proper form for transfer, or if the purchase of such Securities is effected through
 a Book-Entry System or Securities Depository, in accordance with the conditions set forth
 in Section 3.05 above; (ii) in the case of options on Securities, against delivery to
 the Custodian (or any Sub-Custodian) of such receipts as are required by the customs
 prevailing among dealers in such options; (iii) in the case of futures contracts and
 options on futures contracts, against delivery to the Custodian (or any Sub-Custodian)
 of evidence of title thereto in favor of the Fund or any nominee referred to in Section
 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered
 into between the Trust and a bank which is a member of the Federal Reserve System or
 between the Trust and a primary dealer in U.S. Government securities, against delivery
 of the purchased Securities either in certificate form or through an entry crediting
 the Custodian's account at a Book-Entry System or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with the conversion, exchange or surrender, as set forth in Section 3.07(f)
 below, of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(c) For
the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(d) In
payment of the redemption price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;(e) For
the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account
of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian and legal fees;
and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized
or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;(f) For
transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered
national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection
with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(g) For
transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the CFTC and/or any contract market (or any similar
organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(h) For
the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian),
which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;(i) For
any other proper purpose, but only upon receipt of Written Instructions, specifying the amount and purpose of such payment, declaring
such purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from a Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the sale of Securities for the account of the Fund but only against receipt of payment
 therefor in cash, by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of a sale effected through a Book-Entry System or Securities Depository, in
 accordance with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 an offeror's depository agent in connection with tender or other similar offers
 for Securities of the Fund; provided that, in any such case, the cash or other consideration
 is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian
 or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for
 exchange for a different number of certificates or other evidence representing the same
 aggregate face amount or number of units; provided that, in any such case, the new Securities
 are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the broker selling the Securities, for examination in accordance with the "street
 delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;(f) For
 exchange or conversion pursuant to any plan of merger, consolidation, recapitalization,
 reorganization or readjustment of the issuer of such Securities, or pursuant to provisions
 for conversion contained in such Securities, or pursuant to any deposit agreement, including
 surrender or receipt of underlying Securities in connection with the issuance or cancellation
 of depository receipts; provided that, in any such case, the new Securities and cash,
 if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon
 receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement
 entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(h) In
 the case of warrants, rights or similar Securities, upon the exercise thereof, provided
 that, in any such case, the new Securities and cash, if any, are to be delivered to the
 Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 delivery in connection with any loans of Securities of the Fund, but only against receipt
 of such collateral as the Trust shall have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;(j) For
 delivery as security in connection with any borrowings by the Fund requiring a pledge
 of assets by the Trust, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant
 to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(l) For
 delivery in accordance with the provisions of any agreement among the Trust, the Custodian
 and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to
 compliance with the rules of the Options Clearing Corporation and of any registered national
 securities exchange (or of any similar organization or organizations) regarding escrow
 or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(m) For
 delivery in accordance with the provisions of any agreement among the Trust, the Custodian
 and a futures commission merchant registered under the Commodity Exchange Act, relating
 to compliance with the rules of the CFTC and/or any contract market (or any similar organization
 or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(n) For
 any other proper corporate purpose, but only upon receipt of Written Instructions, specifying
 the Securities to be delivered, setting forth the purpose for which such delivery is
 to be made, declaring such purpose to be a proper corporate purpose, and naming the person
 or persons to whom delivery of such Securities shall be made; or

&nbsp;&nbsp;&nbsp;&nbsp;(o) To
 brokers, clearing banks or other clearing agents for examination or trade execution in
 accordance with market custom; provided that in any such case the Custodian shall have
 no responsibility or liability for any loss arising from the delivery of such securities
 prior to receiving payment for such securities except as may arise from the Custodian's
 own negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Trust or Sponsor, the Custodian shall with respect to all Securities held for the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
to Section 9.04 below, collect on a timely basis all income and other payments to which a Fund is entitled either by law or pursuant
to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities which may mature
or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse
for collection, in the name of a Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender
interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute,
as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations
of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Trust at such time,
in such manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold
for a Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository,
all rights and similar Securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) In
general, and except as otherwise directed in Written Instructions, attend to all non- discretionary details in connection with
the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to
 any ADRs you may purchase and own and which the Custodian custodies on your behalf, you
 understand that the holding of American Depository Receipts (" <u>ADRs</u> ") may
 require the disclosure of your beneficial ownership information (Name, Address, TIN/SSN,
 Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in
 foreign jurisdictions to avoid tax penalties and obtain for you the most preferential
 tax treatment. You acknowledge and consent to any and all disclosures or releases of
 beneficial information, described above, by the Custodian to any third parties relating
 to ADRs and release, hold harmless, and indemnify the Custodian from any liability for
 doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Funds that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Funds may be registered in the name of a Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to foreign securities of a Fund that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Funds,
including (i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries
of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer,
(B) Securities in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record
of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable
and interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities
and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund
as the Trust shall reasonably request and as shall reasonably assist the Trust in satisfying relevant rules and regulations of
the CFTC, NFA, the 1934 Act or the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
such books and records maintained by the Custodian shall (i) be maintained in a form reasonably acceptable to the Trust for compliance
with the rules and regulations of the CFTC, NFA and SEC, and (ii) be the property of the Trust and at all times during the regular
business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents
of the Trust and employees or agents of the CFTC, NFA or the SEC, as required by law or as instructed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Trust and Sponsor with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust and Sponsor with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Other Reports by Custodian</u>. As the Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities which are not registered in the name of a Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for a Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by a Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for a Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for a Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to a Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Trust to facilitate the settlement of a Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

**ARTICLE V.**

**SALE AND REDEMPTION OF FUND SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 <u>Transfer of Fund Assets</u>. From such funds or other property as may be available for the purpose in the relevant Fund Custody Account, the Custodian shall, upon receipt of Written Instructions specifying that the funds or securities are required to redeem one or more creation units of the Fund, deliver the funds or securities specified in such Written Instructions for payment to or through such bank or broker-dealer as the Written Instructions may designate. **The Fund's transfer agent,** as known to the Custodian in pursuant to Section 2.03, shall be an Authorized Person for purposes of this Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;(a) in
accordance with the provisions of any agreement among the Trust, the Sponsor, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating
to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the CFTC
or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in
connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(b) for
purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection
with financial futures contracts (or options thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(c) which
constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(d) for
other proper corporate purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such
segregated account and declaring such purposes to be proper corporate purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit C</u> hereto (as amended from time to time). The Custodian shall also be compensated for such out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1%% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Overdrafts</u>. The Trust is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit C</u> hereto (as amended from time to time)

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Representations and Warranties of the Trust and Sponsor</u>. The Trust and Sponsor each hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Trust and Sponsor in accordance with all requisite action and
constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Standard of Care</u>. The Custodian shall exercise commercially reasonable efforts of care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub -Custodian's) bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Trust and Sponsor of any action taken or omitted by the Custodian pursuant to advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to a Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust or Sponsor to keep the books of account of the Funds and/or compute the value of the assets of the Funds. The Custodian shall take all such reasonable actions as the Trust or Sponsor may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's annual reports and any other reports required by the CFTC, NFA and SEC, and (ii) the fulfillment by the Trust of any other requirements of the CFTC, NFA and SEC.

**ARTICLE X.**

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Indemnification by Trust</u>. The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an ^Indemnified Party" and collectively, the 'Indemnified Parties") from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Trust or Sponsor, or (b) upon Written Instructions, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms "Custodian" and "Sub- Custodian" shall include their respective directors, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Trust and Sponsor from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's officers and employees and the term "Sponsor" shall include the Sponsor's officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security</u>. If the Custodian advances cash or Securities to a Fund for any purpose, either at the Trust's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of a Fund shall be security therefor, and should a Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
party to this Agreement shall be liable to another party for consequential, special or punitive damages under any provision of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 order that the indemnification provisions contained in this Article X shall apply, it
 is understood that if in any case the indemnitor may be asked to indemnify or hold the
 indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent
 facts concerning the situation in question, and it is further understood that the indemnitee
 will use all reasonable care to notify the indemnitor promptly concerning any situation
 that presents or appears likely to present the probability of a claim for indemnification.
 The indemnitor shall have the option to defend the indemnitee against any claim that
 may be the subject of this indemnification. In the event that the indemnitor so elects,
 it will so notify the indemnitee and thereupon the indemnitor shall take over complete
 defense of the claim, and the indemnitee shall in such situation initiate no further
 legal or other expenses for which it shall seek indemnification under this Article X.
 The indemnitee shall in no case confess any claim or make any compromise in any case
 in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's
 prior written consent.

**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian, the Sponsor nor the Trust shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against a Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust and Sponsor, all records and other information relative to the Trust and prior, present, or potential shareholders of the Funds (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust or Sponsor, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities although the Custodian will promptly report such disclosure to the Trust and Sponsor if disclosure is permitted by applicable law and regulation, or (iii) when so requested by the Trust or Sponsor. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Trust, Sponsor or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 Further, the Custodian will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 The Trust agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date first written above and will continue in effect for a period of three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written
notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
to Section 13.03, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving
90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Custodian may terminate this Agreement immediately (in whole or with respect to one or
 more Funds) if the continued service of such Funds or the Trust would cause the Custodian
 or any of its affiliates to be in violation of any applicable law, rule, regulation,
 or order of any governmental, regulatory or judicial authority of competent jurisdiction, provided that in such event the Custodian shall, to the extent it is legally
 permitted and able to do so, provide reasonable assistance to transition such Funds or
 the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 Agreement may be terminated by any party upon the breach of the other party of any material
 term of this Agreement if such breach is not cured within 15 days of notice of such breach
 to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Trust may, at any time, immediately terminate this Agreement in the event of the appointment
 of a conservator or receiver for the Custodian by regulatory authorities or upon the
 happening of a like event at the direction of an appropriate regulatory agency or court
 of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Early Termination</u>. In the absence of any material breach of this agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the life of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All miscellaneous fees associated with converting services to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All miscellaneous costs associated with a) through c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Sponsor, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Trust or Sponsor shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which the Custodian has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

13.03 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Trust on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection cash and other property held by Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Funds held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the Trust.

**ARTICLE XIV.**

**CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund(s) involving any class action litigation that impacts any security the Fund(s) may have held during the class period. The Trust agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Trust acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Trust or Sponsor may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund(s) or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund(s).

In the event the Fund(s) are closed, the Custodian shall only file the class action claims upon written instructions by an authorized representative of the closed Fund(s). Any expenses associated with such filing will be assessed against the proceeds received of any class action settlement.

**ARTICLE XV.**

**MISCELLANEOUS**

15.01 <u>Compliance with Laws</u>. The Trust and Sponsor have and retain primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1933 Act, the CEA, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement of additional information. The Custodian's services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Sponsor's oversight responsibility with respect thereto.

15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian, Trust and Sponsor.

15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of the Custodian, or by the Custodian without the written consent of the Trust accompanied by the authorization or approval of the Sponsor.

15.04 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the CEA or 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the CEA, 1933 Act or any rule or order of the CFTC, NFA or SEC thereunder.

15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other **party's address set forth below:**

Notice to the Custodian shall be sent to:

U.S. Bank

U.S. Bank Tower

425 Walnut Street, Cincinnati,

OH 45202 \| CN-OH-W6TC

Attn: Global Fund Custody Support Services

Phone: 513.632.2443

Fax: 844,206.1025

and notice to the Trust or Sponsor shall be sent to:

Valkyrie Digital Assets LLC

320 Seven Springs Way, Suite 250

Brentwood, Tennessee 37027

15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

15.10 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

15.11 <u>References to Custodian</u>. The Trust or Sponsor shall not circulate any printed matter which contains any reference to Custodian without the prior written approval of Custodian, excepting printed matter contained in the Prospectus or statement of additional information for a Fund and such other printed matter as merely identifies Custodian as custodian for a Fund. The Trust or Sponsor shall submit printed matter requiring approval to Custodian in draft form, allowing sufficient time for review by Custodian and its counsel prior to any deadline for printing.

**[SIGNATURES ON THE FOLLOWING PAGE]**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

**VALKYRIE BITCOIN FUND**

---

| | |
|:---|:---|
| By: | ![](ex106001.jpg) |

---

Name: <u>Leah Wald</u>

Title: <u>Manager of Sponsor</u>

Date: <u>12/27/2023</u>

**VALKYRIE DIGITAL ASSETS LLC**

---

| | |
|:---|:---|
| By: | ![](ex106001.jpg) |

---

Name: <u>Leah Wald</u>

Title: <u>Manager</u>

Date: <u>12/27/2023</u>

**U.S. BANK, N.A.**

---

| | |
|:---|:---|
| By: | ![](ex106002.jpg) |

---

Name: <u>Greg Farley</u>

Title: <u>Senior Vice President</u>

Date: <u>1/5/2024</u>

**<u>EXHIBIT A</u>** 

**to the Custody Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

Valkyrie Bitcoin Fund

**<u>EXHIBIT B</u>** 

**AUTHORIZED PERSONS**

Set forth below are the names and specimen signatures of the persons authorized by Trust to administer the Fund Custody Accounts.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Telephone/Fax Number</u>** | **<u>Signature</u>** |

---

**<u>EXHIBIT C</u>**

**to the Custody Agreement**

**Fee Schedule**

**Base Fee for Domestic Custody Services**

The following reflects the greater of the basis point fee or annual minimum where Adviser acts as investment adviser to the fund(s) in the same registered investment company.

---

| | |
|:---|:---|
| <u>Annual Minimum per Fund<sup>1</sup></u> $3,000 | <u>Basis Points on Trust AUM<sup>1</sup> 0.75 bps</u> |

---

See **Appendix C** for Services and Associated Fees in addition to Base Fee

See **Appendix D** for Global Sub-Custodial Services & Safekeeping Services in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (*e.g.*, compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**APPENDIX C**

**Custody Services in addition to the Base Fee**

**Portfolio Transaction Fees<sup>1</sup>**

&nbsp;&nbsp;&nbsp;&nbsp;■ $4.00
– Book entry DTC transaction, Federal Reserve transaction, principal paydown

&nbsp;&nbsp;&nbsp;&nbsp;■ $7.00
– Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ $8.00
– Option/SWAPS/future contract written, exercised or expired

&nbsp;&nbsp;&nbsp;&nbsp;■ $15.00
– Mutual fund trade, Margin Variation Wire and outbound Fed wire

&nbsp;&nbsp;&nbsp;&nbsp;■ $50.00
– Physical security transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ $5.00
– Check disbursement (waived if U.S. Bancorp is Administrator)

&nbsp;&nbsp;&nbsp;&nbsp;■ $20
Manual instructions fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;■ $20
Cancellation/Repair fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;■ $6.5
Per Non-USD wire.

&nbsp;&nbsp;&nbsp;&nbsp;■ $30
Per Non-FX Executed at U.S. Bank

&nbsp;&nbsp;&nbsp;&nbsp;■ $25
Monthly charge on zero valued securities (Per ISIN)

&nbsp;&nbsp;&nbsp;&nbsp;■ $20
Per Proxy Vote cast.

&nbsp;&nbsp;&nbsp;&nbsp;■ $25
Dormant account fee (one year no activity)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

<sup>1</sup> "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades.

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

Additional Services

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
fees apply for global servicing. Fund of Fund expenses quoted separately.

&nbsp;&nbsp;&nbsp;&nbsp;■ $600
per custody sub – account per year (e.g., per sub –adviser, segregated account, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;■ Class
Action Services – $25 filing fee per class action per account, plus 3% of gross proceeds, up to a maximum per recovery
not to exceed $3,000.

&nbsp;&nbsp;&nbsp;&nbsp;■ No
charge for the initial conversion free receipt if fund is converting from another service provider.

&nbsp;&nbsp;&nbsp;&nbsp;■ $50
per SMA converting into the fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Overdrafts
– charged to the account at prime interest rate plus 2%, unless a line of credit is in place

&nbsp;&nbsp;&nbsp;&nbsp;■ Third
Party lending - Additional fees will apply

**APPENDIX D**

**Additional Global Sub-Custodial Services Annual Fee Schedule**

**Global Custody Base Fee**

A monthly base fee of $500 per fund will apply when foreign securities are held. If no global assets are held within a given month, the monthly base charge will not apply for that month. In addition, the follow may apply. Safekeeping and transaction fees are assessed on security and currency transactions.

**Plus: Global Custody Transaction Fees<sup>1</sup>**

Global Custody transaction fees associate with Sponsor Trades<sup>2</sup>. (See schedule below)

&nbsp;&nbsp;&nbsp;&nbsp;■ A
transaction is defined as any purchase/sale, free receipt / free delivery, maturity, tender or exchange of a security.

**Global Safekeeping and Transaction Fees**

(See schedule below)

**Global Custody Tax Reclamation Services:**

&nbsp;&nbsp;&nbsp;&nbsp;■ Global
Filing: $500 per annum

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
Domestic Filing: $250 per annum (Only ADRs)

&nbsp;&nbsp;&nbsp;&nbsp;■ Any
client who does not elect for tax services (and does them themselves, would be charged an out of pocket expense per the normal
process).

**Miscellaneous Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;■ Charges
incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local
duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting,
extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative
interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing
will be passed along as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;■ A
surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs
associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

&nbsp;&nbsp;&nbsp;&nbsp;■ SWIFT
reporting and message fees.

<sup>1</sup> "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades."

**Additional Global Sub-Custodial Services Annual Fee Schedule**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Safekeeping (BPS)** | &nbsp;&nbsp;**Transaction fee** | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Safekeeping (BPS)** | &nbsp;&nbsp;**Transaction fee** | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Safekeeping (BPS)** | &nbsp;&nbsp;**Transaction fee** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;$18 | &nbsp;&nbsp;Poland | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;$25 |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$15 | &nbsp;&nbsp;Hungary | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Portugal | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;Iceland | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$48 | &nbsp;&nbsp;Qatar | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$115 |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;42.00 | &nbsp;&nbsp;$115 | &nbsp;&nbsp;India | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Romania | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$85 |
| &nbsp;&nbsp;Bangladesh | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;$52 | &nbsp;&nbsp;Russia | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;$175 |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$3 | &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$75 |
| &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Israel | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;$26 | &nbsp;&nbsp;Serbia | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;$165 |
| &nbsp;&nbsp;Botswana | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Italy | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;$22 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;$15 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$6 | &nbsp;&nbsp;Slovakia | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Bulgaria | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$68 | &nbsp;&nbsp;Jordan | &nbsp;&nbsp;40.00 | &nbsp;&nbsp;$125 | &nbsp;&nbsp;Slovenia | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;$6 | &nbsp;&nbsp;Kenya | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$42 | &nbsp;&nbsp;South Africa | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Chile | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Kuwait | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;South Korea | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;China Connect | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Latvia | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;China (B Shares) | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;$42 | &nbsp;&nbsp;Lithuania | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Sri Lanka | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;$70 |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Sweden | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;Costa Rica | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$35 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Croatia | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Malta | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;65 | &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;$43 |
| &nbsp;&nbsp;Cyprus | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$90 | &nbsp;&nbsp;Tanzania | &nbsp;&nbsp;45.00 | &nbsp;&nbsp;$150 |
| &nbsp;&nbsp;Czech Republic | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;Thailand | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$25 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Morocco | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$68 | &nbsp;&nbsp;Tunisia | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$42 |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;Namibia | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Turkey | &nbsp;&nbsp;9.00 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Estonia | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;Netheriands | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;UAE | &nbsp;&nbsp;35.00 | &nbsp;&nbsp;$105 |
| &nbsp;&nbsp;Euroclear (Eurobonds) | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$22 | &nbsp;&nbsp;Uganda | &nbsp;&nbsp;40.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Euroclear (Non-Eurobonds) | &nbsp;&nbsp;Rates are available upon request | &nbsp;&nbsp;Rates are available upon request | &nbsp;&nbsp;Nigeria | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$38 | &nbsp;&nbsp;Ukraine | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$50 |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Norway | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;United<br> Kingdom | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$3 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Oman | &nbsp;&nbsp;42.00 | &nbsp;&nbsp;$100 | &nbsp;&nbsp;Uruguay | &nbsp;&nbsp;45.00 | &nbsp;&nbsp;$55 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Pakistan | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$75 | &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;$80 |
| &nbsp;&nbsp;Ghana | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Panama | &nbsp;&nbsp;65.00 | &nbsp;&nbsp;$98 | &nbsp;&nbsp;West African Economic Monetary Union (WAEMU)\* | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$130 |
| &nbsp;&nbsp;Greece | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Peru | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$60 | &nbsp;&nbsp;Zambia | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$45 |
|  |  |  | &nbsp;&nbsp;Philippines | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;$38 | &nbsp;&nbsp;Zimbabwe | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$45 |

---

\* Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network

ESG Compliance Reporting Services

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating - across several criteria - to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings.

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**VALKYRIE BITCOIN FUND**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account.

x

---

| | |
|:---|:---|
| ______ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| ______ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

**VALKYRIE BITCOIN FUND**

---

| | |
|:---|:---|
| By: | ![](ex106001.jpg) |

---

Title: <u>Manager of Sponsor</u>

Date: <u>12/27/2023</u>

**AMENDMENT TO THE<br> CUSTODY AGREEMENT**

THIS AMENDMENT, made and entered into as of the date last written on the signature page, and effective as of February 1, 2025 (the "Effective Date"), by and between **COINSHARES VALKYRIE BITCOIN FUND**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **COINSHARES CO.**, a Delaware corporation the sponsor of the Funds (the "Sponsor") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America (the "Custodian").

WHEREAS, the parties entered into a Custody Agreement dated as of January 5, 2024, as assigned on June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend the series list in Exhibit A to reflect a name update; and

WHEREAS, the parties desire to amend the fees listed in Exhibit C of the Agreement; and

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
of the Effective date, Exhibit A of the Agreement is hereby superseded and replaced with the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As
of the Effective Date, Exhibit C of the Agreement is hereby superseded and replaced with the Exhibit C attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**COINSHARES VALKYRIE BITCOIN FUND**

---

| | |
|:---|:---|
| By: | ![](ex106003.jpg) |

---

Name: <u>Charles Butler</u>

Title: <u>Principal Financial Officer</u>

Date: <u>12/03/2025</u>

**COINSHARES CO**.

---

| | |
|:---|:---|
| By: | ![](ex106003.jpg) |

---

Name: <u>Charles Butler</u>

Title: <u>Director</u>

Date: <u>12/03/2025</u>

**U.S. BANK NATIONAL ASSOCIATION**

---

| | |
|:---|:---|
| By: | ![](ex106002.jpg) |

---

Name: <u>Greg Farley</u>

Title: <u>Sr. Vice President</u>

Date: <u>4/8/25</u>

**Exhibit A to the Custody Agreement**

Separate Series of Trust

**<u>Name of Series</u>**

CoinShares Valkyrie Bitcoin Fund

**<u>EXHIBIT C</u>**

**to the Custody Agreement**

**Fee Schedule**

**Base Fee for Domestic Custody Services**

The following reflects the greater of the basis point fee or annual minimum where Adviser acts as investment adviser to the fund(s) in the same registered investment company.

---

| | |
|:---|:---|
| <u>Annual Minimum per Fund<sup>1</sup></u> $2,000 | <u>Basis Points on Trust AUM<sup>1</sup> 0.50 bps</u> |

---

See **Appendix C** for Services and Associated Fees in addition to Base Fee

See **Appendix D** for Global Sub-Custodial Services & Safekeeping Services in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (*e.g.*, compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**APPENDIX C**

**Custody Services in addition to the Base Fee**

**Portfolio Transaction Fees<sup>1</sup>**

&nbsp;&nbsp;&nbsp;&nbsp;■ $4.00
– Book entry DTC transaction, Federal Reserve transaction, principal paydown

&nbsp;&nbsp;&nbsp;&nbsp;■ $7.00
– Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ $8.00
– Option/SWAPS/future contract written, exercised or expired

&nbsp;&nbsp;&nbsp;&nbsp;■ $15.00
– Mutual fund trade, Margin Variation Wire and outbound Fed wire

&nbsp;&nbsp;&nbsp;&nbsp;■ $50.00
– Physical security transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ $5.00
– Check disbursement (waived if U.S. Bancorp is Administrator)

&nbsp;&nbsp;&nbsp;&nbsp;■ $20
Manual instructions fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;■ $20
Cancellation/Repair fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;■ $6.5
Per Non-USD wire.

&nbsp;&nbsp;&nbsp;&nbsp;■ $30
Per Non-FX Executed at U.S. Bank

&nbsp;&nbsp;&nbsp;&nbsp;■ $25
Monthly charge on zero valued securities (Per ISIN)

&nbsp;&nbsp;&nbsp;&nbsp;■ $20
Per Proxy Vote cast.

&nbsp;&nbsp;&nbsp;&nbsp;■ $25
Dormant account fee (one year no activity)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

<sup>1</sup> "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades.

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

Additional Services

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional
fees apply for global servicing. Fund of Fund expenses quoted separately.

&nbsp;&nbsp;&nbsp;&nbsp;■ $600
per custody sub – account per year (e.g., per sub –adviser, segregated account, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;■ Class Action Services – $25 filing fee
 per class action per account, plus 3% of gross proceeds, up to a maximum per recovery not to exceed $3,000.

&nbsp;&nbsp;&nbsp;&nbsp;■ No
charge for the initial conversion free receipt if fund is converting from another service provider.

&nbsp;&nbsp;&nbsp;&nbsp;■ $50
per SMA converting into the fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Overdrafts
– charged to the account at prime interest rate plus 2%, unless a line of credit is in place

&nbsp;&nbsp;&nbsp;&nbsp;■ Third
Party lending - Additional fees will apply

**APPENDIX D**

**Additional Global Sub-Custodial Services Annual Fee Schedule**

**Global Custody Base Fee**

A monthly base fee of $500 per fund will apply when foreign securities are held. If no global assets are held within a given month, the monthly base charge will not apply for that month. In addition, the follow may apply. Safekeeping and transaction fees are assessed on security and currency transactions.

**Plus: Global Custody Transaction Fees<sup>1</sup>**

Global Custody transaction fees associate with Sponsor Trades<sup>2</sup>. (See schedule below)

&nbsp;&nbsp;&nbsp;&nbsp;■ A
transaction is defined as any purchase/sale, free receipt / free delivery, maturity, tender or exchange of a security.

**Global Safekeeping and Transaction Fees**

(See schedule below)

**Global Custody Tax Reclamation Services:**

&nbsp;&nbsp;&nbsp;&nbsp;■ Global
Filing: $500 per annum

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S.
Domestic Filing: $250 per annum (Only ADRs)

&nbsp;&nbsp;&nbsp;&nbsp;■ Any
client who does not elect for tax services (and does them themselves, would be charged an out of pocket expense per the normal
process).

**Miscellaneous Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;■ Charges
incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local
duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting,
extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative
interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing
will be passed along as incurred.

<sup>■</sup> A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

<sup>■</sup> SWIFT reporting and message fees.

<sup>1</sup> "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades."

**Additional Global Sub-Custodial Services Annual Fee Schedule**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Country | &nbsp;&nbsp;Safekeeping (BPS) | &nbsp;&nbsp;Transaction fee | &nbsp;&nbsp;Country | &nbsp;&nbsp;Safekeeping (BPS) | &nbsp;&nbsp;Transaction fee | &nbsp;&nbsp;Country | &nbsp;&nbsp;Safekeeping (BPS) | &nbsp;&nbsp;Transaction fee |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;$18 | &nbsp;&nbsp;Poland | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;$25 |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$15 | &nbsp;&nbsp;Hungary | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Portugal | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;Iceland | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$48 | &nbsp;&nbsp;Qatar | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$115 |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;42.00 | &nbsp;&nbsp;$115 | &nbsp;&nbsp;India | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Romania | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$85 |
| &nbsp;&nbsp;Bangladesh | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;$52 | &nbsp;&nbsp;Russia | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;$175 |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$3 | &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$75 |
| &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Israel | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;$26 | &nbsp;&nbsp;Serbia | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;$165 |
| &nbsp;&nbsp;Botswana | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Italy | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;$22 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;$15 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$6 | &nbsp;&nbsp;Slovakia | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Bulgaria | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$68 | &nbsp;&nbsp;Jordan | &nbsp;&nbsp;40.00 | &nbsp;&nbsp;$125 | &nbsp;&nbsp;Slovenia | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;$6 | &nbsp;&nbsp;Kenya | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$42 | &nbsp;&nbsp;South Africa | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Chile | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Kuwait | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;South Korea | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;China Connect | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Latvia | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;China (B Shares) | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;$42 | &nbsp;&nbsp;Lithuania | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Sri Lanka | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;$70 |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Sweden | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;Costa Rica | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$35 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Croatia | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Malta | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;65 | &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;$43 |
| &nbsp;&nbsp;Cyprus | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$90 | &nbsp;&nbsp;Tanzania | &nbsp;&nbsp;45.00 | &nbsp;&nbsp;$150 |
| &nbsp;&nbsp;Czech Republic | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;Thailand | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;$25 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Morocco | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$68 | &nbsp;&nbsp;Tunisia | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$42 |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;Namibia | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Turkey | &nbsp;&nbsp;9.00 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Estonia | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;UAE | &nbsp;&nbsp;35.00 | &nbsp;&nbsp;$105 |
| &nbsp;&nbsp;Euroclear (Eurobonds) | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$22 | &nbsp;&nbsp;Uganda | &nbsp;&nbsp;40.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Euroclear (Non-Eurobonds) | &nbsp;&nbsp;Rates are available upon request | &nbsp;&nbsp;Rates are available upon request | &nbsp;&nbsp;Nigeria | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$38 | &nbsp;&nbsp;Ukraine | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$50 |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Norway | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;United<br> Kingdom | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$3 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Oman | &nbsp;&nbsp;42.00 | &nbsp;&nbsp;$100 | &nbsp;&nbsp;Uruguay | &nbsp;&nbsp;45.00 | &nbsp;&nbsp;$55 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Pakistan | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$75 | &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;$80 |
| &nbsp;&nbsp;Ghana | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Panama | &nbsp;&nbsp;65.00 | &nbsp;&nbsp;$98 | &nbsp;&nbsp;West African Economic Monetary Union (WAEMU)\* | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;$130 |
| &nbsp;&nbsp;Greece | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Peru | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$60 | &nbsp;&nbsp;Zambia | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$45 |
|  |  |  | &nbsp;&nbsp;Philippines | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;$38 | &nbsp;&nbsp;Zimbabwe | &nbsp;&nbsp;28.00 | &nbsp;&nbsp;$45 |

---

\* Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network

**ESG Compliance Reporting Services**

● Monthly Investor Transparency Reporting $12,000 per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings.

**SECOND AMENDMENT TO THE**<br> **CUSTODY AGREEMENT**

THIS SECOND AMENDMENT is made and entered into as of the last date written on the signature page below (the "Effective Date"), by and between **VALKYRIE BITCOIN FUND**, a Delaware statutory trust (the "Trust"),for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series") and **COINSHARES CO**, a Delaware corporation the sponsor of the Funds (the "Sponsor") and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association organized and existing under the laws of the United States of America (the "Custodian").

WHEREAS, the parties entered into a Custody Agreement dated as of January 5, 2024, as assigned on June 14, 2024 (the "Agreement"); and

WHEREAS, the parties desire to amend Exhibit A of the Agreement, the funds list of the Trust, to add CoinShares Solana Staking ETF and CoinShares XRP; and

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
of the Effective Date, Exhibit A of the Agreement is hereby superseded and replaced with the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
to the extent amended hereby, the Agreement remains in full force and effect.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**VALKYRIE BITCOIN FUND**

---

| | |
|:---|:---|
| By: | ![](ex106003.jpg) |

---

Name: <u>Charles Butler</u>

Title: <u>Director</u>

Date: <u>24/09/2025</u>

**COINSHARES CO**.

---

| | |
|:---|:---|
| By: | ![](ex106003.jpg) |

---

Name: <u>Charles Butler</u>

Title: <u>Director</u>

Date: <u>24/09/2025</u>

**U.S. BANK NATIONAL ASSOCIATION**

---

| | |
|:---|:---|
| By: | ![](ex106002.jpg) |

---

Name: <u>Gregory Farley</u>

Title: <u>Senior Vice President</u>

Date: <u>September 26, 2025</u>

**Exhibit A to the Transfer Agent Servicing Agreement**<br> **Separate Series of Trust**

**<u>Name of Series</u>**

CoinShares Bitcoin ETF

CoinShares Solana Staking ETF

CoinShares XRP ETF

## Exhibit 10.7

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.7**

**MARKETING AGENT AGREEMENT**

THIS AGREEMENT is made and entered into as of this October 9, 2025, by and among CoinShares XRP ETF, a Delaware statutory trust (the "Trust"), which is sponsored by CoinShares Co., a Delaware corporation (the "Sponsor"), and Paralel Distributors LLC, a Delaware limited liability company ("Paralel"). All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus (each hereafter defined).

**WHEREAS**, the Trust is a statutory trust organized under the laws of the State of Delaware and has filed with the U.S. Securities and Exchange Commission (the "SEC") a Registration Statement for the Trust under the Securities Act of 1933, as amended (the "1933 Act");

**WHEREAS**, the Trust intends to create and redeem shares of beneficial interest in the Trust (the "Shares") only in creation unit aggregations ("Creation Unit") on a continuous basis, and list the Shares on one or more national securities exchanges;

**WHEREAS**, Paralel is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

**WHEREAS**, the Trust desires to retain Paralel to provide certain services in connection with the offering of the Shares (as amended from time to time);

**WHEREAS**, Paralel is willing to provide certain services for the Trust on the terms and conditions hereinafter set forth.

**NOW THEREFORE**, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Services and Duties of Paralel; the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Paralel agrees to serve as the marketing agent of the Trust on the terms and for
the period set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the role of marketing agent for the Trust, Paralel shall use commercially reasonable
efforts to provide the following services to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. at the request of the Trust, Paralel shall assist the Trust with facilitating Authorized
Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption
of Creation Units of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. maintain copies of confirmations of Creation Unit creation and redemption order
acceptances and produce such copies upon reasonable request from the Trust or Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. make available copies of the Prospectus (as it may be amended from time to time,
the "Prospectus") to Authorized Participants who have purchased Creation Units in accordance with the Authorized Participant
Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. maintain telephonic, electronic mail and/or access to direct computer communications
links with the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. review and approve, prior to use, all Trust marketing materials submitted by the
Trust to Paralel for review ("Marketing Materials") using Paralel's Delta360 Ad Portal for compliance with applicable
SEC and FINRA advertising rules, and file all such Marketing Materials required to be filed with FINRA. Paralel agrees to furnish to the
Trust or the Sponsor any comments provided by FINRA with respect to such Marketing Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. ensure that all direct requests by Authorized Participants for Prospectuses are fulfilled;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. work with the Transfer Agent to review and approve orders placed by Authorized
Participants and transmitted to the Transfer Agent. The Trust acknowledges that Paralel shall not be obligated to approve any certain
number of orders for Creation Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Register and oversee supervisory activities of a certain number of FINRA licensed
registered representatives (the "Registered Representatives").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The services furnished by Paralel hereunder are not to be deemed exclusive and
Paralel shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Duties of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust agrees to create, issue, and redeem Creation Units of the Trust in accordance
with the procedures described in the Prospectus. Upon reasonable notice to Paralel, and in accordance with the procedures described in
the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust shall deliver to Paralel copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the current Prospectus for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any relevant policies and procedures adopted by the Sponsor or the Trust or its service
providers that are applicable to the services provided by Paralel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any other documents, materials or information that Paralel shall reasonably request
to enable it to perform its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust shall thereafter deliver to Paralel as soon as is reasonably practical
any and all amendments to the documents required to be delivered under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust shall arrange to provide the listing exchanges with copies of Prospectuses,
Statements of Additional Information, and product descriptions that are required to be provided by the Trust to purchasers in the secondary
market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Trust will make it known that Prospectuses and product descriptions are available
by making sure such disclosures are in all marketing and advertising materials prepared by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Paralel and the Trust agree that in the course of the provision of services, Paralel
may need information from time to time from the transfer agent ("Transfer Agent") as depicted below. The Trust shall ensure
that the Transfer Agent cooperates with the reasonable requests of Paralel and promptly notify Paralel in writing of any changes to the
Transfer Agent or its contact information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Licensing of Registered Representatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. As a registered broker/dealer, Paralel is required to establish and maintain a
system to supervise the activities of each Registered Representative that is reasonably designed to achieve compliance with applicable
securities laws and regulations, and with FINRA Rules. In addition, pursuant to Rule 17a-4 of the Securities Exchange Act of 1934 (the
"Exchange Act"), Paralel is required to preserve and maintain access to all of the Registered Representatives' business-related
communications, including electronic communications. In light of the foregoing, the Trust, Sponsor and Paralel hereby agree that Paralel
shall maintain and supervise the licenses of the Registered Representatives, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Licensing</u>. During the term of the Agreement, the Registered Representative
shall maintain in good order such licenses as may be required by Paralel, including licenses with the FINRA and the various states in
which the Registered Representative performs any sales activity for Paralel, and shall comply with
supervisory, reporting, and regulatory requirements as Paralel may request or require.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exclusive License</u>. During the term of the Agreement, and throughout the
period in which the Registered Representative is licensed by Paralel, the Registered Representative shall not perform any activities which
require licensing other than the marketing or selling of financial products for which Paralel acts as the distributor, or in some other
contracted capacity, without the express written approval of Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Outside Business & Other Activities.</u> The Registered Representative
will report all business activity, including non-securities related activity, to Paralel prior to engaging in such activity; and will
provide Paralel with such information as Paralel deems necessary to comply with its supervisory obligations under FINRA and Securities
Exchange Commission ("SEC") regulations and in accordance with the laws of any jurisdiction in which the Registered Representative
performs the functions referenced herein. Any outside activity must be approved by Paralel before commencement or continuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Personal Brokerage Accounts.</u> The Registered Representative will report
all personal securities accounts he/she owns, or over which he/she has control, including not only the Registered Representative's own
accounts but also those registered to a spouse, child, or any other account for which the Registered Representative places orders or has
a financial interest, to Paralel; and will provide Paralel with such information as Paralel deems necessary to comply with its supervisory
obligations under FINRA and SEC regulations and in accordance with the laws of any jurisdiction in which the Registered Representative
performs the functions referenced herein. Any new personal security account must be reported to Paralel at the time the account is established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Private Securities Transactions.</u> The Registered Representative will report
any securities transaction that is effected outside the regular course or scope of his/her association with Paralel ("Private Securities
Transactions"), including, though not limited to, new unregistered offerings of securities. Written notice of proposed private securities
transactions prior to participation is required and will describe in detail (i) the proposed transaction; (ii) the Registered Representative's
proposed role therein; and (iii) state whether the Registered Representative has received or may receive selling compensation in connection
with the transaction. Notification of said transactions must be reported to Paralel prior to entering into any private securities transaction(s);
and such notification will provide Paralel with such information as Paralel deems necessary to comply with its supervisory obligations
under FINRA and SEC regulations and in accordance with the laws of any jurisdiction in which the Registered Representative, performs the
functions referenced herein. The Registered Representative may not participate in any private securities transaction without first receiving
written approval from Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Compliance with Paralel's Written Supervisory Procedures ("WSP Procedures")</u>.
The Registered Representatives shall comply fully with the WSP Procedures and all requirements contained therein for the duration of the
time that the Registered Representatives are licensed by Paralel. The WSP Procedures may be amended at the sole discretion of Paralel.
Any requirement listed in the WSP Procedures that is not specifically enumerated within this Letter Agreement is hereby incorporated by
reference, along with any future changes or amendments to the WSP Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Broker-Dealer Records.</u> Paralel shall be provided direct access to broker-dealer

by Paralel ("Broker-Dealer Records"). The Trust and Sponsor shall maintain all Broker-Dealer Records for a period no less than
is required by and in a manner compliant with applicable law, regulation and FINRA rules. With respect to electronic Broker-Dealer Records,
the Registered Representatives will use only electronic systems approved by Paralel. The Trust and/or Sponsor shall direct its electronic
vendor or storage provider to retain electronic Broker-Dealer Records for a period no less than is required by and in a manner compliant
with applicable law, regulation or FINRA rules. Upon termination of licensing and/or
upon termination of the Agreement, the Trust and/or Sponsor shall provide or arrange to be provided to Paralel all Broker Dealer Records
in possession of the Trust and/or Sponsor, its agents and vendor or storage provider at the Trust and Sponsor's expense, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Termination of Registration</u>. Paralel retains the right to terminate the
Registered Representative's registration at any time, at the sole discretion of Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. <u>Marketing Materials.</u> The Registered Representatives will not make any representations
related to the services that are false, misleading or in any way untrue. The Registered Representative will not deliver to prospective
clients any written materials other than those provided to him/her by Paralel which evidence prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. <u>Social Media.</u> No Registered Representative shall utilize any form of social
media for business communications related to the business for which he/she is licensed by Paralel without prior written approval from
Paralel and only in compliance with the WSP Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. <u>Pay to Play</u>. During the term of the Agreement, and throughout the period
in which the Registered Representatives are licensed by Paralel, the Trust and/or Sponsor (as applicable) and Registered Representatives
shall comply with 17 CFR 275.206(4)-5 (SEC's Pay-to-Play Rule) and Registered Representatives shall not engage in activity that would
trigger the "two year time out" contemplated by FINRA Rule 2030(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. <u>Marketing Jurisdictions</u>. Registered Representatives may only market in connection
with this Letter Agreement within the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To the extent applicable, the Trust and/or Sponsor, as applicable, agree that
it shall cause each Registered Representative to comply with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Representations, Warranties and Covenants of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby represents and warrants to Paralel, which representations and
warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. it is duly organized and in good standing under the laws of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. this Agreement has been duly authorized, executed and delivered by the Trust and,
when executed and delivered, will constitute a valid and legally binding obligation of the Trust, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. it is conducting its business in compliance in all material respects with all applicable
laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the Trust's Registration Statement ("Registration Statement"
is defined as the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933
Act, as have been amended from time to time) and the Trust's Prospectus, and marketing and promotional literature have been prepared,
in all material respects, in conformity with the requirements of the 1933 Act and SEC rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the Trust's Registration Statement and Prospectus do not and shall not contain
any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and that all statements or information furnished to Paralel pursuant to this Agreement shall be true and correct
in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. all marketing or promotional literature shall contain all statements required to
be stated therein in accordance with the 1933 Act and SEC rules and regulations; and do not and shall not contain any untrue statement
of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. all necessary approvals, authorizations, consents, or orders of or filings with
any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained
by the Trust in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, and any
necessary qualification under the securities or blue-sky laws of the various jurisdictions in which the Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust shall fully cooperate in the efforts of Paralel in the provision of the
services. In addition, the Trust shall keep Paralel fully informed of its affairs as they relate to the Trust and shall provide to Paralel
from time-to-time copies of all information that Paralel may reasonably request for use in connection with the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Representations, Warranties and Covenants of Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Paralel hereby represents and warrants to the Trust, which representations and
warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. it is duly organized and existing under the laws of the jurisdiction of its organization,
with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. this Agreement has been duly authorized, executed and delivered by Paralel and,
when executed and delivered, will constitute a valid and legally binding obligation of Paralel, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. it is conducting its business in compliance in all material respects with all applicable
laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. it is registered as a broker-dealer under the 1934 Act and is a member in good
standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Compensation .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. As compensation for the services performed by Paralel under this Agreement, Trust
shall pay to Paralel the fees and expenses set forth in *<u>Appendix A</u>* hereto (as may be amended from time to time). Notwithstanding
anything to the contrary in this Agreement, fees billed for the services to be performed by Paralel under this Agreement are based on
information provided by the Trust and such fees are subject to renegotiation between the parties to the extent such information is determined
to be materially different from what the Trust originally provided to Paralel, as reasonably determined by Paralel. On January 1 of each
year, all non-basis point fees set forth in Appendix A or otherwise in this Agreement shall be increased by a cost of living adjustment
equal to the percentage increase in the Consumer Price published by the Bureau of Labor and Statistics of the United States Department
of Labor, for the geographic location Denver-Aurora-Lakewood, CO region for the twelve-month period ending with the latest published month
preceding January 1st (the "CPI"). Any CPI increases not charged in any given year may be included in prospective CPI fee
increases in future years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Trust will be responsible for all out-of-pocket and ancillary expenses incurred
by Paralel in connection with the provision of services pursuant to this Agreement. Such expenses may include, without limitation, regulatory
filing fees; printing, delivery, and/or mailing fees of providing Trust materials to shareholders; blue sky registration fees; marketing
materials regulatory review fees; cost of third party communications; third party compliance software expenses utilized to provide the
services, including any costs related to automation of brokerage feeds of Trust related registered representatives; postage and delivery
service fees; bank fees; reproduction and record retention fees; reasonable travel, lodging and meals as requested by Trust or required
for the oversight of the registered representatives; FINRA advertising/filing
fees (including additional fees for expedited reviews as set forth herein); fulfillment costs; registered representative FINRA and state
licensing fees; customized programming/enhancements; FINRA licensing and registration fees related to registered representatives; FBI
fingerprint fees; examination and continuing educational expenses of registered representatives (including costs of a third-party provider);
COBRA filings fees, and any other out of pocket expenses of Paralel incurred in the provision of services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees to pay all amounts due hereunder within thirty (30) days of receipt
of each invoice. Except as provided in Appendix A, Paralel shall bill all fees monthly, and out-of-pocket expenses as incurred (unless
prepayment is requested by Paralel). Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent (1%)
per month financing charge on any unpaid balance to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Liability, Indemnification; Limitations on Damages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Paralel will not be liable for, and the Trust shall indemnify, defend and hold
Paralel, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person
who controls or previously controlled Paralel within the meaning of Section 15 of the 1933 Act (collectively, the "Paralel Indemnitees"),
free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating
or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection
therewith) (collectively, "Losses") that any Paralel Indemnitee may incur arising out of or relating to (i) Paralel's
provision of services under this Agreement; (ii) the Trust's breach of any of its obligations, representations, warranties or covenants
contained in this Agreement; (iii) the Trust's failure to comply in all material respects with any applicable laws, rules or regulations;
(iv) any claim that the Prospectus, Registration Statement marketing literature and advertising materials or other information filed or
made public by the Trust (as from time to time amended) includes or included an untrue statement of a material fact or omits or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading provided, however,
that the Trust's obligation to indemnify any of the Paralel Indemnitees shall not be deemed to cover any Losses, as determined by
a court of competent jurisdiction in a final decision on the merits, arising out of any untrue statement or alleged untrue statement or
omission or alleged omission made in the Prospectus or any such advertising materials or marketing literature or other information filed
or made public by the Trust in reliance upon and in conformity with information provided by Paralel to the Trust, in writing, for use
in such Prospectus or any such advertising materials or marketing literature. In no event shall anything contained herein be so construed
as to protect Paralel against any liability to the Trust for which Paralel would otherwise be subject by reason of willful misfeasance,
bad faith, reckless disregard or gross negligence in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Paralel shall indemnify, defend and hold the Trust, its affiliates, and each of
their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within
the meaning of Section 15 of the 1933 Act (collectively, the "Trust Indemnitees"), free and harmless from and against any
and all Losses that any Trust Indemnitee may incur arising directly out of or based upon (i) any grossly negligent action (or omission
to act) of Paralel or its agents taken in connection with this Agreement, as determined by a court of competent jurisdiction in a final
decision on the merits. In no event shall anything contained herein be so construed as to protect the Trust against any liability to the
Paralel to which the Trust would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance
of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In no case is the indemnifying party to be liable under this Section 7 with
 respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable
time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the
indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Failure to notify the indemnifying party of any claim shall not relieve the indemnifying
party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless
failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The
indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any
suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel
chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit
and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying
party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of
any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation
or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units
or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. No indemnified party shall settle any claim against it for which it intends to
seek indemnification from the indemnifying party without prior written notice to and consent from the indemnifying party, which consent
shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full
release of liability with respect to the other party in respect of such action. This Section 7 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Neither Party shall be liable for any consequential, special or indirect losses
or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Force Majeure.

Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities, and the other party shall have no right to terminate this Agreement in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Duration and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective as of the date first set forth above. Unless
sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated,
this Agreement shall continue automatically in effect for successive one- year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding the foregoing, this Agreement may be terminated by any party at
any time upon written notice to the other parties if (a) the Trust is terminated, (b) any other party becomes insolvent or bankruptcy
or files a voluntary petition, or is subject to an involuntary petition, in bankruptcy or attempts to or makes an assignment for the benefit
of its creditors or consents to the appointment of a trustee or receiver or (c) any other party willfully and materially breaches its
obligations under this Agreement and such breach has not been cured to the reasonable satisfaction of the non- breaching party prior to
the expiration of sixty (60) days after written notice by the non-breaching party to the breach party of such breach.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. During the term of this Agreement, Paralel and the Trust may have access to non-public
confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products,
contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means non-public or proprietary information
belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage
to such party. Confidential Information includes non-public or proprietary information that may be financial information, proposals and
presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes
or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as
possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either
party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known
through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully
possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of
their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential
Information shall be kept confidential by the other both during and after the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each party shall maintain commercially reasonable information security policies
and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval
by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of
this Agreement or at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided by the other party,
or (iii) as required by applicable law, rule, or regulation or (iv) in response to (A) a routine self- regulatory examination or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a request for information directed at the receiving party. In the event Paralel becomes aware of critical vulnerabilities in any of its proprietary system(s) in which the Trust's data is stored or through which the Trust's data can be accessed, Paralel will use commercially reasonable efforts to mitigate material risks related to such vulnerabilities within 30 days or as promptly thereafter as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Notice

Any notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing and personally delivered or sent by electronic mail, or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until modified by Paralel or the Trust, as the case may be. Notice shall be given to each party at the following address, as amended from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To Paralel:

*Until January 1, 2026* Paralel Distributors LLC 1700 Broadway Suite 1850

Denver, CO 80290

Attn: Legal – Paralel Distributors Email: legalnotice@paralel.com

*Beginning January 1, 2026*

Paralel Distributors LLC

1700 Broadway Suite 2100

Denver, CO 80290

Attn: Legal – Paralel Distributors

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Email: legalnotice@paralel.com 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If to the Trust:

CoinShares XRP ETF

437 Madison Avenue, 28th Floor

New York, NY 10022

Attention: CoinShares XRP

Email: <u>legal@coinshares.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Modifications.

The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by Paralel and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Governing Law.

This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Assignment.

This Agreement may not be assigned by either party without the written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties' representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall not be construed to be an assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Survival .

Sections 7, 8, 10, 13, and 15 of this Agreement shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Anti-Money Laundering.

Paralel and Trust both represent and warrant to the other that it has, and shall maintain, an anti-money laundering program ("AML Program") that, at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Miscellaneous .

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both Paralel and the Trust and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document. Nothing herein contained shall prevent Paralel from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Entire Agreement.

This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereto, and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Counterparts .

This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

*[Execution page follows]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

**CoinShares Co. as Sponsor of the CoinShares XRP ETF**

---

| | |
|:---|:---|
| By: | /s/ Charles Butler |
|  | Name: Charles Butler |
|  | Title: Charles Butler |

---

**Paralel Distributors LLC**

---

| | |
|:---|:---|
| By: | /s/ Brad Swenson |
|  | Name: Brad Swenson |
|  | Title: President |

---

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## Exhibit 10.8

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.8**

**FRAMEWORK AGREEMENT** 

for the Design, Calculation, Dissemination, Maintenance and Administration of Customised Indices and Benchmark Indices

This framework agreement for the design, calculation, dissemination, maintenance and administration of customised indices and benchmark indices (hereafter the "**Framework Agreement**") is entered into on August 20<sup>th</sup>, 2019 (hereafter the **"Effective Date"**)

between

**<u>COMPASS FINANCIAL TECHNOLOGIES SA</u>**, a public limited company (*société anonyme*) organised under the laws of Switzerland, with a registered capital of CHF 105,264 whose registered office is Chemin de Mornex 6, 1003 Lausanne, SWITZERLAND, registered under number CHE-241.964.304 with the Vaud Commercial Register, hereafter referred to as "**Compass**"

and

**<u>COINSHARES (HOLDINGS) LIMITED</u>**, a limited company, whose registered office is at 3rd Floor, 2 Hill Street, St Helier Jersey JE2 4UA, Jersey, hereafter referred to as the "Client")

(Compass and Client are each a "**Party**" and jointly the "**Parties**")

\*\*\*

**PREAMBLE**

1) Compass has developed an expertise in creating, calculating, computing, publishing, maintaining, administering and promoting financial indices.

2) Client has developed an expertise in cryptoassets and has an expertise in creating, structuring and maintaining financial indices.

3) Client wishes Compass to provide services to it in relation to Client's proprietary indices.

![](ex108001.jpg)

**In consideration of the mutual covenants contained herein and for other good and valuable consideration, the Parties agree as follows:**

---

| | |
|:---|:---|
| **ARTICLE 1.** | **SUBJECT OF THE FRAMEWORK AGREEMENT** |

---

**1.1**  **<u>Purpose and Content</u>** 

1.1.1 *Purpose* 

The purpose of this Framework Agreement is to set out the generally applicable terms and conditions under which Compass shall perform any of the following services:

&nbsp;&nbsp;&nbsp;&nbsp;1. Index
 design;

2. Index
 calculation;

3. Index
 dissemination;

4. Index
 maintenance and

5. Index
 administration,

in respect of customized indices and benchmark indices (hereinafter also referred to as the "Services"), as well as Client's use of these Services, including in particular use of the Services as the basis of or as a benchmark for Investment Products.

1.1.2 *Content* 

This Framework Agreement therefore forms the basis for all contracts to be concluded by the Parties in this connection.

**1.2**  **<u>Components</u>** 

1.2.1 *Schedules* 

Based on this Framework Agreement, the Parties may conclude addenda for the provision of Services. These addenda to this Framework Agreement are referred to herein as "**Schedules**". Each Schedule fully describes the concept, terms and conditions specific to the relevant Service. A new Schedule will be added for each new Service and/or Index. Each Schedule shall be read in conjunction with the Framework Agreement. Each Schedule supplements and forms part of the Framework Agreement.

1.2.2 *Requirement Worksheet* 

The Parties agree to use the template in Annex 1 to this Framework Agreement when entering into Schedules.

1.2.3 *Precedence* 

The Schedules set out the arrangements applicable in relation to an Index in addition to the provisions of this Framework Agreement (incl. annexes). In the event of any discrepancy between the terms of a Schedule and those of the Framework Agreement, the provisions of the Schedule shall prevail.

![](ex108001.jpg)

**1.3**  **<u>Main Obligations of Compass</u>** 

1.3.1 *Performance of Services* 

Compass undertakes to carry out the specific Services that are described in detail in the relevant Schedule.

1.3.2 *Specifics* 

The Schedules contain details of the individual Services to be provided, including a detailed description and specification of the studies that are to be carried out and the indices to be calculated and/or administered by Compass and the timelines, schedules, Charges, etc.

**1.4**  **<u>Main Obligations of Client</u>** 

In compensation for the Services rendered in accordance with the Framework Agreement and Schedule, Client shall pay a fee to Compass as determined in the relevant Schedule.

ARTICLE 2. GENERAL PROVISIONS OF THE FRAMEWORK AGREEMENT

**2.1**  **<u>Definitions</u>** 

"**Affiliate**" means an entity that directly or indirectly (i) controls a Party, or (ii) is controlled by a Party, or (iii) is under common control with a Party. In this context an entity is deemed to "control" if it holds the direct or indirect ownership of at least 50% of the outstanding equity of the controlled entity and/or has the right, either directly or indirectly, to appoint a majority of the members of the Executive Board or Board of Directors.

"**Charges**" means the amounts payable by Client to Compass as set forth in this Framework Agreement and the Schedules.

"**Distribution Agent**" shall mean a gateway provider such as Bloomberg, Reuters or such other third-party distribution agent as determined in the relevant Schedule.

"**End-of-Day Data**" means data that are distributed after the close of trading on the primary exchange on which the index constituents included in the Index are listed, which data are derived from data as of such close of trading.

"**Index**" means the index as further described in a Schedule (and/or its Annexes) hereto.

"**Index Compositio**n" means the list of Index Constituents selected by the application of a defined set of rules and criteria developed by Compass and/or Client for which data is to be collected.

"**Index Constituent**s" means the individual securities, currencies, bonds, obligations, equities, futures or other financial instruments that are included in the Index as at the relevant calculation date.

"**Index Data**" means the Index Data Elements and any other data listed on a Schedule that may be provided by Compass to Client in connection herewith.

![](ex108001.jpg)

"**Index Data Elements**" means, with respect to an Index, e.g. on a price-return basis for example (i) the Index time/date message stamp, (ii) Index symbol, (iii) last Index, (iv) Index close level, (v) Index net change, (vi) Index net % change, (vii) Index day open, (viii) Index day high and (ix) Index day low.

"**Index Methodology**" means, with respect to an Index, the rules-based methodology used to compile and calculate the relevant Index, as described in the relevant Schedule.

"**Index Rules**" means the rules governing the relevant Index, as may be amended, supplemented or superseded from time to time.

"**Intellectual Property**" means any and all intellectual and industrial property rights, protected or arising under the laws of any jurisdiction, including without limitation all intellectual or industrial property rights in any of the following: (i) trademarks; (ii) patents, invention disclosures and inventions; (iii) works of authorship (including any registrations or applications for registration of copyrights); (iv) trade secrets, know-how and confidential information; (v) sui generis database rights; and (vi) software.

"**Investment Products**" means any financial products (including, without limitation, over-the-counter derivatives (including, but not limited to, options, swaps), privately-placed debt, public debt, bonds, notes, warrants, participation certificates, listed options and futures, exchange-traded funds (ETFs), exchange-traded products (ETPs), mutual funds, insurance products) (i) the performance of which references or predominantly reflects the performance of the Index and (ii) structured, entered into and/or issued (a) by Client or its Affiliates and/or (b), as the case may be, a licensee of Client pursuant to an agreement with or permission from Client.

"**Law**" means any domestic or foreign law, rule, regulation, declaration, decree, legislative enactment, order, ordinance, or other similar binding requirement, as amended from time to time, of any governmental, quasi-governmental, regulatory, judicial, or administrative authority or self-regulatory organization.

"**Real-Time Data**" mean data that are distributed immediately after collection.

"**Source**" means third parties who provide Third Party Data.

"**Third Party Data**" means any static data, pricing or other market data included in the Index Data or required by Compass to perform the Services.

**2.2**  **<u>Performance Obligations of Compass</u>** 

All of the following services are described in general terms and are further specified in the relevant Schedule(s).

2.2.1 *Index Design Services* 

Compass shall provide to Client Index design services comprising advice in relation to the Index Methodology and to the Index manual, in particular to ensure compliance with Regulation EU 2016/1011 of the European Parliament and of the Council of June 8, 2016 (hereinafter also referred to as the **"BMR"**).

![](ex108001.jpg)

2.2.2 *calculation and dissemination of the index* 

Compass shall provide to Client, either directly or through mandated third parties, at the times and frequencies set forth in the respective Schedule (and/or its Annexes):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) End-of-Day
 Data with respect to the Index Data listed in a respective Schedule. Such data shall
 be delivered by Compass via the delivery mechanism agreed in the respective Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Real-Time
 Data with respect to the Index Data Elements for the Index. Such data shall be provided
 by Compass to the Distribution Agent in regular intervals during official trading hours
 on the relevant exchange (assuming there has been a change in the Index during such interval).
 Client acknowledges and agrees that the timeframe for distributing Real-Time Data is
 an operational guideline and that failure to achieve performance within such timeframe
 shall not constitute a breach of the respective Schedule or of this Framework Agreement,
 except in case of gross negligence or willful misconduct by Compass.

2.2.3 *Maintenance Services* 

Compass shall maintain the Index by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Taking
 into account, when calculating the Index Data Elements, the effects of event information
 concerning the then-current components of the Index, as such events are reported from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjusting
 the Index as applicable in accordance with the rules set forth in the respective Index
 Methodology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Correcting
 any errors in Index calculation that are brought to Compass's attention as soon as reasonably possible after receipt of
 notice thereof consistent with Compass's then-current data correction policy, it being understood that Compass'
 liability under this Agreement in relation to such errors shall be limited to its duty of maintenance under this Section
 2.2.3 (c).

2.2.4 *Administration Services* 

Compass shall provide administration services in relation to the Index comprising the control and oversight of the provision of the Index, the setting up of governance arrangements including without limitation committees in relation to the Index, the taking of adequate steps to identify, prevent and manage conflicts of interests, the organization of Third Party Data from reliable and representative or sample of contributors, the development of a code of conduct specifying contributors' responsibilities with respect to the contribution of Third Party Data and the setting up of procedures for receiving, investigating and retaining records concerning complaints.

All such administration services shall be rendered so as to comply with the requirements of BMR and to receive an authorization from the French regulatory body *Autorite des Marchés Financiers* (hereinafter referred to as "AMF"). Client accepts and acknowledges that Compass shall organize the governance and oversight of the Index in such a manner as shall be required to receive such authorization.

![](ex108001.jpg)

**2.3**  **<u>Performance Obligations of Client</u>** 

2.3.1 *Client Charges* 

In consideration of the Services provided by Compass, Client shall pay Compass Charges in the amounts and at the times set forth in the relevant Schedule.

2.3.2 *Cooperation* 

Client shall not make any change in relation to the Index or to the Index Methodology without receiving the prior written approval of Compass, which may be withheld if such change does not comply with the BMR, AMF or other applicable regulatory requirements.

2.3.3 *Further Obligations* 

Client agrees that, with the intention of creating a proper market in the Investment Products, at all times during the term hereof, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 and maintain all necessary approvals, consents and authorizations in relation to the
 Investment Products and comply with all applicable Laws, which apply to the issue of,
 trading of, marketing, distribution and/or offering the Investment Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not
 hold out any advice or recommendation to any person concerning any investment in the
 Investments Products as being from Compass;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solely
 be responsible for and shall ensure that any documents prepared and/or used by it for
 the purposes of marketing, distributing and/or offering the Investment Products are in
 a suitable format for any investor to which it gives or shows the documents and that
 such documents contain (i) all risk warnings, disclaimers and disclosure that are necessary
 or advisable in relation to the nature of the investor or under any legal or regulatory
 requirements or custom and practice applicable in relation to any distribution, offer
 or on-sale of the Investment Products and (ii) statements to the effect that Client is
 solely responsible for the documents and any investor in the Investment Products will
 purchase the Investment Products from it and not from Compass.

**2.4**  **<u>Charges, Invoicing, Payments and Taxes</u>** 

2.4.1 *Currency* 

Unless otherwise agreed in a Schedule, Charges and the respective invoices are denominated in Swiss Francs (CHF).

![](ex108001.jpg)

2.4.2 *Modification of Charges* 

Unless otherwise agreed in a Schedule, Compass may modify the Charges payable under a Schedule at the end of the Initial Term and each Renewal Term by providing Client sixty (60) days prior written notice of such modification. If Client objects to such modification, Client shall have the right to terminate the respective Schedule by providing Compass written notice of termination within forty-five (45) days of receipt of notification of the modification.

2.4.3 *Invoicing and Payment Terms* 

Unless otherwise agreed in a Schedule, Charges are invoiced on a quarterly basis and are payable in full within thirty (30) days after receipt of the relevant invoice.

2.4.4 *Taxes* 

Unless otherwise agreed in a Schedule, all Charges shall be exclusive of value added tax assessed on the provision of the Services to Client, and Client shall be responsible for the payment of such value added tax in the country in which the Services are provided. Compass shall be responsible for the payment of all duties, taxes, and other charges (excluding value added tax) levied upon signing and/or performance of this Framework Agreement or the relevant Schedule.

2.4.5 *Intellectual Property* 

The ownership of the Intellectual Property in relation to an Index (if any) is owned exclusively by the Client. Unless otherwise specifically agreed in the relevant Schedule, Client acknowledges and agrees that Compass exclusively owns all Intellectual Property with respect to the know-how and the technology used in providing the Services.

Nothing herein shall transfer, assign, license or otherwise grant Compass any rights or interests in Client's or Source's intellectual property rights and vice-versa.

2.4.6 *Third Party Approvals* 

Client shall be solely responsible for obtaining, maintaining, paying and complying with, at its own cost, all consents, agreements and/or licenses in relation to Third Party Data and/or to any Index Data required by Compass in its own name for the performance of the Services hereunder. The Parties shall mutually agree on the contractual set up of all such consents, agreements and/or licenses with Third Party Data providers including the exchanges in order to guarantee to Compass unrestricted and continuous access to input of required Third Party Data.

Client shall be liable to Compass for, and shall hold it harmless from, any Liabilities (as defined in section 2.7.1 below) resulting from or arising out of a third-party claim in relation to the failure of Client to secure such consents, agreements and/or licenses under this Section 2.4.6.

**2.5**  **<u>Disclaimer of Warranties</u>** 

Client acknowledges that, except as otherwise set forth in this Framework Agreement or any Schedule, Compass does not make any warranties, express or implied, to Client or Client's customers with respect to the Services, including, without limitation: (i) any warranties with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for a particular purpose of the Services and in particular the Index Data including without limitation End-of-Day Data and Real-Time Data, or (ii) any warranties as to the results to be obtained by Client or Client's customers or any other person or entity using the Services and in particular the Index Data.

![](ex108001.jpg)

**2.6**  **<u>Confidentiality</u>** 

2.6.1 *Confidential Information* 

Each Party shall treat as confidential

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 information, documentation or other materials that are marked as "Confidential"
 by the providing Party or which, given the circumstances of disclosure, ought reasonably
 to be considered as confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information
 concerning the Index Methodology or the technology used by Compass in providing the Services;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 terms and conditions of this Framework Agreement and any Schedules executed hereunder
 (collectively the "**Confidential Information** ").

Each Party shall not, directly or indirectly, disclose in any manner whatsoever, in whole or in part, any of the other Party's Confidential Information to third parties without the other Party's prior written consent. Each Party shall refrain from using Confidential Information for any purpose whatsoever other than in relation to the Framework Agreement without the prior written consent of the disclosing Party.

2.6.2 *Exceptions* 

Confidential Information shall not include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) information
 which is publicly available at the time of disclosure other than as a result of a breach
 of this Framework Agreement by the receiving Party or later becomes available to the
 public through no fault of the receiving Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information
 that is lawfully in the receiving Party's possession on a non-confidential basis
 prior to and at the time of its disclosure and which the receiving Party can prove; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information
 that the receiving Party can prove it has developed, or subsequently develops, without
 reliance upon the Confidential Information.

2.6.3 *Compelled Disclosure* 

In the event that the receiving Party is legally compelled to disclose any of the Confidential Information, or the request for disclosure is pursuant to a court decision, governmental order, or requirement from regulatory bodies, it will provide the disclosing Party with prompt written notice of any such request, to the extent that it is entitled to do so by law.

![](ex108001.jpg)

The receiving Party shall be entitled to furnish only that portion of the Confidential Information which is legally required to be furnished and will exercise all reasonable efforts to draw attention to the required confidential treatment to be accorded to such Confidential Information.

2.6.4 *Permitted Disclosure* 

Notwithstanding the above, the receiving Party may disclose Confidential Information to such of its shareholders, subsidiaries, directors, employees, agents, service providers, auditors or advisers (the ***"Related Parties"***) which are directly involved in the performance of the Framework Agreement and which have a legitimate need to know the Confidential Information for the purpose of the performance of the Framework Agreement and shall procure that each of them complies with the obligation to keep such Confidential Information private and confidential and strictly observes the terms of this Section 2.6 or has a policy that requires the handling of all confidential information (including, but not limited to the Confidential Information) in a manner consistent with the obligations of the receiving Party hereunder.

**2.7**  **<u>Liability</u>** 

2.7.1 *Client's liability* 

Client shall be liable to Compass for all direct losses, liabilities, costs, damages and expenses (including without limitation reasonable attorneys' fees) (together referred to as "Liabilities") incurred by Compass arising out of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
claim, action or proceeding brought by any third party against Compass which relates to the Investment Products or to the trading
of the Investment Products by the Client and that are caused (through any act or omission) by the Client, any of its representatives,
agents, directors and/or employees, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
use of a Service in breach of the terms and conditions of the Framework Agreement or relevant Schedule.

2.7.2 *Compass's liability* 

Compass shall be liable to Client for all Liabilities incurred by Client arising as a result of a breach by Compass of its obligations under the Framework Agreement or a relevant Schedule.

For the avoidance of doubt, and except in the case of gross negligence or wilful misconduct by Compass, Compass shall not be liable to Client for any incapacity to perform the Services, error or inaccuracy resulting from interruption, inaccessibility for any reason whatsoever or error affecting Third Party Data or Source. Compass agrees to use reasonable efforts to mitigate the effects of any disruption to the Services.

2.7.3 *Consequential damages* 

In no circumstances shall either Party be liable to the other Party under this Section 2.7 for any indirect, incidental, special, consequential or punitive damages of any nature whatsoever, including, but not limited to, lost profits or loss of business.

![](ex108001.jpg)

**2.8**  **<u>Term and Termination</u>** 

2.8.1 *Initial term and Ordinary Termination of the Frame work Agreement* 

The initial term of this Framework Agreement shall commence on the Effective Date and shall remain in effect for a period of three (3) years from the issuance by Client of the first Investment Product (the **"Initial Term"**).

Thereafter, the Framework Agreement shall automatically renew for successive periods of three (3) years (each a **"Renewal Term"**), unless terminated by either Party by giving written notice to the other Party at least six (6) months prior to the last day of the Initial Term or any such Renewal Term as the case may be.

2.8.2 *Pro visions after termination* 

Sections 2.6 "Confidentiality" and 2.7 "Liability" shall survive the termination of the Framework Agreement.

2.8.3 *Ordinary Termination of a Schedule* 

A Schedule will enter into force upon signature by both Parties as from the date set forth in the relevant Schedule (the **"Commencement Date"**), and - unless otherwise agreed in the respective Schedule - shall remain in effect for a period of five years from the issuance by Client of the first Investment Product under the relevant Schedule (the **"Initial Term"**).

Thereafter, a Schedule shall automatically renew for successive periods of five (5) year (each a **"Renewal Term"**), unless (i) at such renewal date the Framework Agreement has been terminated in accordance with section 2.8.1 above, or (ii) unless terminated by either Party by giving written notice to the other Party at least six (6) months prior to the last day of the Initial Term or any such Renewal Term as the case may be.

2.8.4 *Extraordinary Termination (Material Breach)* 

In case of a material breach of this Framework Agreement or of a Schedule by either Party, the non-breaching Party may terminate the affected Schedule(s) and the Framework Agreement. Such termination shall be effective ninety (90) days after receipt of a written notice thereof to the breaching Party, unless the breaching Party cures such breach within such ninety-day period.

2.8.5 *Other reasons for Extraordinary Termination (Source)* 

Compass may extraordinarily terminate a Schedule at any time if any exchange or other Source (i) ceases to provide to Compass the data necessary for the performance of the Services, (ii) terminates Compass's right to receive data in the form of a "feed" from such Source, or (iii) materially restricts Compass's rights to redistribute data received from such Source.

2.8.6 *Liquidation, Bankruptcy etc.* 

Subject to applicable law, in the event of liquidation (forced or voluntary) affecting a Party, with the exception of dissolution purely for reorganization purposes, in the event of bankruptcy or a request for a moratorium affecting a Party, or if some or all assets of a Party become subject to receivership proceedings, the Framework Agreement and all Schedules may be terminated by the other Party in writing without observing a notice period and without further prerequisites.

![](ex108001.jpg)

---

| | |
|:---|:---|
| **ARTICLE 3.** | **MISCELLANEOUS** |

---

**3.1**  **<u>Assignment of Rights and Obligations</u>** 

Neither this Framework Agreement, any Schedule, nor any interest or obligations thereunder may be transferred or assigned without the prior written consent of the other Party.

**3.2**  **<u>Amendments</u>** 

No amendment, modification or waiver in respect of this Framework Agreement and any Schedules will be effective unless in writing and duly executed by each of the Parties.

**3.3**  **<u>Contacts and Communications</u>** 

3.3.1 *Contacts* 

The contacts described in the relevant Schedule will be available to the other Party during normal business hours at their location. They will be duly authorized to make or provide decisions concerning day-to-day business. Notifications, declarations and queries (hereinafter referred to as "Notifications") are to be sent to these contacts, and - unless otherwise agreed - all work results must be delivered to them.

3.3.2 *Changing Contacts* 

Either Party may appoint a new contact person at any time if it notifies the other Party thereof in good time.

3.3.3 *Notification* 

Notifications are to be submitted in writing or by e-mail. Termination notices must be submitted in writing by courier with acknowledgement of receipt. Notifications sent to the correct addressee(s) shall be deemed properly delivered on the proven date of delivery.

**3.4**  **<u>Severability Clause</u>** 

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

![](ex108001.jpg)

**3.5**  **<u>Relationship between Parties</u>** 

None of the agreements entered into under this Framework Agreement or a Schedule counts as or constitutes a joint venture, a partnership or an employment contract between the Parties or their employees. Irrespective of form or purpose, neither Party is authorized or empowered to obligate the other Party, to enter into a contract in the other Party's name, or to create an obligation against the other Party.

**3.6**  **<u>No Third-Party Beneficiaries</u>** 

This Framework Agreement and all Schedules are solely and exclusively for the benefit of the Parties hereto, and nothing therein, express or implied, is intended to or shall confer on any other person or entity (including, without limitation, any third party who uses any of the Index as the basis of Investment Products), any rights, benefits or remedies of any nature whatsoever under or by reason of this Framework Agreement or any Schedule.

**3.7**  **<u>Governing Law and Jurisdiction</u>** 

3.7.1 *Governing Law* 

This Framework Agreement, the Schedules and any dispute or claim including non-contractual disputes or claims arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of Switzerland.

3.7.2 *Exclusive Jurisdiction* 

Each party irrevocably agrees that the courts of the canton of Vaud (Switzerland) shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Framework Agreement, the Schedules or its subject matter or formation.

---

| | |
|:---|:---|
| **COMPASS FINANCIAL TECHNOLOGIES SA** | **COINSHARES (HOLDINGS) LIMITED** |
| ![](ex108002.jpg) | ![](ex108003.jpg) |
| Guillaume Le Fur, Director | Jean-Marie Mognetti: |
|  | Director |

---

**Annex 1 - Schedule Template**

This **Schedule No [●]** is entered into on **[●]** 2019 (the **"Schedule Effective Date"**)

between

**<u>COMPASS FINANCIAL TECHNOLOGIES SA</u>,** a public limited company (*société anonyme*) organised under the laws of Switzerland, with a registered capital of CHF 105,264 whose registered office is Chemin de Mornex 6, 1003 Lausanne, SWITZERLAND, registered under number CHE-241.964.304 with the Vaud Commercial Register, hereafter referred to as **"Compass"**

and

**<u>COINSHARES (HOLDINGS) LIMITED</u>**, a limited company, whose registered office is at 3rd Floor, 2 Hill Street, St Helier Jersey JE2 4UA, Jersey, hereafter referred to as the **"Client"**)

(Compass and Client are each a **"Party"** and jointly the **"Parties"**)

This Schedule supplements and forms part of the Framework Agreement entered into between the Parties regarding design, calculation, dissemination, maintenance and administration of customised indices and benchmark indices. The Parties acknowledge that Framework Agreement is an integral part of this Schedule.

This Schedule is entered into in relation to the following Index:

- (Ticker: TBC) with an End-of-Day Delivery

---

| | |
|:---|:---|
| **ARTICLE 1.** | **SCOPE AND DESCRIPTION OF SERVICES TO BE RENDERED** |

---

Tick the relevant Services to be provided by Compass:

&nbsp;&nbsp;&nbsp;&nbsp;(a) [x] Index
 Design

(b) [x] Index
 Calculation

(c) [x] Index
 Dissemination

(d) [x] Index
 Maintenance

(e) [x] Index
 Administration

![](ex108001.jpg)

**1.1**  **<u>Index Methodology, specification, schedule etc.</u>** 

See information in the Client's Index Rules.

**1.2**  **<u>Attribution and Disclaimers</u>** 

Client shall insert the following attribution to Compass in connection with Client's marketing of the Index in Client's Index rulebooks, brochures and sales literature describing the Index, advertisements and on pages of any website of Client with respect to the Index: The Index" is administrated and calculated by COMPASS. COMPASS uses its best efforts to ensure that the Index is calculated correctly. Notwithstanding its obligations towards the issuer of the [Financial Product], COMPASS has no obligation to point out errors in the Index to third parties including without limitation to investors and/or financial intermediaries. The calculation, the publication and the dissemination of the Index by COMPASS does not constitute a recommendation by COMPASS to invest capital in the [Financial Product] nor does it in any way represent an assurance or opinion of COMPASS with regard to any investment therein. Purchasers of the [Financial Product] are made aware, and accept, that index calculations are based on large quantities of data provided by third parties and are thus susceptible to errors, interruptions and delays. This may result in errors, interruptions and delays in the Index which may have impact on the [Financial Product]."

**1.3**  **<u>Distribution Agent</u>** 

Distribution Agent with respect to the Index is Bloomberg and Reuters. Further Distribution Agents can be appointed by amending this Schedule.

---

| | |
|:---|:---|
| **ARTICLE 2.** | **Charges** |

---

[TBC]

All amounts are excluding VAT.

---

| | |
|:---|:---|
| **ARTICLE 3.** | **Payment Terms** |

---

[TBC]

---

| | |
|:---|:---|
| **ARTICLE 4.** | **Contact Persons** |

---

The following persons are designated as contact persons:

CoinShares:

● Michael Petch, Octagon Point, 5 Cheapside, EC2V 6AA, London, United Kingdom, +44 7577 628 384, <u>mpetch@coinshares.co.uk</u>![](ex108001.jpg)

● Jean-Marie Mognetti, 3<sup>rd</sup> Floor, 2 Hill Street, St Helier, Jersey JE2 4UA, +44 1534 513 135, jmognetti@globaladvisors.co.uk

Compass:

● Guillaume Le Fur, Chemin de Mornex 6, 1003 Lausanne, Switzerland, +41 21 621 1372, guillaume.lefur@compass-ft.com

● Edouard Mouton, Chemin de Mornex 6, 1003 Lausanne, Switzerland, +41 21 621 1325, edouard.mouton@compass-ft.com

---

| | |
|:---|:---|
| **ARTICLE 5** | **Billing Address** |

---

Compass will issue and send the invoices to the following billing address:

CoinShares (Holdings) Limited, 3<sup>rd</sup> Floor, 2 Hill Street, St Helier, Jersey JE2 4UA, Attention: Charles Butler

---

| | |
|:---|:---|
| **COMPASS FINANCIAL TECHNOLOGIES SA** | **COINSHARES (HOLDINGS) LIMITED** |
| ![](ex108002.jpg) | ![](ex108003.jpg) |
| Guillaume Le Fur, Director | Jean-Marie Mognetti, Director |

---

**Schedule #12**

**Between**

**COMPASS FINANCIAL TECHNOLOGIES SA**, a public limited company (*société anonyme*) organised unde the laws of Switzerland, with a registered capital of CHF 105,264 whose registered office is Chemin de Mornex 6, 1003 Lausanne, Switzerland, registered under number CHE-241.964.304 with the Vaud Commercial Register, hereafter referred to as the "**Compass**"

**And**

**COINSHARES INTERNATIONAL LIMITED,** a public limited company whose registered office is 2nd Floor, 2 Hill Street, St Helier Jersey JE2 4UA, Jersey, hereafter referred to as the **"Client"**

**And**

**COINSHARES, CO.,** a private corporation whose registered office is 42 Broadway Suite 12-585, New York, NY 10004, hereafter referred to as **"CoinShares Co"**

(Compass, the Client and CoinShares Co are each a "**Party**" and jointly the "**Parties**")

This Schedule supplements and forms part of the Framework Agreement entered into between the Parties regarding design, calculation, dissemination, maintenance and administration of customised indices and benchmark indices. The Parties acknowledge that Framework Agreement is an integral part of this Schedule and that all other provisions of the Framework Agreement shall remain in full force and effect.

**<u>Effective Date : September 24<sup>th</sup>, 2025</u>**

This Schedule is entered into in relation to the following CCRI indices usage:

- Compass Crypto Reference Index 4pm New York XRP

- Compass Crypto Reference Index 4pm New York Litecoin

- Compass Crypto Reference Index 4pm New York Dogecoin

- Compass Crypto Reference Index 4pm New York Solana

1. Scope
of Services/Description of the Services to Be Rendered

This schedule grants a licence of use the Compass Crypto Reference Indices described above for the purpose of the Coinshares US ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Index
 Methodology, specification, schedule etc. see information in the Client's Index
 Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Attribution
and Disclaimers

Client shall insert the following attribution to Compass in connection with Client's marketing of the Index in Client's Index rulebooks, brochures and sales literature describing the Index, advertisements and on pages of any website of Client with respect to the Index: "The Compass Crypto Reference Indices are calculated by COMPASS FINANCIAL TECHNOLOGIES SA. COMPASS FINANCIAL TECHNOLOGIES SA uses its best efforts to ensure that the Indicative prices are calculated correctly. Notwithstanding its obligations towards the issuer of the [Financial Product], COMPASS FINANCIAL TECHNOLOGIES SA has no obligation to point out errors in the Index to third parties including without limitation to investors and/or financial intermediaries. The calculation, the publication and the dissemination of the Index by COMPASS FINANCIAL TECHNOLOGIES SA does not constitute a recommendation by COMPASS FINANCIAL TECHNOLOGIES SA to invest capital in the Financial Product nor does it in any way represent an assurance or opinion of COMPASS FINANCIAL TECHNOLOGIES SA with regard to any investment therein. Purchasers of the Financial Product are made aware, and accept, that index calculations are based on large quantities of data provided by third parties and are thus susceptible to errors, interruptions and delays. This may result in errors, interruptions and delays in the Index which may have impact on the Financial Product."

p. 1 of 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Distribution
Agent

Distribution Agent with respect to the Indicatice Prices is Bloomberg. Further Distribution Agents can be appointed by amending this schedule under the conditions set out in Article 3.2 of the Framework Agreement

2. Charges

Quarterly Fees:

● For each digital asset product, 0.00375% (0.015% p.a.) of the aggregate average quarterly assets under management for the number of shares of each product.

3. Payment
Terms

The Quarterly Calculation, Maintenance, Dissemination and Administration shall be paid no later than 15 business days after the end of each quarter.

4. Contact
Persons

The following persons are designated as contact persons:

● Client:

Romain Barrot , 3 Lombard Street, EC3V 9AA, London, United Kingdom, +44 20 3920 7970, <u>rbarrot@coinshares.com</u>

Jean-Marie Mognetti, 2nd Floor, 2 Hill Street, St Helier, Jersey JE2 4UA, +44 1534 513135, <u>jmognetti@coinshares.com</u>

● Compass:

Edouard Mouton, Chemin de Mornex 6, 1003 Lausanne, Switzerland, <u>Edouard.mouton@compass-ft.com</u>, + 41 21 560 7621

Guillaume Le Fur, Chemin de Mornex 6, 1003 Lausanne, Switzerland, guillaume, lefur@compass-ft.com, + 41 21 560 7625

5. Billing
 Address

Compass will issue and send the invoices in respect of this, Schedule 12, to the following billing address:

COINSHARES, CO., 42 Broadway Suite 12-585, New York, NY 10004

Attention: Daniel Roussev

Billing Email: <u>droussev@coinshares.com</u> copying <u>payments@coinshares.com</u>

p. 2 of 3

**6.** **Additional Terms Applicable to this Schedule only** 

Each of the Client, Compass and CoinShares Co. (an Affiliate of the Client) agree that any payment obligation of the Client ("**Payment Obligation**") to make a payment in respect of a Charge or any other amount to Compass under the Framework Agreement (including clause 2.3.1. of the Agreement and/or this Schedule), **solely in connection with this Schedule**, shall be satisfied by CoinShares Co. directly, and any such payment by CoinShares Co. to Compass shall be deemed for all purposes to discharge the Client validly and fully from any such Payment Obligation. Accordingly, CoinShares Co. is a party to this Schedule with respect to the Payment Obligations. All other obligations of the Client (that are not Payment Obligations, as defined in this Schedule) shall remain the obligations of the Client.

Each of the Parties agree that CoinShares Co. falls within the definition of "Related Parties" as defined in the Framework Agreement.

---

| | |
|:---|:---|
| **COMPASS FINANCIAL TECHNOLOGIES SA** | **COINSHARES INTERNATIONAL LIMITED** |
| ![](ex108004.jpg) | ![](ex108005.jpg) |
| Guillaume Le Fur, Director | Jean-Marie Mognetti, Director |
| **COINSHARES CO.** |  |
| ![](ex108006.jpg) |  |
| Charles Butler, Director |  |

---

p. 3 of 3

## Exhibit 10.9

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 10.9**

**<u>SPONSOR AGREEMENT</u>**

**THIS SPONSOR AGREEMENT** (the "Agreement"), dated as of March [_], 2025, is made by and between CoinShares Co., a Delaware corporation ("Sponsor"), and CoinShares XRP ETF, a statutory trust organized under the laws of Delaware (the "Trust").

**<u>1. The Trust.</u>** The Trust is not an investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and it is not required to register thereunder. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor. The Sponsor is not registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is not required to register thereunder.

**<u>2. Appointment.</u>** Pursuant to the terms of the Trust's First Amended and Restated Trust Agreement (the "Trust Agreement"), Sponsor was appointed to serve as sponsor for the Trust, with full powers and rights to effectuate and carry out the purposes, activities and objectives of the Trust. Sponsor has accepted such appointment and hereby agrees to render such services to the Trust on the terms and conditions set forth in this Agreement and the Trust Agreement.

**<u>3. Duties.</u>** Sponsor will perform such duties for the Trust as set forth in Article VI of the Trust Agreement in accordance with Sponsor's best judgment and as outlined in the Trust's then-current registration statement filed with the U.S. Securities and Exchange Commission ("SEC").

**<u>4. Execution of Trust Documents.</u>** Pursuant to the terms of the Trust Agreement, the Sponsor is authorized to execute documents for and on behalf of the Trust. For the avoidance of doubt, when a specified officer of the Trust is required to execute, or executes, a document, including but not limited to filings required to be made with regulatory authorities such as the SEC, the authorized officers of the Sponsor (or persons performing similar functions, including in the event of a vacancy in one or more of the specified Sponsor's officer positions) shall be authorized to execute the document.

**<u>5. Reporting; Record Keeping.</u>** Sponsor will be available at reasonable times to discuss the activities of the Trust with the trustee of the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing the activities of the Trust are intended solely for the benefit of the Trust, and the Trust agrees that it will not disseminate such reports to any other party (other than the Trust's service providers) without the prior consent of Sponsor, except as may be required by applicable law. Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records as are required to be made or maintained by it in its capacity as Sponsor of the Trust.

**<u>6. Other Accounts.</u>** The Trust understands and acknowledges that Sponsor may act as sponsor for various persons other than the Trust. The Trust acknowledges that Sponsor may give advice and take action concerning other persons that may be the same as, similar to or different from the advice given, or the timing and nature of action taken, concerning the Trust. The Trust also acknowledges that Sponsor may serve as a manager to other investment funds that invest in bitcoin or other cryptocurrency with the same investment objective as the Trust, and the Sponsor or its affiliates may serve as a manager to other investment funds that invest in digital assets. Except to the extent necessary to perform Sponsor's obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of Sponsor to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.

**<u>7. Sponsor's Compensation.</u>** The Trust shall pay to Sponsor a fee as described in Schedule A that is attached hereto and made a part hereof. Such fee shall accrue daily and be paid at such times as determined by the Sponsor in its sole discretion. No other compensation is paid to the Sponsor by the Trust. Sponsor's compensation is paid in consideration of Sponsor's (i) services under this Agreement and the Trust Agreement and (ii) the payment by Sponsor of the Trust expenses described in paragraph 8 below. In limited circumstances and only if deemed in the best interests of Shareholders, the Sponsor is authorized to instruct the Administrator to change the dates on which the Sponsor Fee is deducted as described in the Trust's Registration Statement. The Sponsor Fee payment dates may be delayed in order for the Trust, which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), to report in accordance with any of the methods described in Treasury Reg. Section 1.671-5(c)(2)(iv)(B).

**<u>8. Fees and Expenses.</u>** As partial consideration for its receipt of the Sponsor's Fee, the Sponsor agrees to assume the Sponsor-paid Expenses of the Trust as provided in Section 6.8 of the Trust Agreement, as amended from time to time.

**<u>9. Liability and Indemnification.</u>** Sponsor will not be liable for losses to the Trust, and Sponsor shall be indemnified, to the extent provided in Article VI of the Trust Agreement.

**<u>10. Governing Law/Disputes.</u>** This Agreement is entered into in accordance with and shall be governed by the laws of the State of Delaware; provided, however, that in the event that any law of the State of Delaware shall require that the laws of another state or jurisdiction be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the remaining laws of the State of Delaware shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives any right it may otherwise have to (a) seek punitive damages, or (b) request a jury trial.

**<u>11. Termination.</u>** This Agreement may be terminated (i) by Sponsor at any time upon 30 days' prior written notice; or (ii) by either party upon discovery of acts of fraud or willful malfeasance of the other party in performing its duties hereunder. Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be affected by termination of this Agreement.

**<u>12. Assignment.</u>** This Agreement may be assigned by either party upon prior notice to the other party.

**<u>13. Notices.</u>** All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties at their respective addresses. Sponsor shall comply with, and be entitled to act on, any instructions reasonably believed to be from an authorized representative of the Trust. Sponsor and its employees and agents shall be fully protected from all liability in acting upon such instructions, without being required to determine the authenticity of the authorization or authority of the persons providing such instructions.

**<u>14. Severability.</u>** In the event any provision of this Agreement is adjudicated to be void, illegal, invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid and enforceable to the fullest extent permitted by law, unless a party demonstrates by a preponderance of the evidence that the invalidated provision was an essential economic term of this Agreement.

**<u>15. Integration; Amendment.</u>** This Agreement together with any other written agreements between the parties entered into concurrently with this Agreement contain the entire agreement between the parties with respect to the transactions contemplated hereby and supersede all previous oral or written negotiations, commitments and understandings related thereto. This Agreement may not be amended or modified in any respect, nor may any provision be waived, without the written agreement of both parties. No waiver by one party of any obligation of the other hereunder shall be considered a waiver of any other obligation of such party.

**<u>16. Further Assurances.</u>** Each party hereto shall execute and deliver such other documents or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby.

**<u>17. Headings.</u>** The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning of this Agreement.

**<u>18. Counterparts.</u>** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to be one and the same instrument.

**<u>19. Trustee.</u>** The Trust is a Delaware statutory trust and a separate legal entity under the Delaware Statutory Trust Act and pursuant to such act a trustee, when acting in such capacity, is not personally liable to any person (other than the statutory trust or any beneficial owner thereof) for any act, omission or obligation of a statutory trust. In furtherance thereof, (a) this Agreement is executed and delivered by Delaware Trust Company, not individually or personally, but solely as Trustee of the Trust, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Delaware Trust Company but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on Delaware Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein of the, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, and (d) under no circumstances shall Delaware Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

CoinShares XRP ETF

By: CoinShares Co.

By: ________________________

Name: Jean-Marie Mognetti

Title: Chief Executive Offier

CoinShares Co.

By: ________________________

Name: Jean-Marie Mognetti

Title: Chief Executive Offier

Signature Page – Sponsor Agreement

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

[CoinShares XRP ETF S-1/A](coinshares-s1a_101025.htm)

**Exhibit 107**

**Calculation of Filing Fee Tables**

(Form Type)

CoinShares XRP ETF

(Exact Name of Registrant as Specified in Its Charter)

Table 1 — Newly Registered and Carry Forward Securities

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class**<br> **Title** | **Fee Calculation**<br> **or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** | **Carry Forward Form Type** | **Carry Forward File Number** | **Carry Forward Initial Effective Date** | **Filing Fee Previously Paid in Connection with Unsold Securities to**<br> **Be Carried Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Exchange-Traded Vehicle Securities | CoinShares XRP ETF | 457(u) | Indeterminate Amount of Securities | (1) | (1) | (1) | (1) |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | – (1) |  | –(1) |  |  |  |  |
|  |  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  | – |  |  |  |  |
|  |  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | – |  |  |  |  |
|  |  | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | –(1) |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 registration statement covers an indeterminate amount of securities to be offered or
 sold and the filing fee will be calculated and paid in accordance with Rule 456(d) and
 Rule 457(u).

N/A N/A —333-284484