Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 154

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 154
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: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.
EST). The pause between 4:00 p.m. ET and 5:30 p.m. ET (or later) provides an opportunity for the Administrator to algorithmically
detect, flag, investigate, and correct unusual pricing should it occur. Any such correction could adversely affect the value of the Shares.
If the Pricing Benchmark is not available, or if the Sponsor determines in good faith that the Pricing Benchmark does not reflect an
accurate XRP price, then the Administrator will determine NAV by reference to the Trust’s principal market. There are no predefined
criteria to make a good faith assessment as to which of the rules the Sponsor will apply, and the Sponsor may make this determination
in its sole discretion.

In addition, in order to
provide updated information relating to the Trust for use by Shareholders and market professionals, Solactive will calculate and disseminate
throughout the core trading session on each trading day an updated intraday indicative value (“IIV”). The IIV
will be calculated by using the prior day’s closing NAV as a base and updating that value during the trading day
based off of more recent XRP pricing information to reflect any changes in the value of the Trust’s underlying assets and, therefore,
the Trust’s NAV.

The Trust is subject to the
risk that the Administrator may calculate the Pricing Benchmark in a manner that ultimately inaccurately reflects the price of XRP. To
the extent that the NAV, Principal Market NAV, the Pricing Benchmark, the Administrator’s or the Sponsor’s other valuation
methodology are incorrectly calculated, neither the Sponsor, the Administrator nor the Trustee will be liable for any error and such
misreporting of valuation data could adversely affect the value of the Shares and investors could suffer a substantial loss on their
investment in the Trust. Moreover, the terms of the Trust Agreement do not prohibit the Sponsor from changing the Pricing Benchmark or
other valuation method used to calculate the NAV and Principal Market NAV of the Trust. Any such change in the Pricing Benchmark or other
valuation method could affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust.

The IIV disseminated
during the Exchange core trading session hours should not be viewed as an actual real time update of the NAV, because NAV per Share
is calculated only once at the