Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 152

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 152
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 to a sub-licensing arrangement with the Sponsor. Pursuant to the Pricing
Benchmark Licensing Agreement, the Benchmark Provider provides each of the Sponsor, the Trust, and their affiliates a non-exclusive,
non-transferable, non-sub-licensable, perpetual, worldwide, license to access, view and use the Pricing Benchmark to develop, create,
calculate, settle, maintain or support and market the Trust. Such license will have a one-year initial term and will automatically be
renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

As the Pricing Benchmark is
calculated as a price return, it does not track airdrops involving XRP. Accordingly, the Trust does not participate in airdrops,
as further described above in “Risk Factors — The inability to recognize the economic benefit of a ‘fork’ or an ‘airdrop’ could adversely impact an investment in the Trust.”

CF BENCHMARKS LTD. DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST’S PRODUCTS. CF BENCHMARKS LTD., 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. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST’S PRODUCTS AND SERVICES. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY PRICING BENCHMARK LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

<div align='center'>70

NAV DETERMINATIONS</div>

Calculation of NAV and NAV per Share

The Trust’s NAV will
be calculated based on the Trust’s net asset holdings as reconciled to the XRP Custodians’ accounts on a market approach,
determined on a daily basis in accordance with the Pricing Benchmark price, as promptly as practicable after 4:00 p.m. ET. In determining
the Trust’s NAV, the Administrator values the XRP held by the Trust based on the price set by the Pricing Benchmark as of 4:00 p.m.
ET. The Sponsor believes that use of the Pricing Benchmark mitigates against idiosyncratic market risk, as the failure of any individual
spot market will