Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 149

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 149
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 SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST’S PRODUCTS OR SERVICES. [●], ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST’S PRODUCTS AND SERVICES. [●], 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 Custodian’s 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 not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that
significantly deters manipulation.

As discussed, the fact that
there are multiple XRP spot markets contributing prices to the NAV makes manipulation more difficult in a well-arbitraged and fractured
market, as a malicious actor would need to manipulate multiple spot markets simultaneously to impact the NAV, or dramatically skew the
historical distribution of volume between the various exchanges.

The Trust’s NAV per Share
is calculated by:

| ● | taking the current market value of its total assets based 
 on the XRP price determined by the Pricing Benchmark;     |

| ● | subtracting any liabilities; and |

| ● | dividing that total by the total number of outstanding Shares. |

The Administrator calculates
the NAV of the Trust once each Exchange trading day. The NAV for a normal trading day will be released as promptly
as practicable after 4:00 p.m. ET. Trading during the core trading session on the Exchange typically closes at 4:00 p.m.
ET. However, NAVs are not officially struck until later in the day (often by 5:30 p