Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 140

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 140
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policies for Pricing Benchmark integrity. The Pricing Benchmark is administered through the Benchmark Provider’s codified policies
for Pricing Benchmark integrity, including a conflicts of interest policy, a control framework, an accountability framework, and an input
data policy. It is also subject to the UK BMR regulations, compliance with which regulations has been subject to a Limited Assurance Audit
under the ISAE 3000 standard as of September 12, 2022, which is publicly available.

The Pricing Benchmark is subject
to oversight by the CME CF Oversight Committee. The CME CF Oversight Committee shall be comprised of at least five members, including
at least: (i) two who are representatives of CME (“CME Members”); (ii) one who is a representative of CF (“CF
Member”); and (iii) two who bring expertise and industry knowledge relating to benchmark determination, issuance and operations.
The CME CF Oversight Committee meets no less frequently than quarterly. The CME CF Oversight Committee’s Founding Charter and quarterly
meeting minutes are publicly available.

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The Sponsor believes that the
use of the Pricing Benchmark 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 into equal partitions
of time; (ii) then calculates the volume-weighted median of all transactions within each partition; and (iii) the value is determined
from the arithmetic mean of the volume-weighted medians, equally weighted. By employing the foregoing steps, the Pricing Benchmark 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 benchmark 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.

The Sponsor holds full
discretion to change either the Pricing Benchmark or the Benchmark Provider subject to proper notification to shareholders. Shareholder
approval is not required. Adjustments to the Pricing Benchmark could impact the NAV of the Trust. These adjustments may result in variations
in the calculated spot price of XRP, thereby affecting the valuation of the Trust’s assets and the NAV per Share.

Pricing Benchmark data
and the description of the Pricing Benchmark are based on information