Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 151

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 151
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 operates a 1:1 redemption facility and solely holds reserve assets that are in line with the prevailing regulations
enforced for government security money market funds in major jurisdictions such as the United States, United Kingdom and the European
Union.

Furthermore, it must, in the
opinion of the CME CF Oversight Committee, fulfill the following criteria:

| 1. | The venue’s                                                                               
 Relevant Pair spot trading volume for an index must meet the minimum thresholds for it to 
 be admitted as a constituent exchange.                                                    |

| 2. | The average                                                                                   
 daily volume the venue would have contributed during the observation window for the Reference 
 Rate of the Relevant Pair exceeds 3% for two consecutive calendar quarters.                   |

| 3. | The venue has                                                                            
 policies to ensure fair and transparent market conditions at all times and has processes 
 in place to identify and impede illegal, unfair or manipulative trading practices.       |

| 4. | The venue does                                                                              
 not impose undue barriers to entry or restrictions on market participants, and utilizing    
 the venue does not expose market participants to undue credit risk, operational risk, legal 
 risk or other risks.                                                                        |

| 5. | The venue complies                                                                              
 with applicable law and regulation, including, but not limited to, capital markets regulations, 
 money transmission regulations, client money custody regulations, KYC and AML regulations.      |

| 6. | The venue                                                                                                                              
 cooperates with inquiries and investigations of regulators and the Administrator upon request and must execute data sharing agreements 
 with CME Group. Once admitted, a constituent exchange must demonstrate that it continues to fulfill criteria 2 to 5 inclusive. Should  
 the average daily contribution of a constituent exchange fall below 3% for any reference rate, then the continued inclusion of the     
 venue as a constituent exchange to the Relevant Pair shall be assessed by the CME CF Oversight Committee.                              |

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Additionally, a trading venue
may be nominated for addition to the list of Constituent Exchanges by any member of the public, exchange or the CME CF Oversight Committee.

The Sponsor has selected the
Pricing Benchmark for its quality and rigor as well as its broad, well-balanced universe, which the Sponsor believes best reflects the
market price of XRP.

The Sponsor has entered into
a licensing agreement with the Benchmark Provider to use the Pricing Benchmark (the “Pricing Benchmark Licensing Agreement”).
The Trust is entitled to use the Pricing Benchmark pursuant