Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 148

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 148
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C 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.                          |

<div align='center'>69</div>

Additionally, a trading venue
may be nominated for addition to the list of Constituent Exchanges by any member of the public, exchange or the 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 domicile, regulation
and legal compliance of the Constituent Exchanges included in the Pricing Benchmark varies. Information regarding each XRP Exchange may
be found, where available, on the websites for such Constituent Exchanges and public registers for compliance with local regulations,
among other places.

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

[●] DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST’S PRODUCTS. [●], ITS AGENTS AND LICENSORS HAVE NO OTHER CONNECTION TO THE TRUST’S PRODUCTS AND