Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 106

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 106
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 Benchmark Provider does not have any obligation to take the needs of the Trust, the Trust’s
Shareholders, or anyone else into consideration in connection with such changes. There is no guarantee that the methodology currently
used in calculating the Pricing Benchmark will appropriately track the price of XRP in the future. The Benchmark Provider has no obligation
to take the needs of the Trust or the Shareholders into consideration in determining, composing, or calculating the Pricing Benchmark.

Pricing sources used by the
Pricing Benchmark are digital asset spot markets that facilitate the buying and selling of XRP and other digital assets. Although many
pricing sources refer to themselves as “exchanges,” they are not registered with, or supervised by, the SEC or CFTC and do
not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among others, purchases
and sales of XRP may be subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity
in the markets and government regulation and intervention. These circumstances could affect the price of XRP used in Pricing Benchmark
calculations and, therefore, could adversely affect the XRP price as reflected by the Pricing Benchmark.

The Pricing Benchmark is based
on various inputs which include price data from various third-party XRP spot markets. The Benchmark Provider does not guarantee the validity
of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial
source.

Right to change the pricing benchmark.

The Sponsor, in its sole discretion,
may cause the Trust to track (or price its portfolio based upon) a pricing benchmark or standard other than the Pricing Benchmark at
any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another pricing benchmark
or standard better aligns with the Trust’s investment objective and strategy. The Sponsor may make this decision for a number of
reasons, including, but not limited to the following:

| ● | Third parties                                                                              
 may be able to purchase and sell XRP on public or private markets not included among the   
 Constituent Exchanges, and such transactions may take place at prices materially higher or 
 lower than the Pricing Benchmark price.                                                    |

| ● | There may                                                                                         
 be variances in the prices of XRP on the various Constituent Exchanges, including as a result     
 of differences in fee structures or administrative procedures on different Constituent Exchanges. |

| ● | The prices                                                                                
 on each Constit