Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 142

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 142
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 funds in major jurisdictions such as the United States, United Kingdom
and the European Union.

Furthermore, it must, in the
opinion of the 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.                                                                                               |

<div align='center'>66</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 below table reflects
the average daily trading volume (in USD) of each of the XRP e-Exchanges included in the Pricing Benchmark as of [●] using data
observed by the Benchmark Provider through the public APIs of the Constituent Exchanges from [●] to [●]:

| Constituent Exchanges Included in the Pricing Benchmark As 
 of [    ]                                                  |     | Average