Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 101

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 101
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 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 Constituent Exchange or pricing source                        
 may not be equal to the value of an XRP as represented by the Pricing Benchmark. |

| ● | To the extent the Pricing Benchmark price differs materially                                                                                 
 from the actual prices available on a Constituent Exchange, or the global market price of XRP, the price of the Shares may no longer         
 track, whether temporarily or over