Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 143

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 143
---
 on any given day for which the Pricing Benchmark is published are as follows: (1) all Relevant Transactions are added
to a joint list, recording the trade price and size for each transaction; (2) the list is partitioned (i.e., trades are added to a partition)
into a number of equally-sized time intervals; (3) for each partition separately, the volume-weighted median trade price is calculated
from the trade prices and sizes of all Relevant Transactions (i.e., across the Constituent Exchanges). A volume-weighted median differs
from a standard median in that a weighting factor, in this case trade size, is factored into the calculation; and (4) the Pricing Benchmark
is then given by the equally-weighted average of the volume-weighted medians of all partitions.

The use of an equally-weighted
average, as opposed to a volume-weighted average, to calculate the Pricing Benchmark results in a single large trade or cluster of trades
occurring in any one partition having only a limited effect on the Pricing Benchmark. Adjustments are made to the calculation for delayed
data, missing data and erroneous data. “Relevant Transaction” means any digital asset base asset versus the quote asset spot
trade that occurs during the TWAP Period on a Constituent Exchange in the Relevant Pair that is reported through its Application Programming
Interface (“API”) to the Benchmark Provider. “TWAP Period” means the 60 minutes leading up to 4:00 p.m. London
time. For more information on how the Benchmark Provider calculates the Pricing Benchmark, see the CME CF XRP-Dollar Reference Rate –
New York Variant (XRPUSD_NY) available on the Benchmark Provider’s website at https://www.cfbenchmarks.com/data/indices XRPUSD_NY.

<div align='center'>67</div>

As of [●], 2025,
the Constituent Exchanges included in Pricing Benchmark that is utilized by the Trust are Kraken, Coinbase, Bitstamp, LMAX Digital, and Crypto.com.

The Constituent Exchanges
had an aggregate trading volume in the XRP-USD pair on a quarterly basis during the period September 30, 2024 to September 30, 2025 as
shown in the table below:

| Period  |     | Kraken |     | Coinbase |     | Bitstamp |     | LMAX Digital |     | Crypto.com |     | Others |
| 2024 Q4 |     | [●]