Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 155

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 155
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 end of each trading day based upon the relevant end of day values of the Trust’s
investments. The IIV will be disseminated on a per Share basis every 15 seconds during regular Exchange core trading session hours
of 9:30 a.m. ET to 4:00 p.m. ET. Solactive will disseminate the IIV value through the facilities of CTA/CQ High Speed
Lines. In addition, the IIV will be available through on-line information services such as Bloomberg and Reuters. The IIV may
differ from the NAV due to the differences in the time window of trades used to calculate each price (the NAV uses a sixty-minute window,
whereas the IIV draws prices from the last trade on each exchange in an effort to produce a relevant, real-time price). The Sponsor
does not believe this will cause confusion in the marketplace, as Authorized Participants are the only Shareholders who interact with
the NAV and the Sponsor will communicate its NAV calculation methodology clearly.

<div align='center'>71</div>

Dissemination of the IIV
provides additional information that is not otherwise available to the public and is useful to Shareholders and market professionals
in connection with the trading of the Trust’s Shares on the Exchange. Shareholders and market professionals will be able throughout
the trading day to compare the market price of the Trust and the IIV. If the market price of the Trust’s Shares
diverges significantly from the IIV, market professionals will have an incentive to execute arbitrage trades. For example, if the
Trust appears to be trading at a discount compared to the IIV, a market professional could buy the Trust’s Shares on the Exchange
and sell short futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Trust and the IIV
and thus can be beneficial to all market participants. Dissemination of the IIV provides additional information that is not otherwise
available to the public and is useful to Shareholders and market professionals in connection with the trading of the Trust’s Shares
on the Exchange. Shareholders and market professionals will be able throughout the trading day to compare the market price
of the Trust and the IIV. If the market price of the Trust’s Shares diverges significantly from the IIV, market
professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be trading at a discount compared
to the IIV, a market professional could buy the Trust’s