Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 153

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 153
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as further described above in “Risk Factors — The inability to recognize the economic benefit of a ‘fork’ or an ‘airdrop’ could adversely impact an investment in the Trust.”

CF BENCHMARKS LTD. DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST’S PRODUCTS. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS HAVE NO OTHER CONNECTION TO THE TRUST’S PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST’S PRODUCTS OR SERVICES. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST’S PRODUCTS AND SERVICES. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY PRICING BENCHMARK LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

<div align='center'>70

NAV DETERMINATIONS</div>

Calculation of NAV and NAV per Share

The Trust’s NAV will
be calculated based on the Trust’s net asset holdings as reconciled to the XRP Custodians’ accounts on a market approach,
determined on a daily basis in accordance with the Pricing Benchmark price, as promptly as practicable after 4:00 p.m. ET. In determining
the Trust’s NAV, the Administrator values the XRP held by the Trust based on the price set by the Pricing Benchmark as of 4:00 p.m.
ET. The Sponsor believes that use of the Pricing Benchmark mitigates against idiosyncratic market risk, as the failure of any individual
spot market will not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that
significantly deters manipulation.

As discussed, the fact that
there are multiple XRP spot markets contributing prices to the NAV makes manipulation more difficult in a well-arbitraged and fractured
market, as a malicious actor would need to manipulate multiple spot markets simultaneously to impact the NAV, or dramatically skew the
historical distribution of volume between the various exchanges.

The Trust’s NAV per
Share is calculated by:

| ● | taking                                                                                        
 the current market value of its total assets based on the XRP price determined by the Pricing 
 Benchmark;                                                                                    |

| ● | subtracting          
 any liabilities; and |

| ● | dividing