Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 152

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 152
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 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'>69</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 CME CF 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 Sponsor has entered
into a licensing agreement with the Benchmark Provider to use the Pricing Benchmark (the “Pricing Benchmark Licensing Agreement”).
The Trust is entitled to use the Pricing Benchmark pursuant to a sub-licensing arrangement with the Sponsor. Pursuant to the Pricing
Benchmark Licensing Agreement, the Benchmark Provider provides each of the Sponsor, the Trust, and their affiliates a non-exclusive,
non-transferable, non-sub-licensable, perpetual, worldwide, license to access, view and use the Pricing Benchmark to develop, create,
calculate, settle, maintain or support and market the Trust. Such license will have a one-year initial term and will automatically be
renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

As the Pricing Benchmark is
calculated as a price return, it does not track airdrops involving XRP. Accordingly, the Trust does not participate in airdrops,