Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 15

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 15
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 information on the Benchmark Provider’s website is incorporated by reference into this Prospectus.

The Sponsor has entered into
a licensing agreement with the Benchmark Provider to use the Pricing Benchmark. The Trust is entitled to use the Pricing Benchmark pursuant
to a sub-licensing arrangement with the Sponsor. As the Pricing Benchmark is calculated as a price return, it currently does not track
airdrops involving XRP. Accordingly, the Trust will not participate in airdrops, as further described below in “Risk factors — The inability to recognize the economic benefit of a ‘fork’ or an ‘airdrop’ could adversely impact an investment in the Trust.”

Pricing Information Available on the Exchange and Other Sources

The current market price
per Share (symbol: “TOXR”) will be published continuously as trades occur throughout each trading day on the consolidated
tape by market data vendors.

The intra-day indicative value
per Share will be published by the Exchange once every 15 seconds throughout each trading day on the consolidated tape by market
data vendors.

The intra-day indicative
value per Share is calculated based on the Pricing Benchmark. The most recent end-of-day NAV will be published as of the close of business
by market data vendors and will be available on the Sponsor’s website at www.21shares.com, or any successor thereto, and
will be published on the consolidated tape. None of the information on the Sponsor’s website is incorporated by reference into this Prospectus.

Any adjustments made to the Pricing Benchmark will be published on the Benchmark Provider’s website at https://www.cfbenchmarks.com/data/indices/XRPUSD_NYor any successor thereto. None of the information on the Benchmark Provider’s website is incorporated by reference into this Prospectus.

The selection of exchanges
for use in the Pricing Benchmark is based on the accessible venues where execution transactions for XRP will occur. The exchanges on
which market participants primarily execute transactions for XRP may evolve from time to time, and the Benchmark Provider may make changes
to the Constituent Exchanges comprising the Pricing Benchmark from time to time for this or other reasons. To the extent the Trust executes
transactions for XRP, the exchanges on which the Trust executes transactions do not impact the Constituent Exchanges comprising the Pricing
Benchmark. Although Constituent Exchanges are selected for inclusion within the Pricing Benchmark in accordance with specified criteria
and eligibility standards, changes to the Constituent Exchanges may result in an impact on the pricing information reflected in the Pricing
Benchmark. Once it has actual knowledge of material