Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 151

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 151
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 adjustments may result in variations in
the calculated spot price of XRP, thereby affecting the valuation of the Trust’s assets and the NAV per Share.

Pricing Benchmark data
and the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website
at https://www.cfbenchmarks.com/data/indices/XRPUSD_NY. None of the information on the Benchmark Provider’s website is incorporated by reference into this Prospectus.

A trading venue is eligible
as a “Constituent Exchange” in any of the CME CF Cryptocurrency Pricing Products if it offers a market that facilitates the
spot trading of the relevant digital asset base asset against the corresponding quote asset, including markets where the quote asset
is made fungible with Accepted Assets (the “Relevant Pair”) and makes trade data and order data available through an API
with sufficient reliability, detail and timeliness. The CME CF Oversight Committee considers a trading venue to offer sufficiently reliable,
detailed and timely trade data and order data through an API when: (i) the API for the “Constituent Exchange” does not
fall or become unavailable to a degree that impacts the integrity of the Pricing Benchmark given the frequency of calculation; (ii) the
data published is at the resolution required so that the benchmark can be calculated, with the frequency and dissemination precision
required; and (iii) the data is broadcast and available for retrieval at the required frequency (and not negatively impacted by
latency) to allow the methodologies to be applied as intended. An “Accepted Asset” means a digital asset that is a fully reserve
backed digital token, commonly referred to as a “stablecoin”, that seeks to peg its value to that of the quote asset, where
the issuer operates a 1:1 redemption facility and solely holds reserve assets that are in line with the prevailing regulations enforced
for government security money market funds in major jurisdictions such as the United States, United Kingdom and the European Union.

Furthermore, it must, in the
opinion of the CME CF Oversight Committee, fulfill the following criteria:

| 1. | The venue’s                                                                               
 Relevant Pair spot trading volume for an index must meet the minimum thresholds for it to 
 be admitted as a constituent exchange.                                                    |

| 2. | The average                                                                                   
 daily volume the venue would have contributed during the observation window for the Reference 
 Rate of the Relevant Pair exceeds 3% for two consecutive calendar quarters.                   |

| 3. | The