Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 147

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 147
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 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 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, KY