Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 14

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 14
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 median of all transactions within each partition; and (iii) the value is determined
from the arithmetic mean of the volume-weighted medians, equally weighted. By employing the foregoing steps, the Pricing Benchmark thereby
seeks to ensure that transactions in XRP conducted at outlying prices do not have an undue effect on the value of a specific partition,
large trades or clusters of trades transacted over a short period of time will not have an undue influence on the index or benchmark level,
as applicable, and the effect of large trades at prices that deviate from the prevailing price are mitigated from having an undue influence
on the benchmark level.

In addition, the Sponsor
notes that an oversight function is implemented by the Benchmark Provider in seeking to ensure that the Pricing Benchmark is administered
through codified policies for Pricing Benchmark integrity, which include a conflicts of interest policy, a control framework, an accountability
framework, and an input data policy. It is also subject to the UK Benchmarks Regulation (“BMR”), compliance with which regulations
has been subject to a Limited Assurance Audit under the ISAE 3000 standards of September 12, 2022.

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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.

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: “[●]”) 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