21Shares XRP ETF shifts NAV to FTSE XRP Index
21Shares XRP ETF (symbol TOXR) updates its prospectus to reflect two main changes.
21Shares XRP ETF (symbol TOXR) updates its prospectus to reflect two main changes. First, effective August 27, 2026, the Trust’s NAV and share values are now calculated using the FTSE XRP Index instead of the CME CF XRP–Dollar Reference Rate – New York Variant. The new Pricing Benchmark is a 15‑second VWAP of XRP‑USD prices over a 60‑minute window ending at 4:00 p.m. ET, using filtered executed trades from specified Constituent Exchanges such as Kraken and Bitstamp. The supplement details methodology, exchange eligibility criteria, market‑share data, and risk factors explaining that methodological and venue differences may cause NAV to diverge from what the prior benchmark would have produced.
Second, the Trust clarifies that the 0.30% annual Sponsor Fee still accrues daily based on NAV but is now payable in XRP at least quarterly in arrears, rather than weekly. The Sponsor continues to cover most ordinary operating expenses from this fee. Historical tables compare average, high, low, and end‑of‑period XRP prices under both benchmarks from inception through July 31, 2026, with the Sponsor stating it has not observed material pricing differences over that period.
Positive
- None.
Negative
- None.
Filing Explained
The Sponsor can change the valuation benchmark without a shareholder vote, while the Trust excludes XRP airdrops from its tracked assets.
With the FTSE XRP Index now used for NAV, the Sponsor may change the Pricing Benchmark or its provider without shareholder approval, subject to notifying shareholders.
As of
The FTSE XRP Index does not track XRP airdrops, and the Trust therefore does not participate in them.
Key Figures
Key Terms
Pricing Benchmark financial
Constituent Exchanges financial
volume-weighted average price financial
UK Benchmark Regulation regulatory
airdrop financial
Sponsor Fee financial
Offering Details
FAQ
What benchmark does 21Shares XRP ETF (TOXR) now use to value its NAV?
How is the new FTSE XRP Index for TOXR calculated?
Did 21Shares XRP ETF (TOXR) change how often the Sponsor Fee is paid?
What risk does TOXR disclose about switching from the prior XRP benchmark?
Which exchanges dominate the new Pricing Benchmark for TOXR as of July 31, 2026?
Does the FTSE XRP Index used by TOXR track XRP airdrops?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Filed pursuant to Rule 424(b)(3)
Registration No. 333-282942
21SHARES XRP ETF
SUPPLEMENT NO. 7 DATED AUGUST 27, 2026
TO THE PROSPECTUS DATED DECEMBER 10, 2025
This prospectus supplement No. 7 (this “Supplement”) is being filed to update and supplement the information contained in the prospectus of 21Shares XRP ETF (the “Trust”) dated December 10, 2025 (as supplemented or amended from time to time, the “Prospectus”). Each of the Prospectus and this Supplement form a part of our Registration Statement on Form S-1 (Registration No. 333-282942) initially declared effective by the Securities and Exchange Commission (the “SEC”) on December 10, 2025 (the “Registration Statement”).
The purpose of this Supplement is to update and supplement certain information contained in the Registration Statement and Prospectus to disclose (i) that prior to August 27, 2026, the Trust used the CME CF XRP—Dollar Reference Rate — New York Variant (XRPUSD_NY) (the “Prior Pricing Benchmark”) and as of August 27, 2026, the Trust began using the FTSE XRP Index (the “Pricing Benchmark”) and (ii) a change in the timing of payment of the Sponsor Fee (as defined below) from being payable in XRP weekly in arrears to at least quarterly in arrears. Except as otherwise set forth below, the information set forth in the Registration Statement and Prospectus remains unchanged. For clarity, additions to existing disclosure from the Registration Statement and Prospectus are indicated with bold, underlined text and deletions are indicated with strikethrough. All page, paragraph and section references used herein refer to the Registration Statement and Prospectus before any additions or deletions resulting from the revised disclosures, and capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Registration Statement and Prospectus.
The information set forth below serves as a supplement to the Registration Statement and Prospectus. Except as described herein, the information provided in the Registration Statement and Prospectus continues to apply. To the extent this Supplement differs from or updates information in the Registration Statement or Prospectus, you should rely on the information contained in this Supplement. The Registration Statement and Prospectus contain important additional information. This Supplement should be read in conjunction with the Registration Statement and Prospectus.
PROSPECTUS
Shares
21Shares XRP ETF
The 21Shares XRP ETF (the
“Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) that are
anticipated to be listed on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust is a passive investment
vehicle that does not seek to generate returns beyond tracking the price of XRP. This means the Sponsor does not speculatively sell
XRP at times when its price is high or speculatively acquire XRP at low prices in the expectation of future price increases. It also
means the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Trust’s
investment objective is to seek to track the performance of XRP, as measured by the performance of the CME CF XRP—Dollar
Reference Rate — New York Variant (XRPUSD_NY) FTSE XRP Index (the “Pricing Benchmark”),
as adjusted for the Trust’s expenses and other liabilities. The Pricing Benchmark is calculated by FTSE International
Limited CF Benchmarks Ltd.(the “Benchmark Provider” or “FTSE”) based on an
aggregation of executed trade flow of major XRP trading platforms the volume weighted average price across qualifying
XRP spot markets (“Constituent Exchanges”). The Pricing Benchmark is designed to track the performance of XRP in
U.S. dollars. In seeking to achieve its investment objective, the Trust will holdholds XRP and the
Trust’s administrator will valuevalues itsthe
Trust’s Shares daily based on the Pricing Benchmark. 21Shares US LLC (the “Sponsor”) is the sponsor of
the Trust, CSC Delaware Trust Company (the “Trustee”) is the trustee of the Trust, and Coinbase Custody Trust Company, LLC
(the “Coinbase Custodian”), Anchorage Digital Bank N.A. (the “Anchorage Custodian”) and BitGo Trust Company,
Inc. BitGo Bank & Trust, N.A. (the “BitGo Custodian” and together with the Coinbase Custodian and
the Anchorage Custodian, the “XRP Custodians”) are the XRP custodians for the Trust and will hold all of
the Trust’s XRP on the Trust’s behalf (the custodial services agreements with each of the XRP Custodians are collectively
referred to herein as the “Custodial Services Agreements”).
On December 6, 2025August
20, 2026, the Pricing Benchmark was $2.03approximately $1.25.
PROSPECTUS SUMMARY
Overview of the Trust
The 21Shares XRP ETF (the
“Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) that trade
on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to seek to track the performance
of XRP, as measured by the performance of the CME CF XRP—Dollar Reference Rate — New York Variant
(XRPUSD_NY) FTSE XRP Index (the “Pricing Benchmark”), as adjusted for the Trust’s expenses and
other liabilities. The Pricing Benchmark is calculated by CF Benchmarks Ltd. FTSE International Limited
(the “Benchmark Provider” or “FTSE”). The Pricing Benchmark is designed to track the performance
of XRP in U.S. dollars. The Shares of the Trust are valued daily based on the Pricing Benchmark.
CME CF XRP—Dollar Reference Rate — New York
Variant (XRPUSD_NY)
The Pricing Benchmark
The Pricing Benchmark was introduced
on September 16, 2024February 25, 2024. The Benchmark Provider is the administrator of the Pricing Benchmark.
The Pricing Benchmark is calculated dailyon weekdays and on Sundays.
The Sponsor believes
that the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of XRP and that resistance to
manipulation is a priority aim of its design methodology. The methodology: (i) takes an observation period and divides it into equal
partitions of time; (ii) then calculates the volume-weighted 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.
The Sponsor believes that the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of XRP. 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 Pricing Benchmark is determined as a 15-second volume-weighted average price ("VWAP") of XRP closing prices in USD calculated across Constituent Exchanges over a 60-minute observation window ending at 4:00 p.m. ET. For example, the fix at 4:00 p.m. takes all prices published every 15 seconds in the observation window from 3:00:15 p.m. to 4:00:00 p.m. ET (240 observations). Executed transactions from Constituent Exchanges are used in the calculation; price quotes are not used, and prices are calculated net of any transaction costs. After conversion to USD and prior to the final volume-weighted VWAP calculation, executed trades are filtered to identify and remove outliers. Duplicate trades are first removed. At the exchange level, all executed trades for XRP from the most recent 10-minute window are aggregated, a VWAP is calculated for each Constituent Exchange, and trades from any Constituent Exchange whose VWAP falls outside 1.5 standard deviations of the mean VWAP across all Constituent Exchanges are excluded. At the trade level, any individual trade with a price that falls outside 2.5 standard deviations of the mean price across the then most recent 10-minute window across the Constituent Exchanges is excluded. By employing the foregoing steps, the Pricing Benchmark thereby seeks to be a price reflection for XRP in U.S. dollars.
The selection of exchanges for use in the Pricing Benchmark is based on specified criteria and eligibility standards. However, changes to the Constituent Exchanges may result in an impact on the pricing information reflected in the Pricing Benchmark. 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.
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The Sponsor may, in its sole discretion, change either the Pricing Benchmark or Benchmark Provider without Shareholder approval. Should such a change take place, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Sponsor’s website. Once it has actual knowledge of material changes to the Constituent Exchanges used to calculate the Pricing Benchmark, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Sponsor’s website. Any adjustments made to the Pricing Benchmark will be published on the Benchmark Provider’s website at https://www.lseg.com/en/ftse-russell/indices/digital-asset#overview or any successor thereto. None of the information on the Benchmark Provider’s website is incorporated by reference into this Prospectus.
In addition, the Sponsor
notes that an 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 conflict
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 These policies are subject to regular review at least once a year by FTSE, with feedback considered
by FTSE’s Governance Board before approval is granted. FTSE is authorized as a “Benchmark Administrator” and regulated
in the United Kingdom by the Financial Conduct Authority under the UK Benchmark Regulation.
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. cfbenchmarkslseg.com/data/indices/XRPUSD_NY/en/ftse-russell/indices/digital-asset#overview.
None of the information on the Benchmark Provider’s website is incorporated by reference into this Prospectus.
The Benchmark Provider makes no warranty, express or implied, as to the results to be obtained by any person or entity from the use of the Pricing Benchmark for any purpose. Pricing Benchmark information and any other data calculated and/or disseminated, in whole or part, by the Benchmark Provider is for informational purposes only, not intended for trading purposes, and provided on an “as is” basis. The Benchmark Provider does not warrant that the Pricing Benchmark information will be uninterrupted or error-free, or that defects will be corrected. The Benchmark Provider also does not recommend or make any representation as to possible benefits from any securities or investments, or third-party products or services. Shareholders should undertake their own due diligence regarding investment practices.
The Sponsor has entered into
a licensing agreement with the Benchmark Provider to use the Pricing Benchmark. The, pursuant to which the
Trust is entitled to use the Pricing Benchmark pursuant to a sub-licensing arrangement with as a permitted affiliate
of the Sponsor. As the Index is calculated as a price return, itThe Pricing Benchmark currently
does not track airdrops involving XRP. Accordingly, the Trust willdoes 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
Any adjustments made
to the Pricing Benchmark will be published on the Benchmark Provider’s website at https://www.cfbenchmarks.com/data/indices/XRPUSD_NY
or 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 changes to the Constituent Exchanges used to calculate the Pricing Benchmark, the
Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic reports under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), as applicable, and on the Sponsor’s website.
2
The Sponsor may, in
its sole discretion, change either the Pricing Benchmark or Benchmark Provider without Shareholder approval. Should such a change take
place, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act
reports, as applicable, and on the Sponsor’s website.
The intra-day levels
and closing levels of the Pricing Benchmark are published by the Benchmark Provider, and the closing NAV is published by the Administrator.
The Benchmark Provider
makes no warranty, express or implied, as to the results to be obtained by any person or entity from the use of the Pricing Benchmark
for any purpose. Pricing Benchmark information and any other data calculated and/or disseminated, in whole or part, by the Benchmark Provider
is for informational purposes only, not intended for trading purposes, and provided on an “as is” basis. The Benchmark Provider
does not warrant that the Pricing Benchmark information will be uninterrupted or error-free, or that defects will be corrected. The Benchmark
Provider also does not recommend or make any representation as to possible benefits from any securities or investments, or third-party
products or services. Shareholders should undertake their own due diligence regarding securities and investment practices.
The Trust’s Fees and Expenses
The Sponsor Fee will accrue
daily and will be payable in XRP weeklyat least quarterly in arrears. The Administrator will calculate
the Sponsor Fee on a daily basis by applying a 0.30% annualized rate to the Trust’s NAV and the amount of XRP payable in respect
of each daily accrual shall be determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses
(except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. Operating expenses assumed by the Sponsor include
(i) the fee payable to the Marketing Agent for services it provides to the Trust (the “Marketing Fee”), (ii) fees
to the Administrator, if any, (iii) fees to the XRP Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee,
(vi) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation
system (including legal, marketing and audit fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related
expenses, (viii) audit fees, (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares
under the Securities Act of 1933, as amended (the “1933 Act”) or the Exchange Act, (x) printing and mailing costs,
(xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid Expense,”
and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will
be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. In the Sponsor’s sole discretion, all or any
portion of a Sponsor-paid Expense may be redesignated as an Additional Trust Expense. The Trust will be responsible for XRP-related on-chain
transaction fees associated with creation and redemption transactions and transactions with the Prime Broker, and the Sponsor will assume
such expense of the Trust in consideration for the Sponsor Fee. There is currently no predetermined cap on the aggregate amount
of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the
owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on
the Sponsor’s website.
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RISK FACTORS
Risks Associated with the Pricing Benchmark and Pricing Benchmark Pricing
The change in the Trust's Pricing Benchmark from the CME CF XRP—Dollar Reference Rate — New York Variant (XRPUSD_NY) to the FTSE XRP Index may adversely affect the Trust's NAV, the market price of the Shares and an investment in the Trust.
The Trust has terminated its licensing agreement with CF Benchmarks Ltd. (the “Prior Benchmark Provider”) relating to the Prior Pricing Benchmark and entered into a new licensing agreement with FTSE relating to the Pricing Benchmark, which now serves as the “Pricing Benchmark” for purposes of calculating the Trust's NAV. The change in Pricing Benchmark involves differences in calculation methodology, constituent exchange composition, and pricing inputs that may cause the Trust's NAV to differ from what it would have been under the Prior Pricing Benchmark, and investors should be aware of the following risks in connection with this transition.
The Pricing Benchmark is determined as a 15-second VWAP of XRP closing prices in USD calculated across the Constituent Exchanges over a 60-minute observation window ending at 4:00 p.m. ET, and it applies specific trade-level and exchange-level filtering and outlier-removal steps as part of its methodology. The Prior Pricing Benchmark used a different calculation methodology, a different set of contributing platforms, and different weighting and filtering conventions. As a result of these methodological differences, there is no assurance that the Pricing Benchmark will produce the same XRP price as the Prior Pricing Benchmark at any given time, and differences between the two may be material. To the extent the Pricing Benchmark produces a materially different XRP price than the Prior Pricing Benchmark would have produced on the same day, the Trust's NAV calculated under the Pricing Benchmark may be higher or lower than the NAV that would have been calculated under the Prior Pricing Benchmark.
The Pricing Benchmark is based on pricing information from a set of qualifying XRP spot markets referred to as the “Constituent Exchanges.” The Constituent Exchanges used by the Pricing Benchmark differ from the contributing platforms used by the Prior Pricing Benchmark. While each of the Constituent Exchanges is subject to a range of federal and state laws regarding various aspects of their functioning, none of the Constituent Exchanges are currently registered with the SEC as a national securities exchange, broker-dealer or clearing agency. Certain of the Constituent Exchanges are headquartered outside of the United States and may be subject to less regulatory oversight than U.S.-regulated venues. The concentration of pricing volume in any one or more Constituent Exchanges means that the Trust’s NAV may be more susceptible to price anomalies, technological failures, regulatory actions, or market disruptions affecting those exchanges. Because the Pricing Benchmark relies on price data from third-party XRP spot markets that are not registered with or supervised by the SEC or CFTC and whose inputs may be subject to technological error, manipulative activity or fraudulent reporting, the XRP price reflected by the Pricing Benchmark (and therefore the Trust's NAV) could be adversely affected.
During the period immediately following the transition from the Prior Pricing Benchmark to the Pricing Benchmark the Trust's NAV may reflect pricing that differs from market expectations or historical patterns based on the Prior Pricing Benchmark. Investors who purchased Shares when the Trust used the Prior Pricing Benchmark and who continue to hold Shares following the transition should be aware that the Pricing Benchmark may reflect a different view of XRP's price than the Prior Pricing Benchmark. There can be no assurance that any transition period will be free from pricing discrepancies, NAV calculation errors or other disruptions resulting from the change in Pricing Benchmark. To the extent market prices differ materially from the Pricing Benchmark price, investors may lose confidence in the Shares' ability to track the market price of XRP, which could adversely affect the value of the Shares.
The Pricing Benchmark has a limited history.
The Pricing Benchmark has only
been in operation since September 16, 2024February 25, 2024, and the Pricing Benchmark has only featured
its current roster of Constituent Exchanges since August 30, 2025 February 25, 2024. A longer history
of actual performance through various economic and market conditions would provide greater and more reliable information for an investor
to assess the Pricing Benchmark’s performance. The Benchmark Provider has substantial discretion at any time to change the methodology
used to calculate the Pricing Benchmark, including the spot markets that contribute prices to the Trust’s NAV. The Benchmark
Provider does not have any obligation to take the needs of the Trust, the Trust’s Shareholders, or anyone else into consideration
in connection with such changes. There is no guarantee that the methodology currently used in calculating the Pricing Benchmark will appropriately
track the price of XRP in the future. The Benchmark Provider has no obligation to take the needs of the Trust or the Shareholders into
consideration in determining, composing, or calculating the Pricing Benchmark.
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THE TRUST AND XRP PRICES
Use of the CME CF FTSE
XRP Index—Dollar Reference Rate — New York Variant (XRPUSD_NY)
The net assets of the Trust
and its Shares are valued on a daily basis with reference to the CME CF XRP—Dollar Reference Rate — New York Variant
(XRPUSD_NY)FTSE XRP Index, the Pricing Benchmark, a standardized reference rate published by CF Benchmarks
Ltd.FTSE International Limited, the Benchmark Provider, that is designed to track the performance of XRP in U.S.
dollars. The Pricing Benchmark is calculated daily and aggregates the notional value of XRP trading activity across major XRP
spot exchangeson each weekday and on Sundays between 3:00:15 p.m. and 4:00:00 p.m. ET. The Sponsor believes that the use
of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of XRP. 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 Benchmark Provider is the administrator of the Pricing Benchmark. The Trust also uses the Pricing Benchmark
to calculate its NAV, which is the aggregate U.S. Dollar value of XRP in the Trust, based on the Pricing Benchmark, less its liabilities
and expenses. “NAV per Share” is calculated by dividing NAV by the number of Shares currently outstanding. NAV and NAV per
Share are not measures calculated in accordance with GAAP. NAV is not intended to be a substitute for the Trust’s Principal Market
NAV calculated in accordance with GAAP, and NAV per Share is not intended to be a substitute for the Trust’s Principal Market NAV
per Share calculated in accordance with GAAP.
The Pricing Benchmark is determined as a 15-second volume-weighted average price VWAP of XRP closing prices in USD calculated across Constituent Exchanges over a 60-minute observation window ending at 4:00 p.m. ET. For example, the fix at 4:00 p.m. takes all prices published every 15 seconds in the observation window from 3:00:15 p.m. to 4:00:00 p.m. ET (240 observations). Executed transactions from Constituent Exchanges are used in the calculation; price quotes are not used, and prices are calculated net of any transaction costs. After conversion to USD and prior to the final volume-weighted VWAP calculation, executed trades are filtered to identify and remove outliers. Duplicate trades are first removed. At the exchange level, all executed trades for XRP from the most recent 10-minute window are aggregated, a VWAP is calculated for each Constituent Exchange, and trades from any Constituent Exchange whose VWAP falls outside 1.5 standard deviations of the mean VWAP across all Constituent Exchanges are excluded. At the trade level, any individual trade with a price that falls outside 2.5 standard deviations of the mean price across the then most recent 10-minute window across the Constituent Exchanges is excluded.
Exchanges are eligible for inclusion in the Pricing Benchmark as Constituent Exchanges if they qualify as either Watchlist or Participating Exchanges under the Benchmark Provider’s exchange vetting methodology. Watchlist Exchanges must, among other things: (i) have a domicile that does not restrict capital trading by foreign or international investors; (ii) be managed by companies with easily available and verified biographical information on their executive leadership team; (iii) maintain a minimum average daily reported volume of $5,000,000 USD over the six-month period leading up to each quarterly review; (iv) operate as a centralized spot exchange facilitating spot delivery transactions of underlying digital assets; and (v) provide continuous trade data including asset pair, price, volume and accurate timestamp for each trade. Watchlist Exchanges must also pass comprehensive data science tests during each of the previous two quarters demonstrating that trading follows natural buy and sell patterns and occurs at natural and expected lot levels. Participating Exchanges must satisfy all Watchlist criteria and additionally must: (i) operate within the laws of their domiciled country and hold all relevant licensing and registrations; (ii) differentiate users based on geolocation; (iii) have complied with regulatory authorities for requests for information; enforce KYC and AML controls requiring verification of a user's name, email address, phone number, government-issued identification and bank account; not appear on any third-party sanctions lists; have no founded accusations of fraud or criminal charges against the exchange or its leadership; have experienced no meaningful security lapse or breach in the last 12 months resulting in loss of client or exchange funds exceeding 1.0% of total holdings; and have experienced no significant downtime, defined as more than 24 cumulative hours in any one quarter.
As of July 31, 2026, the Constituent Exchanges included in the Pricing Benchmark were Kraken, Bitstamp, Bitfinex, LMAX, Gemini, bitFlyer and Luno. As of July 31, 2026, Kraken made up 51.440%, Bitstamp made up 34.391%, Bitfinex made up 5.782%, LMAX made up 4.585%, Gemini made up 2.668% and bitFlyer made up 0.705%, with Luno holding the remaining 0.429% of the market share by trading volume of the Pricing Benchmark. For the three-month period ending July 31, 2026, Kraken had a pricing volume of $2,000,986,460.49, Bitstamp had a pricing volume of $1,337,793,922.25, Bitfinex had a pricing volume of $224,915,065.05, LMAX had a pricing volume of $178,360,059.53, Gemini had a pricing volume of $103,767,006.75, bitFlyer had a pricing volume of $27,423,528.26 and Luno had a pricing volume of $16,668,282.10.
5
The Constituent Exchanges had an aggregate price volume in the XRP-USD pair during the three-month period from May 1, 2026 to July 31, 2026 as shown in the table below:
| Aggregate Price Volume of XRP-USD Constituent Exchange (USD) | ||||||||||||||||
| Period | Kraken | Bitstamp | Bitfinex | Other | ||||||||||||
| 5/1/26 - 7/31/26 | $ | 2,000,986,460.49 | $ | 1,337,793,922.25 | $ | 224,915,065.05 | $ | 326,218,876.64 | ||||||||
The table below reflects the market share of each of the Constituent Exchanges included in the Pricing Benchmark using data observed by the Pricing Benchmark through the Constituent Exchanges from May 1, 2026 to July 31, 2026:
Market Share of the XRP-USD Constituent Exchanges | ||||||||||||||||
| Period | Kraken | Bitstamp | Bitfinex | Other | ||||||||||||
| 5/1/26 – 7/31/26 | 51.440 | % | 34.391 | % | 5.782 | % | 8.387 | % | ||||||||
Kraken’s headquarters are located in San Francisco, California. Kraken is registered as a money services business (“MSB”) with the Financial Crimes Enforcement Network (“FinCEN”), and holds licenses to engage in money transmission, or the state equivalent, in the majority of U.S. states.
Bitstamp is a U.K.-based exchange registered as an MSB with FinCEN and licensed as a virtual currency business under the NYDFS BitLicense as well as money transmitter in various U.S. states.
Bitfinex is a British Virgin Islands-based trading platform registered as an MSB with FinCEN.
While each of the Constituent Exchanges is subject to a range of federal and state laws regarding various aspects of their functioning, none of the Constituent Exchanges are currently registered with the SEC as a national securities exchange, broker dealer or clearing agency. Further information regarding the domicile, regulation and legal compliance of the Constituent Exchanges may be found, where available, on the websites for such Constituent Exchanges and public registers for compliance with local regulations, among other places.
An oversight function is implemented by the Pricing Benchmark in seeking to ensure that the Pricing Benchmark is administered through codified policies for Pricing Benchmark integrity, which include a conflict of interest policy, a control framework, an accountability framework, and an input data policy. These policies are subject to regular review at least once a year by FTSE, with feedback considered by FTSE’s Governance Board before approval is granted. FTSE is authorized as a “Benchmark Administrator” and regulated in the United Kingdom by the Financial Conduct Authority under the UK Benchmark Regulation.
The Sponsor holds full discretion to change either the Pricing Benchmark or the Benchmark Provider subject to proper notification to Shareholders. Shareholder approval is not required. Adjustments to the Pricing Benchmark could impact the NAV of the Trust. These adjustments may result in variations in the calculated spot price of XRP, thereby affecting the valuation of the Trust's assets and the Trust’s NAV per Share. Once it has actual knowledge of material changes to the Constituent Exchanges used to calculate the Pricing Benchmark, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic reports under the Exchange Act, as applicable, and on the Sponsor’s website.
6
The net assets of the
Trust and its Shares are valued on a daily basis with reference to the CME CF XRP—Dollar Reference Rate — New York
Variant (XRPUSD_NY), the Pricing Benchmark, a standardized reference rate published by CF Benchmarks Ltd., the Benchmark Provider, that
is designed to track the performance of XRP in U.S. dollars. The Pricing Benchmark is calculated daily and aggregates the notional
value of XRP trading activity across major XRP spot exchanges. The Benchmark Provider is the administrator of the Pricing Benchmark. The
Trust Administrator also uses the Pricing Benchmark to calculate itsthe Trust’s
NAV, which is the aggregate U.S. Dollar value of XRP in the Trust, based on the Pricing Benchmark, less its liabilities and expenses.
“NAV per Share” is calculated by dividing NAV by the number of Shares currently outstanding. NAV and NAV per Share are not
measures calculated in accordance with GAAP. NAV is not intended to be a substitute for the Trust’s Principal Market NAV calculated
in accordance with GAAP, and NAV per Share is not intended to be a substitute for the Trust’s Principal Market NAV per Share calculated
in accordance with GAAP.
The Pricing Benchmark
was created to facilitate financial products based on XRP and provides a USD-denominated reference rate for the spot price of XRP. The
Pricing Benchmark leverages real-time prices from multiple constituent exchanges (the “Constituent Exchanges”) to provide
a representative spot price. Each Constituent Exchange is weighted proportionally to its trailing 24-hour liquidity with adjustments for
price variance and inactivity. The Pricing Benchmark is calculated based on the Relevant Transactions of the Constituent Exchanges. Calculation
steps on any given day for which the Pricing Benchmark is published are as follows: (1) all Relevant Transactions are added to a joint
list, recording the trade price and size for each transaction; (2) the list is partitioned (i.e., trades are added to a partition) into
a number of equally-sized time intervals; (3) for each partition separately, the volume-weighted median trade price is calculated from
the trade prices and sizes of all Relevant Transactions (i.e., across the Constituent Exchanges). A volume-weighted median differs from
a standard median in that a weighting factor, in this case trade size, is factored into the calculation; and (4) the Pricing Benchmark
is then given by the equally-weighted average of the volume-weighted medians of all partitions.
The use of an equally-weighted
average, as opposed to a volume-weighted average, to calculate the Pricing Benchmark results in a single large trade or cluster of trades
occurring in any one partition having only a limited effect on the Pricing Benchmark. Adjustments are made to the calculation for delayed
data, missing data and erroneous data. “Relevant Transaction” means any digital asset base asset versus the quote asset spot
trade that occurs during the TWAP Period on a Constituent Exchange in the Relevant Pair that is reported through its Application Programming
Interface (“API”) to the Benchmark Provider. “TWAP Period” means the 60 minutes leading up to 4:00 p.m. London
time. For more information on how the Benchmark Provider calculates the Pricing Benchmark, see the CME CF XRP-Dollar Reference Rate –
New York Variant (XRPUSD_NY) available on the Benchmark Provider’s website at https://www.cfbenchmarks.com/data/indices XRPUSD_NY.
As of October 30, 2025,
the Constituent Exchanges included in the Pricing Benchmark that is utilized by the Trust are Kraken, Coinbase, Bitstamp, LMAX Digital,
and Crypto.com. As of October 30, 2025, Kraken makes up 11.93% of the market share by trading volume of the Pricing Benchmark, with Coinbase
representing 58.03%, Bitstamp representing 9.05%, LMAX Digital representing 5.41% and Crypto.com representing 15.58% of the market share
by trading volume.
The Constituent Exchanges
had an aggregate trading volume in the XRP-USD pair on a quarterly basis during the period from October 1, 2024 to September 30, 2025
as shown in the table below:
The table below reflects
the market share of each of the Constituent Exchanges included in the Pricing Benchmark, using data observed by the Benchmark Provider
through the public APIs of the Constituent Exchanges from October 1, 2024 to September 30, 2025:
7
Kraken is a U.S.-based
exchange with headquarters in San Francisco, California, and is registered as a money services business with FinCEN and holds licenses
to engage in money transmission, or the state equivalent, in majority of U.S. states. Coinbase operates as a remote-first company and
has no physical headquarters, and is registered as a money services business with FinCEN, and holds licenses to engage in money transmission,
or the state equivalent, in the majority of U.S. states. LMAX Digital is a Gibraltar based exchange regulated by the GFSC as a DLT provider
for execution and custody services. LMAX Digital does not hold a BitLicense and is part of LMAX Group, a U.K.-based operator of a FCA
regulated Multilateral Trading Facility and Broker-Dealer. Bitstamp is a U.K.-based exchange registered as an MSB with FinCEN and licensed
as a virtual currency business under the NYDFS BitLicense as well as money transmitter in various U.S. states. Crypto.com is a Singapore-based
trading platform with a Digital Token License from the Monetary Authority of Singapore. Crypto.com is also registered as a Money Services
Business with FinCEN.
While each of the Constituent
Exchanges is subject to a range of federal and state laws regarding various aspects of their functioning, neither of the Constituent Exchanges
is currently registered with the SEC as a national securities exchange, broker-dealer or clearing agency. Further information regarding
the domicile, regulation and legal compliance of the Constituent Exchanges may be found, where available, on the websites for such Constituent
Exchanges and public registers for compliance with local regulations, among other places.
An oversight function
is implemented by the Benchmark Provider in seeking to ensure that the Pricing Benchmark is administered through the Benchmark Provider’s
codified policies for Pricing Benchmark integrity. The Pricing Benchmark is administered through the Benchmark Provider’s codified
policies for Pricing Benchmark integrity, including a conflicts of interest policy, a control framework, an accountability framework,
and an input data policy. It is also subject to the UK BMR regulations, compliance with which regulations has been subject to a Limited
Assurance Audit under the ISAE 3000 standard as of September 12, 2022, which is publicly available.
The Pricing Benchmark
is subject to oversight by the CME CF Oversight Committee. The CME CF Oversight Committee shall be comprised of at least five members,
including at least: (i) two who are representatives of CME (“CME Members”); (ii) one who is a representative of
the Benchmark Provider (“CF Member”); and (iii) two who bring expertise and industry knowledge relating to benchmark
determination, issuance and operations. The CME CF Oversight Committee meets no less frequently than quarterly. The CME CF Oversight Committee’s
Founding Charter and quarterly meeting minutes are publicly available.
The Sponsor believes
that the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of XRP and that resistance to
manipulation is a priority aim of its design methodology. The methodology: (i) takes an observation period and divides it into equal
partitions of time; (ii) then calculates the volume-weighted 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
benchmark level, 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.
The Sponsor holds full
discretion to change either the Pricing Benchmark or the Benchmark Provider subject to proper notification to shareholders. Shareholder
approval is not required. Adjustments to the Pricing Benchmark could impact the NAV of the Trust. These 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_NYlseg.com/en/ftse-russell/indices/digital-asset#overview.
None of the information on the Benchmark Provider’s website is incorporated by reference into this Prospectus.
8
The Sponsor has entered into a licensing agreement with the Benchmark Provider to use the Pricing Benchmark (the “Benchmark Licensing Agreement”). The Trust is entitled to use the Pricing Benchmark as a permitted affiliate of the Sponsor. Pursuant to the Benchmark Licensing Agreement, the Benchmark Provider provides each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use the Pricing Benchmark to develop, create, calculate, settle, maintain or support and market the Trust. Such license has a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to its terms.
The Pricing Benchmark does not track airdrops involving XRP. Accordingly, the Trust does not participate in airdrops, as further described above in “Risk Factors — The inability to recognize the economic benefit of a “fork” or an “airdrop” could adversely impact an investment in the Trust.”
The Benchmark Provider is a company incorporated and registered in England, and its principal offices are located at 10 Paternoster Square, London, EC4M 7LS, United Kingdom. The Benchmark Provider is experienced in calculating and administering digital asset indices. The Benchmark Provider is unaffiliated with the Sponsor.
Irrespective of its obligations towards the Sponsor and the Trust, the Benchmark Provider has no obligation to point out errors in the Pricing Benchmark to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Publication of the Pricing Benchmark by the Benchmark Provider neither constitutes a recommendation by the Benchmark Provider to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of the Benchmark Provider with regard to any investment in this financial instrument. The Benchmark Provider is not responsible for fulfilling the legal requirements concerning the accuracy and completeness of the financial instrument’s prospectus.
Transition from the CME CF XRP-Dollar Reference Rate — New York Variant (XRPUSD_NY) to the FTSE XRP Index
On August 27, 2026, the Trust changed its index from the Prior Pricing Benchmark to the Pricing Benchmark. Prior to August 27, 2026, the Trust's NAV and NAV per Share were calculated using the index price based on the Prior Pricing Benchmark. As of August 27, 2026, the Trust's NAV and NAV per Share are calculated using the index price based on the Pricing Benchmark. Performance of the Trust prior to August 27, 2026 is therefore based on the Trust's investment strategy to track the Prior Pricing Benchmark and may have been different had the Trust tracked the current Pricing Benchmark.
The Prior Pricing Benchmark and the Pricing Benchmark differ in certain material respects, including with respect to the Benchmark Provider, the days on which each is calculated, the price aggregation methodology employed, the manner in which the observation window is structured and partitioned, the approach to filtering outlier trades, and the criteria and processes by which constituent trading venues are selected and reviewed. These differences are described in the table below. Because the two indexes employ different methodologies and may draw on data from different constituent exchanges or platforms, there can be no assurance that the Pricing Benchmark will produce the same XRP price as the Prior Pricing Benchmark at any given time, and differences between the two may be material at any given time or over any given period.
9
Feature |
Prior Pricing Benchmark (CME CF XRP-Dollar Reference Rate – New York Variant (XRPUSD_NY)) |
Pricing Benchmark (FTSE XRP Index) | ||
|
Benchmark Provider |
CF Benchmarks Ltd. (the “Prior Benchmark Provider) |
FTSE International Limited (the “Benchmark Provider”) | ||
|
Regulatory Status |
The Prior Benchmark Provider is subject to the UK Benchmark Regulation (BMR), compliance with which has been subject to a Limited Assurance Audit under the ISAE 3000 standard. |
The Benchmark Provider is authorized as a “Benchmark Administrator” and regulated by the Financial Conduct Authority in the United Kingdom under the UK Benchmark Regulation. | ||
|
Calculation Days |
The NAV is calculated on each day other than a day when the Exchange is closed for regular trading. |
Weekdays (Monday through Friday) and Sundays. | ||
|
Calculation Time |
Shares are valued daily as of 4:00 p.m. ET. |
Shares are valued daily as of 4:00 p.m. ET. | ||
|
Observation Window |
From 3:00 p.m. to 4:00 p.m. New York time (one hour). |
3:00:15 p.m. to 4:00:00 p.m. ET (one hour, producing 240 price observations at 15-second intervals). | ||
|
Price Aggregation Method |
The value is determined from the arithmetic mean of the volume-weighted medians, equally weighted. |
The benchmark level is a 15-second volume-weighted average price (VWAP) of XRP closing prices in USD calculated across Constituent Exchanges over a 60-minute observation window ending at 4:00 p.m. ET, after application of exchange-level and trade-level outlier filters. | ||
|
Outlier and Error Handling |
An oversight function is implemented by the Prior Benchmark Provider in seeking to ensure that the Prior Pricing Benchmark is administered through codified policies for integrity, which include a conflicts of interest policy, a control framework, an accountability framework, and an input data policy. |
After conversion to USD and prior to the final volume-weighted VWAP calculation, executed trades are filtered to identify and remove outliers. Duplicate trades are first removed. At the exchange level, all executed trades for XRP from the most recent 10-minute window are aggregated, a VWAP is calculated for each Constituent Exchange, and trades from any Constituent Exchange whose VWAP falls outside 1.5 standard deviations of the mean VWAP across all Constituent Exchanges are excluded. At the trade level, any individual trade with a price that falls outside 2.5 standard deviations of the mean price across the then most recent 10-minute window across the Constituent Exchanges is excluded. | ||
|
Constituent Exchange / Platform Selection |
The selection of exchanges for use in the Prior Pricing Benchmark is based on the accessible venues where execution transactions for XRP will occur. |
Exchanges are eligible as Constituent Exchanges if they qualify as Watchlist or Participating Exchanges under the Benchmark Provider's vetting methodology. Watchlist Exchange criteria include, among other things, a minimum average daily reported volume of $5,000,000 USD over the prior six-month period, operation as a centralized spot exchange, and provision of continuous trade data. Participating Exchanges must satisfy all Watchlist criteria and additionally must operate within the laws of their domiciled country, differentiate users based on geolocation, enforce KYC and AML controls, and have experienced no meaningful security lapse or breach in the last 12 months resulting in loss of client or exchange funds exceeding 1.0% of total holdings. | ||
|
Constituent Exchange / Platform Composition |
As of July 31, 2026, the Constituent Exchanges included Kraken, Coinbase, Bitstamp, LMAX Digital and Crypto.com. |
As of July 31, 2026, the Constituent Exchanges included in the Pricing Benchmark are Kraken, Bitstamp, Bitfinex, LMAX, Gemini, bitFlyer and Luno. | ||
|
Data Used in Calculation |
The Prior Pricing Benchmark is calculated daily and aggregates the notional value of XRP trading activity across major XRP spot exchanges, using the volume-weighted median of executed transactions within each time partition. |
Executed transactions from Constituent Exchanges are used in the calculation; price quotes are not used, and prices are calculated net of any transaction costs. | ||
|
Pricing Benchmark Launch Date |
The Prior Pricing Benchmark was introduced on September 16, 2024. |
February 25, 2024. |
10
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:
11
The following table sets forth the average, high, low and end-of-period price under the Prior Pricing Benchmark for each period from the date of the listing of the Shares on the Exchange, through July 31, 2026.
| Period | Average | High | Low | End-of-Period | ||||||||||||
| Twelve months ended December 31, 2025 | $ | 2.49689 | $ | 3.55616 | $ | 1.81230 | $ | 1.81774 | ||||||||
| January 1, 2026 through July 31, 2026 | $ | 1.40734 | $ | 2.31829 | $ | 1.03001 | $ | 1.06196 | ||||||||
| December 11, 2025 (inception) through July 31, 2026 | $ | 1.45191 | $ | 2.31829 | $ | 1.03001 | $ | 1.06196 | ||||||||
The following table sets forth the average, high, low, and end-of-period price under the Pricing Benchmark for each period from the date of the listing of the Shares on the Exchange, through July 31, 2026. The Sponsor has not observed a material difference between the Prior Pricing Benchmark prices and Pricing Benchmark prices during this period.
| Period | Average | High | Low | End-of-Period | ||||||||||||
| Twelve months ended December 31, 2025 | $ | 2.49870 | $ | 3.55642 | $ | 1.81264 | $ | 1.81737 | ||||||||
| January 1, 2026 through July 31, 2026 | $ | 1.40267 | $ | 2.31802 | $ | 1.03042 | $ | 1.06213 | ||||||||
| December 11, 2025 (inception) through July 31, 2026 | $ | 1.44638 | $ | 2.31802 | $ | 1.03042 | $ | 1.06213 | ||||||||
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,
as further described above in “Risk Factors — The inability to recognize the economic benefit of a ‘fork’
or an ‘airdrop’ could adversely impact an investment in the Trust.”
CF BENCHMARKS LTD.
DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST’S PRODUCTS. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS HAVE
NO OTHER CONNECTION TO THE TRUST’S PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST’S
PRODUCTS OR SERVICES. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST’S
PRODUCTS AND SERVICES. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY PRICING
BENCHMARK LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.
12
ADDITIONAL INFORMATION ABOUT THE TRUST
The Trust’s Fees and Expenses
The Sponsor Fee will accrue
daily and will be payable in XRP weekly at least quarterly in arrears. The Administrator will calculate
the Sponsor Fee on a daily basis by applying a 0.30% annualized rate to the Trust’s NAV, and the amount of XRP payable in respect
of each daily accrual shall be determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses
(except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.
15