Are CF Benchmarks and FTSE affiliated with the sponsor of 21Shares XRP ETF (TOXR)?

Both CF Benchmarks and FTSE International Limited are described as unaffiliated with 21Shares US LLC, the ETF’s sponsor. Each provides index or benchmark data under non-exclusive, non-transferable, non-sub-licensable, perpetual, worldwide licenses, subject to one-year renewable commercial terms.

21Shares XRP ETF to change XRP pricing benchmark

Q: What agreement did 21Shares XRP ETF (TOXR) terminate with CF Benchmarks?

21Shares XRP ETF ended its Pricing Benchmark Licensing Agreement with CF Benchmarks. This agreement allowed use of the CME CF XRP—Dollar Reference Rate — New York Variant to value ETF shares and calculate net asset value on a daily basis under a perpetual, worldwide license.

Q: Who will provide the new benchmark index data for 21Shares XRP ETF (TOXR)?

The sponsor intends to use FTSE International Limited as the new index data provider. FTSE will supply digital asset index data under a non-exclusive, worldwide license to support valuing, maintaining, and marketing the 21Shares XRP ETF and related affiliates, subject to agreement terms.

21Shares XRP ETF is terminating its pricing benchmark licensing agreement with CF Benchmarks and plans to transition to FTSE as its new index data provider.

Filing Impact

(Moderate)

Filing Sentiment

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Form Type

8-K

Rhea-AI Filing Summary

21Shares XRP ETF is terminating its pricing benchmark licensing agreement with CF Benchmarks and plans to transition to FTSE as its new index data provider. The CF Benchmarks agreement, which supplies the CME CF XRP—Dollar Reference Rate — New York Variant used to value the ETF’s shares and calculate net asset value, will end effective August 31, 2026 following notice given on June 30, 2026. The sponsor intends to enter a new, similarly structured, one-year renewable licensing agreement with FTSE International Limited on or about August 24, 2026, under which FTSE will provide digital asset index data for the ETF. Both CF Benchmarks and FTSE are unaffiliated with the sponsor.

Insights

Benchmark for valuing 21Shares XRP ETF will shift from CF Benchmarks to FTSE under new licensing.

The ETF currently relies on CF Benchmarks’ CME CF XRP—Dollar Reference Rate — New York Variant to value its shares and determine net asset value each day. That licensing agreement has a rolling one-year term and is being terminated effective August 31, 2026.

The sponsor intends to sign a new one-year, automatically renewable license with FTSE International Limited on or about August 24, 2026, using FTSE digital asset index data instead. Both providers are unaffiliated, and the filing notes FTSE’s experience in digital asset indices.

The transition centers on index data rights rather than changes to ETF structure. Actual effects will depend on FTSE’s specific XRP index methodology and how closely it tracks the prior CF Benchmarks rate, details that would typically appear in future disclosures.

8-K Event Classification

Item 1.02 — Termination of a Material Definitive Agreement

1 item

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Key Figures

Termination notice date: June 30, 2026 CF Benchmarks agreement end date: August 31, 2026 Planned FTSE agreement date: August 24, 2026 +3 more

6 metrics

Termination notice date June 30, 2026 Sponsor notified CF Benchmarks of termination

CF Benchmarks agreement end date August 31, 2026 Effective termination date of Pricing Benchmark Licensing Agreement

Planned FTSE agreement date August 24, 2026 Intended date to enter FTSE licensing agreement

Initial term length One-year term Initial term for both CF Benchmarks and FTSE licenses

Renewal structure Successive one-year periods Automatic renewal unless terminated pursuant to terms

License scope Perpetual, worldwide Non-exclusive, non-transferable, non-sub-licensable license for benchmark use

Key Terms

Pricing Benchmark Licensing Agreement, CME CF XRP—Dollar Reference Rate — New York Variant, net asset value, FTSE International Limited, +1 more

5 terms

Pricing Benchmark Licensing Agreement financial

"the termination, effective August 31, 2026, of the licensing agreement (the “Pricing Benchmark Licensing Agreement”)"

CME CF XRP—Dollar Reference Rate — New York Variant financial

"relating to the use of the CME CF XRP—Dollar Reference Rate — New York Variant (the “Pricing Benchmark”)"

net asset value financial

"The Pricing Benchmark ... is used to value the Trust’s shares on a daily basis and to calculate the Trust’s net asset value."

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

FTSE International Limited financial

"The Sponsor intends to enter into a licensing agreement with FTSE International Limited (“FTSE”) on or about August 24, 2026"

digital asset indices financial

"FTSE is experienced in calculating and administering digital asset indices."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What agreement did 21Shares XRP ETF (TOXR) terminate with CF Benchmarks?

21Shares XRP ETF ended its Pricing Benchmark Licensing Agreement with CF Benchmarks. This agreement allowed use of the CME CF XRP—Dollar Reference Rate — New York Variant to value ETF shares and calculate net asset value on a daily basis under a perpetual, worldwide license.

When does the CF Benchmarks licensing agreement for TOXR end?

The CF Benchmarks licensing agreement for 21Shares XRP ETF ends on August 31, 2026. The sponsor gave termination notice on June 30, 2026, ending an arrangement that supplied the CME CF XRP—Dollar Reference Rate — New York Variant for daily valuation of the ETF’s shares.

Who will provide the new benchmark index data for 21Shares XRP ETF (TOXR)?

The sponsor intends to use FTSE International Limited as the new index data provider. FTSE will supply digital asset index data under a non-exclusive, worldwide license to support valuing, maintaining, and marketing the 21Shares XRP ETF and related affiliates, subject to agreement terms.

When is 21Shares XRP ETF (TOXR) expected to enter its new FTSE licensing agreement?

The sponsor plans to enter the new FTSE licensing agreement on or about August 24, 2026. This agreement is expected to run for an initial one-year term and then automatically renew for successive one-year periods unless either party terminates it under its terms.

How is the benchmark used in valuing 21Shares XRP ETF (TOXR)?

The benchmark, currently the CME CF XRP—Dollar Reference Rate — New York Variant, is used to value the ETF’s shares daily and calculate its net asset value. The licensing arrangement grants the sponsor and trust access to this data to support and market the ETF.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/07/2026 - 04:31 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 30, 2026

21SHARES XRP ETF

(Exact name of registrant as specified in its charter)

Delaware		001-42966		33-6479139
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

158 W. 27^th Street
New York, New York		10001
(Address of principal executive offices)		(zip code)

Registrant’s telephone number, including area code: (646) 370-6016

(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Shares of Beneficial Interest of 21Shares XRP ETF		TOXR		Cboe BZX Exchange, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.02 Termination of a Material Definitive Agreement.

Benchmark Licensing Agreements

On June 30, 2026, 21Shares US LLC (the “Sponsor”) provided notice to CF Benchmarks Ltd. (“CF Benchmarks”) of the termination, effective August 31, 2026, of the licensing agreement (the “Pricing Benchmark Licensing Agreement”) between the Sponsor and CF Benchmarks relating to the use of the CME CF XRP—Dollar Reference Rate — New York Variant (the “Pricing Benchmark”) by the Sponsor, 21Shares XRP ETF (the “Trust”), and their affiliates. Pursuant to the Pricing Benchmark Licensing Agreement, CF Benchmarks 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, with the Trust using the Pricing Benchmark pursuant to a sub-licensing arrangement with the Sponsor. The Pricing Benchmark Licensing Agreement has a one-year initial term and automatically renews for successive one-year periods unless terminated pursuant to its terms. The Pricing Benchmark is calculated and administered by CF Benchmarks and is used to value the Trust’s shares on a daily basis and to calculate the Trust’s net asset value. CF Benchmarks is unaffiliated with the Sponsor. The Sponsor has elected to terminate the Pricing Benchmark Licensing Agreement pursuant to its terms in connection with its broader transition to a new benchmark provider, as further described below.

The Sponsor intends to enter into a licensing agreement with FTSE International Limited (“FTSE”) on or about August 24, 2026 whereby FTSE will provide 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 FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust. Such license is expected to have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to its terms.

FTSE is a company incorporated and registered in England, and its principal offices are located at 10 Paternoster Square, London, EC4M 7LS, United Kingdom. FTSE is experienced in calculating and administering digital asset indices. FTSE is unaffiliated with the Sponsor.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 7, 2026	21SHARES XRP ETF

	21Shares US LLC, as Sponsor of 21Shares XRP ETF

	By:	/s/ Duncan Moir
	Name:	Duncan Moir
	Title:	President

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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21Shares XRP ETF to change XRP pricing benchmark

Rhea-AI Filing Summary