21Shares XRP ETF Switches NAV Benchmark to FTSE XRP Index

What Happened

• 21Shares US LLC (the Sponsor) and 21Shares XRP ETF (TOXR) announced a Benchmark Licensing Agreement with FTSE International Limited dated August 20, 2026. Beginning August 27, 2026, the Trust will value its shares and calculate net asset value (NAV) by reference to the FTSE XRP Index instead of the CME CF XRP‑Dollar Reference Rate - New York Variant.
• On August 26, 2026 the Trust also executed Amendment No. 1 to the Sponsor Agreement and a Fourth Amended and Restated Trust Agreement reflecting these changes.

Key Details

• Benchmark Licensing Agreement with FTSE dated August 20, 2026; license is non-exclusive, non-transferable, worldwide and expected to have a one-year initial term with automatic one-year renewals.
• NAV and share valuation change effective August 27, 2026 (replacing the prior CME CF XRP-Dollar Reference Rate). The Sponsor had previously given notice on June 30, 2026 terminating the CF Benchmarks license effective August 31, 2026.
• Sponsor fee payment timing changed (Amendment No. 1, dated August 26, 2026) from weekly in arrears to at least quarterly in arrears; fees are payable in XRP.
• The Trust Agreement (Fourth Amended and Restated) dated August 26, 2026 formalizes the benchmark switch, fee timing change, and other ministerial clarifications.

Why It Matters

• For investors, the Trust’s NAV calculation and pricing of shares will now be based on the FTSE XRP Index rather than the previous CME CF XRP reference rate — a change in the data source used to value the ETF.
• The Sponsor will receive its fee less frequently (quarterly instead of weekly) and the fee continues to be paid in XRP. The filing states the trust amendments are ministerial and do not materially impact holder rights.