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- Constituent Exchange Concentration (new) — Kraken and Bitstamp together account for over 85% of benchmark trading volume, creating dependence on two unregistered exchanges.
- Unregistered Constituent Exchanges (new) — None of the constituent exchanges are registered with the SEC, increasing risk of price manipulation or operational failures.
- Benchmark Provider Discretion (new) — The benchmark provider can change methodology or exchanges without shareholder approval, potentially altering NAV unfavorably.
21Shares XRP ETF (TOXR) files 424B3 prospectus; sponsor fee 0.30%, benchmark switched to FTSE XRP Index
Filed August 27, 2026 · ~2 min read
Key Changes
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The Trust charges a sponsor fee of 0.30% per year of net asset value, accrued daily and payable in XRP; there is no cap on sponsor-paid expenses.
Prospectus Summary verify on EDGAR → -
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On August 27, 2026, the Trust changed its pricing benchmark from CME CF XRP-Dollar Reference Rate to FTSE XRP Index, which may cause NAV differences.
Risk Factors verify on EDGAR → -
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The new benchmark relies heavily on two exchanges: Kraken (51.44%) and Bitstamp (34.39%) together account for over 85% of trading volume.
Risk Factors verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 1, 2026 · How we verify