21Shares Ripple ETF Changes Benchmark to FTSE XRP Index

The 21Shares Ripple (XRP) ETF, TOXR, has changed its net asset value (NAV) calculation benchmark to the FTSE XRP Index starting August 27. Instead of using the previous CME CF XRP-USD reference price, the FTSE XRP Index will be utilized, which will apply to the daily NAV and per-share NAV calculations for TOXR. In an announcement on August 26, FTSE Russell and 21Shares stated that seven single-asset ETFs listed in the U.S. will transition to the FTSE Russell Digital Asset Index. TOXR is a product that tracks the price of Ripple, and while the pricing benchmark has changed, its fundamental structure remains intact. 21Shares and FTSE Russell described this move as an improvement to market infrastructure, stating that asset exposure, legal structure, custodians, exchanges, and fee structures will remain unchanged. TOXR's assets under management (AUM) are $149,667,336.79, an increase from the end of June's net assets of $112,900,000. This change may affect the reference price, NAV, and market price discrepancies when trading overseas-listed crypto ETFs. The termination date for the CF Benchmark license is August 31.

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