21Shares has changed the pricing benchmark for its U.S. XRP exchange-traded fund, moving the nearly $150 million TOXR product to the FTSE XRP Index. From Aug. 27, TOXR will calculate net asse
21Shares has changed the pricing benchmark for its U.S. XRP exchange-traded fund, moving the nearly $150 million TOXR product to the FTSE XRP Index.
From Aug. 27, TOXR will calculate net asset value using the FTSE benchmark instead of the CME CF XRP-Dollar Reference Rate: New York Variant. The switch affects pricing methodology, not the fund’s XRP exposure, custody structure or investment strategy.
TOXR held about $149.7 million in assets as of Aug. 26, according to the 21Shares fund page. The ETF launched on Cboe BZX in December 2025 and gives investors direct XRP exposure through a regulated product.
[GRAPHIC — PLACE HERE] Show the benchmark change from CME CF to FTSE, alongside TOXR’s $149.7M AUM and Aug. 27 effective date.
FTSE Becomes TOXR’s New Benchmark21Shares notified CF Benchmarks of the planned transition in June. Regulatory filings show the existing licensing arrangement will end Aug. 31, while the company expects no material impact on TOXR’s NAV, XRP valuation or operating results.
Custody also remains unchanged. Anchorage Digital, BitGo and Coinbase Custody continue to hold the fund’s XRP, while BNY Mellon remains administrator and transfer agent.
The move brings TOXR closer to the benchmark framework used across other 21Shares products and could simplify comparisons and operations for institutions managing several crypto ETFs.
XRP ETF Demand Continues to BuildThe benchmark change comes as demand for U.S. spot XRP ETFs strengthens. Cumulative net inflows recently reached a record $1.55 billion, with recent ETF inflows supporting XRP’s growing role in regulated portfolios.
Trading activity has also accelerated. U.S. XRP funds generated a record $125 million in daily volume on Aug. 20, while recent ETF volume data showed continued investor interest.
Institutional participation is becoming more visible as well. Goldman Sachs disclosed $86.5 million in XRP exposure across several ETFs in its second-quarter filings.
For investors unfamiliar with the underlying asset, this XRP guide explains the token’s role and its distinction from Ripple.
For TOXR shareholders, the FTSE switch is mainly an infrastructure change. Its timing, however, reflects how quickly XRP products are becoming integrated into mainstream ETF and institutional investment systems.
