Key facts
- The 21Shares XRP ETF (TOXR) will change its pricing benchmark to the FTSE XRP Index on August 27, 2026.
- This change replaces the CME CF XRP–Dollar Reference Rate, New York Variant.
- Six other U.S. single-asset ETFs from 21Shares are also switching to FTSE Russell benchmarks.
- The fund currently manages approximately $150 million in assets.
- Sponsor fees will now be collected quarterly in XRP instead of weekly.
- Major financial institutions like Goldman Sachs and Morgan Stanley are increasing their holdings in XRP ETFs.
The 21Shares XRP ETF (TOXR), a significant player in the digital asset market with approximately $150 million in assets under management, is set to transition its pricing mechanism to the FTSE XRP Index starting August 27, 2026. This strategic move replaces the existing CME CF XRP–Dollar Reference Rate, New York Variant, and aligns TOXR with global benchmark standards already adopted by 21Shares for its European and Australian products. Six other U.S. single-asset ETFs within the 21Shares portfolio will undergo a similar benchmark switch.
This operational adjustment, detailed in an SEC 8-K filing, involves formalizing a new Benchmark Licensing Agreement with FTSE International Limited, following the termination of the license with CF Benchmarks. A four-week overlap period ensures uninterrupted Net Asset Value (NAV) calculation for investors. Beyond the benchmark change, the trust agreement has been amended to allow for sponsor fees to be collected quarterly in XRP, rather than the previous weekly schedule. These changes are described as not materially altering shareholder rights, with custody arrangements and agents remaining the same.
The strategic rationale behind this shift is to achieve global index consistency, a move that enhances the appeal of TOXR for multi-region institutional portfolios. FTSE Russell's extensive global reach and institutional credibility, with $20 trillion benchmarked to its indices, are key factors in this decision. The transition coincides with growing institutional demand for XRP ETFs, evidenced by increased holdings from major investment banks like Goldman Sachs, Bank of America, and Morgan Stanley, as well as market makers like IMC-Chicago.
This upgrade also aligns with broader developments in the XRP ecosystem, including Ripple's efforts to modernize financial infrastructure and its partnerships aimed at replacing traditional payment systems like SWIFT. The underlying fundamental story of XRP, beyond speculative demand, is bolstered by these developments. Furthermore, the impending Nasdaq listing of Ripple-backed XRP treasury vehicle Evernorth offers another avenue for institutional exposure. However, potential supply overhang from Ripple's September XRP escrow unlock, influenced by legislative factors like the CLARITY Act, remains a variable for the ETF complex, independent of the benchmark changes.