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The SEC has posted an 8-K filing for the 21Shares XRP ETF, a fund that tracks the price of XRP through direct holdings of the digital asset. The filing, dated August 26, 2026, details a Benchmark Licensing Agreement between 21Shares US LLC and FTSE International Limited for the use of the FTSE XRP Index.
This isn’t a new ETF approval or a splashy launch announcement. The 21Shares XRP ETF has been trading on the Cboe BZX Exchange since December 11, 2025, under the ticker TOXR. The filing is more of a bureaucratic formality, the kind of paperwork that keeps the regulatory machinery humming along quietly in the background.
What the filing actually covers
The Benchmark Licensing Agreement, signed on August 20, 2026, governs how 21Shares uses the FTSE XRP Index as the benchmark for its ETF.
The ETF itself is designed to passively track XRP’s price by holding the tokens directly. No leverage, no derivatives, no financial engineering. Just XRP sitting in custody, with the fund’s share price reflecting the underlying asset’s value.
Custodial duties are handled by Bank of New York Mellon and Coinbase.
The SEC originally received the S-1 registration for the fund on November 1, 2024. That filing went through several amendments before the SEC declared it effective on December 10, 2025, clearing the way for trading to begin the following day.
Fund performance and growth
By December 31, 2025, just weeks after its trading debut, the 21Shares XRP ETF had accumulated net assets of approximately $247.7 million.
The trust also increased its outstanding shares by 3,890,000 from the prior period, suggesting steady creation activity from authorized participants.
The broader context for XRP ETFs
The 21Shares XRP ETF arrived after a prolonged period of regulatory uncertainty around XRP specifically. Ripple Labs spent years battling the SEC in court over whether XRP constituted a security, a case that cast a long shadow over the token’s institutional adoption prospects.
21Shares, headquartered in Switzerland, has positioned itself as one of the more aggressive issuers in the crypto ETF space. The firm was among the early movers on Bitcoin and Ethereum products in Europe and has expanded its US presence as the regulatory environment has become more accommodating.
The choice of FTSE International as the index provider is worth noting. FTSE, part of the London Stock Exchange Group, is one of the most established names in financial indexing. Its involvement provides a standardized, auditable methodology for pricing the underlying asset.
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