21Shares Switches U.S. Crypto ETF Benchmarks From CME CF Rates to FTSE Indices
Key Takeaways
- •21Shares is switching the pricing benchmark for its U.S. crypto ETFs from CME CF reference rates to FTSE digital-asset indices starting August 27.
- •The change affects the firm’s XRP fund, TOXR, and several other single-asset products tied to Bitcoin, Ethereum, XRP, Dogecoin, and Polkadot.
- •The ETF shares will remain the same, but the reference price used to calculate net asset value will come from a new index provider.
- •The benchmark change follows the expiration of 21Shares’ licensing arrangement for the previous CME CF benchmark family.
- •21Shares is also renaming its Ethereum and Polkadot funds to emphasize staking and will collect sponsor fees at least quarterly instead of weekly.
21Shares is replacing the CME CF reference rates used to calculate the daily value of its U.S. crypto exchange-traded funds, switching to FTSE digital-asset indices with effect from August 27.
The change covers the firm’s XRP fund, TOXR, and several related single-asset products. For shareholders, the shares themselves remain unchanged, but the reference price behind each fund’s net asset value will now come from a new index provider.
FTSE takes over a crucial piece of ETF infrastructure
Benchmark selection is a technical detail with practical consequences. The index used by an ETF determines how its underlying holdings are valued at the end of each trading day, which directly influences the net asset value reported to investors. In that sense, the benchmark change matters operationally even though it does not alter the funds’ listed shares or their underlying asset exposure.
SEC Filing Puts 21Shares XRP ETF Back in Focus
The SEC has published an 8-K filing involving the 21Shares XRP ETF. The filing details an agreement allowing 21Shares to use the FTSE ripple:native Index. That index provides the reference price for the fund’s XRP exposure. This… pic.twitter.com/pE1sTPzl0A
— BSCN (@BSCNews) August 27, 2026
21Shares had relied on the CME CF XRP-Dollar Reference Rate, New York Variant, for TOXR. The fund will instead use the FTSE XRP Index, part of a broader change affecting funds tied to Bitcoin, Ethereum, XRP, Dogecoin, and Polkadot.
The switch follows the end of the firm’s licensing arrangement for the previous benchmark family. CME CF rates remain widely used across U.S. crypto investment products, including some of the largest Bitcoin funds, making 21Shares’ move a notable departure from an established market convention.
Staking labels and fee timing also change
The benchmark update arrives alongside other operational revisions. 21Shares has renamed its Ethereum and Polkadot products to emphasize staking, putting yield generation more visibly at the center of their identities.
The Ethereum fund had already been staking ether, so the revised name appears to formalize an existing feature rather than introduce a new investment strategy. The Bitcoin, XRP, and Dogecoin funds retain their current names.
21Shares is also changing how often it collects sponsor fees, moving to at least quarterly collections rather than weekly payments. Fees will continue to be paid using the relevant digital assets held by each fund.
Source: DailyCoin
