Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 200

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 200
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 itself or through the person authorized to take redemption orders in the manner provided
in the Authorized Participant Agreement may, in its sole discretion, reject any redemption order (1) the Sponsor determines not
to be in proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or
(3) if circumstances outside the control of the Sponsor, the person authorized to take redemption orders in the manner provided
in the Authorized Participant Agreement or the XRP Custodians make it for all practical purposes not feasible for the Shares to be delivered
under the redemption order. The Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining
outstanding Shares to 10,000 Shares (i.e., 1 Basket) or less.

The Marketing Agent shall
notify the Authorized Participant of a rejection or suspension of any redemption order. The Marketing Agent is under no duty, however,
to give notification of any specific defects or irregularities nor shall the Marketing Agent or the Trust incur any liability for the
failure to give any such notification. The Trust and the Marketing Agent may not revoke a previously accepted redemption order.

Creation and Redemption Transaction Fee

To compensate the Transfer
Agent for expenses incurred in connection with the creation and redemption of Baskets, an Authorized Participant is required to pay a
transaction fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with the number of Baskets in such
order. The transaction fee may be reduced, increased or otherwise changed by the Sponsor. The Sponsor will notify DTC of any change in
the transaction fee and will not implement any increase in the fee for the redemption of Baskets until thirty (30) days after the
date of notice.

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Tax Responsibility

Authorized Participants are
responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant,
and agree to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties,
additions to tax and interest thereon.

Secondary Market Transactions

As noted, the Trust will create and redeem Shares from time to time,
but only in one or more Baskets. The creation and redemption of Baskets are only made in exchange for delivery to the Trust