Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 206

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 206
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 liable to the Trust or the Shareholders for breach of any fiduciary or other duty if Sponsor pursues
such opportunity or directs it to another person or does not communicate such opportunity to the Trust. Neither the Trust nor any Shareholder
will have any rights or obligations by virtue of the Trust Agreement, the trust relationship created thereby, or this Prospectus in such
business ventures or the income or profits derived from such business ventures. The pursuit of such business ventures, even if competitive
with the activities of the Trust, will not be deemed wrongful or improper.

From time to time, a portion
of the Trust’s XRP holdings and cash holdings may be held with the Prime Broker, an affiliate of the Coinbase Custodian, in the
Trading Balance, in connection with the creation and redemption of Shares via cash transactions or to pay for Trust Expenses not assumed
by the Sponsor in consideration for the Sponsor Fee. For a discussion on the potential conflicts of interest associated with such an
arrangement, see “Prime Broker.”

Resolution of Conflicts Procedures

The Trust Agreement provides
that (i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the
Trust, any shareholder or any other person, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated
by the Trust Agreement provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the
Trust, any shareholder or any other person, the Sponsor shall resolve such conflict of interest, take such action or provide such terms,
considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally
accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken
or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any
duty or obligation of the Sponsor at law or in equity or otherwise.

<div align='center'>97

DUTIES OF THE SPONSOR</div>

The general fiduciary duties
which would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to
the strict prohibition imposed by such duties on, for example, conflicts of