Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 105

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 105
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 cannot devote all of its, or their, respective time or resources to the management of the affairs of the Trust;           |

| ● | The Sponsor,                                                                                                                             
 its affiliates and their respective officers and employees are not prohibited from engaging in other businesses or activities, including 
 those that might be in direct competition with the Trust;                                                                                |

| ● | Affiliates                                                                                                                          
 of the Sponsor have substantial direct investments in XRP that they are permitted to manage taking into account their own interests 
 without regard to the interests of the Trust or its shareholders, and any increases, decreases or other changes in such investments 
 could affect the value of the Shares;                                                                                               |

By purchasing the Shares,
shareholders agree and consent to the provisions set forth in the Trust Agreement.

Further, the Sponsor may
have a conflict with respect to any future transactions that may be entered into with either the Sponsor’s ultimate parent company,
FalconX, a leading institutional digital asset prime brokerage, or with any of the other affiliates of FalconX.

Unforeseeable risks.

XRP has gained commercial
acceptance only within recent years and, as a result, there is little data on its long-term investment potential. Additionally,
due to the rapidly evolving nature of the XRP market, including advancements in the underlying technology or advancements in competing
technologies, changes to XRP may expose investors in the Trust to additional risks which are impossible to predict.

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Risks Associated with the Pricing Benchmark and Pricing Benchmark Pricing

The Pricing Benchmark has a limited history.

The Pricing Benchmark has
only been in operation since September 16, 2024, and the Pricing Benchmark has only featured its current roster of Constituent Exchanges
since August 30, 2025. A longer history of actual performance through various economic and market conditions would provide greater and
more reliable information for an investor to assess the Pricing Benchmark’s performance. The Benchmark Provider has substantial
discretion at any time to change the methodology used to calculate the Pricing Benchmark, including the spot markets that contribute
prices to the Trust’s NAV. The Benchmark Provider does not have any obligation to take the needs of the Trust, the Trust’s
Shareholders, or anyone else into consideration in connection with such changes. There is no guarantee that the methodology currently
used in calculating the Pricing Benchmark will appropriately track the price of XRP in the future. The Benchmark Provider has no obligation
to take the needs of the Trust or the Shareholders into consideration in determining,