Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 179

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 179
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 decision by the Prime
Broker or the Coinbase Custodian to take certain actions, including suspending, restricting or terminating the Trust’s accounts
covered under the Prime Broker Agreement, may be based on confidential criteria that are essential to the Prime Broker’s risk management
and security practices and the Trust acknowledges that the Prime Broker and the Coinbase Custodian are under no obligation to disclose
the details of their risk management and security practices to the Trust. The parent company of the Coinbase Custodian and Prime Broker,
Coinbase Global maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held by Coinbase
Global and all of its subsidiaries, including the Coinbase Custodian and the Prime Broker (collectively, Coinbase Global and its subsidiaries
are referred to as the “Coinbase Insureds”). This policy covers the loss of client assets held by the Coinbase Custodian
and Prime Broker, including from employee collusion or fraud, physical loss including theft, damage of key material, security breaches,
hacks and fraudulent transfers. The insurance maintained by the Coinbase Insureds is shared among all of their customers, is not specific
to the Trust or to customers holding XRP with the Coinbase Custodian or the Prime Broker and may not be available or sufficient to protect
the Trust from all possible losses or sources of losses.

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Under the Prime Broker
Agreement, the Prime Broker’s liability is limited as follows, among others: (i) other than with respect to claims and losses
arising from spot trading of XRP, or fraud or willful misconduct, among others, the Prime Broker’s aggregate liability shall not
exceed the greater of (A) the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Prime
Broker in the 12 months prior to the event giving rise to the Prime Broker’s liability, and (B) the value of the cash
or affected XRP giving rise to the Prime Broker’s liability; (ii) in respect of the Prime Broker’s obligations to indemnify
the Trust and its affiliates against third party claims and losses to the extent arising out of or relating to, among others, the Prime
Broker’s violation of any law, rule or regulation with respect to the provision of its services, or the full amount of the Trust’s
assets lost due to the insolvency of or security event at a Connected Trading Venue, the Prime Broker’s liability shall not exceed
the greater of (A