Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 193

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 193
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 or its affiliates may act in other capacities with
regard to other investment products offered by either party.

The Sponsor or its affiliates
may issue derivative instruments relating to XRP. The Sponsor’s affiliate(s) may offer investment products that offer short
exposure to XRP and may offer other products that offer long exposure to XRP, either of which may take market share from the Trust or
affect the value of XRP or an investment in the Trust. Introduction of such competing products may affect the market value of XRP and
an investment in the Trust. The Sponsor and its affiliated companies may also receive non-public information relating to XRP and neither
the Sponsor nor any of its affiliates will undertake to make this information available to investors in the Trust.

The Sponsor and its employees
and affiliates may engage in long or short transactions in XRP in their personal accounts (subject to certain internal employee trading
policies and procedures), and in doing so may take positions opposite to those held by the Trust or may compete with the Trust for positions
in the marketplace.

Records of trading by these
parties will not be available for inspection by shareholders. Because these parties may trade XRP for their own accounts at the same time
as the Trust, prospective shareholders should be aware that such persons may take positions in XRP which are opposite, or ahead of, the
positions taken for the Trust. There can be no assurance that any of the foregoing will not have an adverse effect on the performance
of the Trust.

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If the Sponsor acquires knowledge
of a potential transaction or arrangement that may be an opportunity for the Trust, it will have no duty to offer such opportunity to
the Trust. The Sponsor will not be 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 XRP Custodian, in the Trading
Balance,