Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 180

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 180
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to the Trust or to customers holding XRP with the Coinbase Custodian or 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) $5 million and (B) 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 (iii) in respect of any incidental, indirect, special, punitive,
consequential or similar losses, the Prime Broker is not liable, even if the Prime Broker has been advised of or knew or should have
known of the possibility thereof. The Prime Broker is not liable for delays, suspension of operations, failure in performance, or interruption
of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Prime Broker. Both the Trust
and the Prime Broker and its affiliates (including the Coinbase Custodian) are required to indemnify each other under certain circumstances.
The Prime Broker Agreement is governed by New York law and provides that disputes arising under it are subject to arbitration.

In connection with the Prime
Broker Agreement, the Trust has entered into a Post-Trade Financing Agreement (the “Post-Trade Financing Agreement”) with
Coinbase Credit, Inc. (the “Lender”), pursuant to which the