Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 196

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 196
---
 taking into account any
spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting XRP will be deposited in the Trust’s
accounts with the XRP Custodians. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on
a cash equivalent basis, will be the responsibility of an Authorized Participant and not of the Trust or Sponsor.

To the extent the execution
price of the XRP acquired by the XRP Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted
to an Authorized Participant. To the extent the execution price of the XRP acquired by the XRP Counterparty exceeds the cash deposit
amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor.

No Shares will be issued unless
and until the Sponsor and Transfer Agent have confirmed that any outstanding XRP or cash (as applicable) due from an Authorized Participant
has been settled with the Trust. Disruption of services at the Prime Broker or at the Trust’s XRP Custodians or Cash Custodian
would have the potential to delay settlement of the XRP related to Share creations. To the extent the XRP Counterparty is not able to
deliver XRP associated with a cash purchase order as of a specified time on the settlement date, the Sponsor or Transfer Agent will cancel
such purchase order. To the extent that XRP transfers from the Trust’s Trading Balance to the Trust’s Vault are delayed due
to congestion or other issues with the XRP Ledger, such XRP will not be held in cold storage until such transfers can occur.

<div align='center'>90</div>

For an in-kind creation, following
an Authorized Participant’s purchase order, the Trust’s accounts with the XRP Custodians must be credited with the required
XRP by the end of the Business Day following the purchase order date, or in the case of cash deposits, the Trust’s Cash Custodian
account must be credited with the required cash by the end of the Business Day following the purchase order date, as applicable. Under
most circumstances, the XRP associated with a Creation Basket Deposit will be deposited with an XRP Custodian in the Trust’s Cold
Vault Balance, although in some circumstances, XRP may be deposited outside of cold storage. Upon receipt of the XRP deposit amount in
the Trust’s accounts with the XRP Custodians, or the cash deposit amount in