Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 185

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 185
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’s NAV. To the extent that the execution price for sales of XRP
deviates significantly from the Pricing Benchmark price used to determine the NAV of the Trust, the remaining Shareholders may be negatively
impacted. If Trade Credits are unavailable to the Trust, the Trust must pre-fund its Trading Balance with cash and/or XRP in order to
sell XRP through the Prime Broker.

The Trust generally must repay
Trade Credits by 6:00 p.m. ET (the “Settlement Deadline”) on the Business Day immediately following the day the
Trade Credit was extended by the Lender to the Trust (or, if such day is not a Business Day, on the next Business Day).
Pursuant to the Post-Trade Financing Agreement, the Trust has granted a security interest in, lien on and right of set off against all
of the Trust’s right, title and interest, the Trust’s Trading Balance and Vault Balance established pursuant to the Prime
Broker Agreement and Custodial Services Agreements, in order to secure the repayment by the Trust of the Trade Credits and Financing
Fees to the Lender. The Trust and Lender may terminate the Post-Trade Financing Agreement immediately upon giving the other party written
notice. Upon such notice of termination, the Coinbase Custodian and the Prime Broker have agreed to comply with instructions and entitlement
orders from the Lender with respect to the disposition of the assets in the Trust’s Trading Balance without further consent by
the Trust. If the Trust fails to repay the Trade Credits to the Lender on time and in full, the Lender shall have the right to instruct
the Prime Broker (and Prime Broker agrees to comply with such instruction) to transfer the Trust’s assets from the Trust’s
Trading Balance to the Lender to repay the Trade Credit debt owed by the Trust to the Lender and/or liquidate or cancel outstanding orders.

Other than in connection with
the Post-Trade Financing Agreement, (i) the Trust, the Sponsor and the service providers will not loan or pledge the Trust’s
assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement, other than in connection with the Post-Trade
Financing Agreement; and (ii) the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its
investment objective.

Interest rates on Trade Credits
(“Financing Fees”) will be an amount to be determined, on a daily basis, based on the Lender’s sole discretion considering
factors