Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 106

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 106
---
exchanges,” they are not registered with, or supervised by, the SEC or CFTC and do
not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among others, purchases
and sales of XRP may be subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity
in the markets and government regulation and intervention. These circumstances could affect the price of XRP used in Pricing Benchmark
calculations and, therefore, could adversely affect the XRP price as reflected by the Pricing Benchmark.

The Pricing Benchmark is based
on various inputs which include price data from various third-party XRP spot markets. The Benchmark Provider does not guarantee the validity
of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial
source.

Right to change the pricing benchmark.

The Sponsor, in its sole discretion,
may cause the Trust to track (or price its portfolio based upon) a pricing benchmark or standard other than the Pricing Benchmark at
any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another pricing benchmark
or standard better aligns with the Trust’s investment objective and strategy. The Sponsor may make this decision for a number of
reasons, including, but not limited to the following:

| ● | Third parties                                                                              
 may be able to purchase and sell XRP on public or private markets not included among the   
 Constituent Exchanges, and such transactions may take place at prices materially higher or 
 lower than the Pricing Benchmark price.                                                    |

| ● | There may                                                                                         
 be variances in the prices of XRP on the various Constituent Exchanges, including as a result     
 of differences in fee structures or administrative procedures on different Constituent Exchanges. |

| ● | The prices                                                                                
 on each Constituent Exchange or pricing source may not be equal to the value of an XRP as 
 represented by the Pricing Benchmark.                                                     |

| ● | To the                                                                                      
 extent the Pricing Benchmark price differs materially from the actual prices available on   
 a Constituent Exchange, or the global market price of XRP, the price of the Shares may no   
 longer track, whether temporarily or over time, the global market price of XRP, which could 
 adversely affect an investment in the Trust by reducing investors’ confidence in the        
 Shares’ ability to track the market price of XRP.                                           |

<div align='center'>47</div>

| ● |