Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 2

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 2
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Shares XRP ETF (the
“Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) that are
anticipated to be listed on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust is a passive investment vehicle that
does not seek to generate returns beyond tracking the price of XRP. This means the Sponsor does not speculatively sell XRP at times
when its price is high or speculatively acquire XRP at low prices in the expectation of future price increases. It also means the Trust
will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Trust’s investment
objective is to seek to track the performance of XRP, as measured by the performance of the CME CF XRP—Dollar Reference Rate — New York
Variant (XRPUSD_NY) (the “Pricing Benchmark”), adjusted for the Trust’s expenses and other liabilities. The Pricing
Benchmark is calculated by CF Benchmarks Ltd. (the “Benchmark Provider”) based on an aggregation of executed trade flow of
major XRP trading platforms (“Constituent Exchanges”). The Pricing Benchmark is designed to track the performance of XRP
in U.S. dollars. In seeking to achieve its investment objective, the Trust will hold XRP and will value its Shares daily based on
the Pricing Benchmark. 21Shares US LLC (the “Sponsor”) is the sponsor of the Trust, CSC Delaware Trust Company (the
“Trustee”) is the trustee of the Trust, and Coinbase Custody Trust Company, LLC (the “Coinbase Custodian”), Anchorage
Digital Bank N.A. (the “Anchorage Custodian”) and BitGo Trust Company, Inc. (the “BitGo Custodian” and together
with the Coinbase Custodian and the Anchorage Custodian, the “XRP Custodians”) are the XRP custodians for the Trust and will
hold all of the Trust’s XRP on the Trust’s behalf (the custodial services agreements with each of the XRP Custodians are
collectively referred to herein as the “Custodial Services Agreements”).

The Trust is an exchange-traded
fund. Barring a liquidation or extraordinary circumstances, the Trust does not intend on purchasing or selling XRP other than in connection
with the creation and redemption of Shares. The Sponsor may also sell XRP to pay certain expenses, which may be facilitated by