Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 253

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 253
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’s officers, affiliates, directors, employees, and agents will be indemnified by
the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation,
operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated
thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.

| 8. | COMMITMENTS                
 AND CONTINGENT LIABILITIES |

In the normal course of business,
the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under
these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and
cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote.

| 9. | CONCENTRATION 
 RISK          |

Unlike other funds that may invest
in diversified assets, the Trust’s investment strategy is concentrated in a single asset within a single asset class. This concentration
maximizes the degree of the Trust’s exposure to a variety of market risks associated with XRP and digital assets. By concentrating
its investment strategy solely in XRP, any losses suffered as a result of a decrease in the value of XRP can be expected to reduce the
value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

| 10. | ADMINISTRATOR |

The Trust has entered into an agreement
with NAV Consulting, Inc. (“the “Administrator”) pursuant to which the Trusts have engaged the Administrator to perform
certain administrative services.

<div align='center'>F-13</div>

21Shares XRP ETF

Notes to the financial statements

(Expressed in United States Dollars)

| 11. | FINANCIAL HIGHLIGHTS |

Financial highlights for the period
from January 1, 2025 through August 31, 2025 and for the period from December 20, 2024 (commencement of operations) through December
31, 2024 are as follows:

|                                                    |     |  For the period 
 January 1, 2025 |       |    |     |      For the period 
   December 20, 2024 
    (commencement of |       |    |
|:---------------------------------------------------|:----|----------------:|------