Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 181

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 181
---
 upon prior notice to the Prime Broker upon an event which constitutes “Coinbase Cause.” “Coinbase
Cause” means (i) the Prime Broker takes any action to dissolve or liquidate, in whole or part; (ii) the Prime Broker
becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar
authority; (iii) the Prime Broker becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules and
regulations, such termination being effective immediately upon any declaration of bankruptcy; or (iv) termination is required pursuant
to a court order or binding order of a government authority.

A decision by the Prime Broker
or the Coinbase Custodian to take certain actions, including suspending, restricting or terminating the Trust’s accounts covered
under the Prime Broker Agreement, may be based on confidential criteria that are essential to the Prime Broker’s risk management
and security practices and the Trust acknowledges that the Prime Broker and the Coinbase Custodian are under no obligation to disclose
the details of their risk management and security practices to the Trust. The parent company of the Coinbase Custodian and Prime Broker,
Coinbase Global maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held by Coinbase
Global and all of its subsidiaries, including the Coinbase Custodian and the Prime Broker (collectively, Coinbase Global and its subsidiaries
are referred to as the “Coinbase Insureds”). This policy covers the loss of client assets held by the Coinbase Custodian
and Prime Broker, including from employee collusion or fraud, physical loss including theft, damage of key material, security breaches,
hacks and fraudulent transfers. The insurance maintained by the Coinbase Insureds is shared among all of their customers, is not specific
to the Trust or to customers holding XRP with the Coinbase Custodian or the Prime Broker and may not be available or sufficient to protect
the Trust from all possible losses or sources of losses.

<div align='center'>82</div>

Under the Prime Broker Agreement,
the Prime Broker’s liability is limited as follows, among others: (i) other than with respect to claims and losses arising
from spot trading of XRP, or fraud or willful misconduct, among others, the Prime Broker’s aggregate liability shall not exceed
the greater of (A) the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Prime Broker
in the 12 months prior to