Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 223

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 223
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 a short-term basis
to avoid having to pre-fund the Trust’s Trading Balance.

“Pricing Benchmark”: The performance of the CME CF
Ripple — Dollar Reference Rate — New York Variant, adjusted for the Trust’s expenses and other liabilities.

“Prime Broker”: Coinbase, Inc.

“Principal Market NAV”: Net asset
value of the Trust determined on a GAAP basis.

“Principal Market NAV per Share”:
Net asset value of the Trust per Share determined on a GAAP basis.

“Redemption Order Date”: The date
a redemption order is received in satisfactory form by the Marketing Agent.

“Register”: The record of all Shareholders
and holders of the Shares in certificated form kept by the Administrator.

“Relevant Coinbase Entities”:
The Prime Broker and its parent, Coinbase Global, Inc. together with Coinbase Inc.

“Relevant Pair”: A market that
facilitates the spot trading of the relevant cryptocurrency against the corresponding cryptocurrency or legal tender pair, including
markets where the cryptocurrency or legal tender pair is made fungible with Accepted Assets.

“Relevant Transaction”: Any cryptocurrency
versus cryptocurrency or legal tender spot trade that occurs during the TWAP Period on a Constituent Exchange in the Relevant Pair that
is reported through its API to the Benchmark Provider.

“Ripple Labs”: Ripple Labs Inc., a
corporation incorporated and existing under the laws of Delaware.

“S.D.N.Y.”: The United States District Court for the
Southern District of New York.

“SEC”: The U.S. Securities and
Exchange Commission.

“Selling Shareholders”: Shareholders
who may sell Shares owned by them directly or through broker-dealers, in accordance with applicable law.

“Settlement Deadline”: The Trust
must generally repay Trade Credits by 6:00 PM E.T. 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 that).

“Shares”: Common shares representing
fractional undivided beneficial interests in the Trust.

“Shareholders”: Holders of Shares.

“SIPC”: Securities Investor Protection
Corporation.

“SOC”: Systems and Organizational Control.

<div align='center'>A-5</div>

“Sponsor”: 21Shares US LLC, a Delaware
limited liability company.

“Sponsor Fee”: The feed paid by
the Trust to the Sponsor as compensation for services performed under the Trust Agreement.

“S