Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 254

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 254
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 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 |       |    |
|:---------------------------------------------------|:----|----------------:|------:|:---|:----|--------------------:|------:|:---|
|                                                    |     |         through |       |    |     | operations) through |       |    |
|                                                    |     |      August 31, |       |    |     |        December 31, |       |    |
|                                                    |     |            2025 |       |    |     |                2024 |       |    |
| Per Share operating performance                    |     |                 |       |    |     |                     |       |    |
| Net asset value per Share, beginning of period(1)  |     |               $ | 20.94 |    |     |                   $ | 22.07 |    |
| Net investment income (loss)(2)                    |     |                 | (0.42 | )  |     |                     | (0.02 | )  |
| Net realized and change in unrealized appreciation 
 (depreciation) on investment in XRP(3)             |     |                 |  7.23 |    |     |                     | (1.11 | )  |
| Net change in net assets from operations           |     |                 |  6.81 |    |     |                     | (1.13 | )  |
| Net asset value per Share