Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 201

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 201
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 faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Sponsor and (ii) any such
indemnification will be recoverable only from the Trust Estate. Any amounts payable to a Sponsor Indemnified Party under the Trust Agreement
may be payable in advance or will be secured by a lien on the Trust. The Sponsor will not be under any obligation to appear in, prosecute
or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Sponsor may, in
its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties
of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be
expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust
to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

Custodian

The XRP Custodian has limited
liability, impairing the ability of the Trust to recover losses relating to its XRP and any recovery may be limited, even in the event
of fraud. In addition, the XRP Custodian may not be liable for any delay in performance of any of its custodial obligations by reason
of any cause beyond its reasonable control, including force majeure events, war or terrorism, and may not be liable for any system failure
or third-party penetration of its systems. As a result, the recourse of the Trust to Custodian may be limited.

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PROVISIONS OF LAW</div>

According to applicable law,
indemnification of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission or conduct that gave rise
to the claim for indemnification was in the best interest of the Trust and the act, omission or activity that was the basis for such loss,
liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence
or misconduct by the Sponsor, and such indemnification or agreement to hold harmless is recoverable only out of the assets of the Trust.

Provisions of Federal and State Securities Laws

This offering is made pursuant
to federal and state securities laws. The SEC and state securities agencies take the position that indemnification of