Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 194

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 194
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 redemptions to allow for the orderly liquidation of the Trust’s assets. If the Sponsor has difficulty
liquidating the Trust’s positions, e.g., because of a market disruption event, it may be appropriate to suspend redemptions until
such time as such circumstances are rectified. None of the Sponsor, the person authorized to take redemption orders in the manner provided
in the Authorized Participant Agreement, or the XRP Custodian will be liable to any person or in any way for any loss or damages that
may result from any such suspension or postponement.

Redemption orders must be made
in whole Baskets. The Sponsor acting by itself or through the person authorized to take redemption orders in the manner provided in the
Authorized Participant Agreement may, in its sole discretion, reject any redemption order (1) the Sponsor determines not to be in
proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (3) if
circumstances outside the control of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized
Participant Agreement or the XRP Custodian make it for all practical purposes not feasible for the Shares to be delivered under the redemption
order. The Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares
to [●] Shares (i.e., 1 Basket) or less.

The Marketing Agent shall notify
the Authorized Participant of a rejection or suspension of any redemption order. The Marketing Agent is under no duty, however, to give
notification of any specific defects or irregularities nor shall the Marketing Agent or the Trust incur any liability for the failure
to give any such notification. The Trust and the Marketing Agent may not revoke a previously accepted redemption order.

Creation and Redemption Transaction Fee

To compensate the Transfer
Agent for expenses incurred in connection with the creation and redemption of Baskets, an Authorized Participant is required to pay a
transaction fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with the number of Baskets in such
order. The transaction fee may be reduced, increased or otherwise changed by the Sponsor. The Sponsor will notify DTC of any change in
the transaction fee and will not implement any increase in the fee for the redemption of Baskets until thirty (30) days after the
date of notice.

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Tax Responsibility

Authorized Participants are
responsible for any transfer tax