Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 220

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 220
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 CONSULT THEIR LEGAL AND TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST.

110

PURCHASES BY EMPLOYEE BENEFIT PLANS</div>

The Employee Retirement Income
Security Act of 1974 (“ERISA”) and/or Section 4975 of the Code impose certain requirements on: (i) employee
benefit plans and certain other plans and arrangements, including IRAs and annuities, Keogh plans and certain collective investment funds
or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to Title Iof
ERISA and/or Section 4975 of the Code (collectively, “Plans”); and (ii) persons who are fiduciaries with respect
to the investment of assets treated as “plan assets” within the meaning of U.S. Department of Labor (the “DOL”)
regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan Assets Regulation”), of
a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under
ERISA and the Code. It is anticipated that the Shares will constitute “publicly-held offered securities” as defined in the
Department of Labor Regulations § 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan’s interest in
the underlying XRP held in the Trust represented by the Shares, should be treated as assets of the Plan, for purposes of applying the
“fiduciary responsibility” and “prohibited transaction” rules of ERISA and the Code.

“Governmental plans”
within the meaning of Section 3(32) of ERISA, certain “church plans” within the meaning of Section 3(33) of
ERISA and “non-U.S. plans” described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility
and prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state,
local, non-U.S. or other law or regulation that is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries
of any such plans are advised to consult with their counsel prior to an investment in the Shares.

In contemplating an investment
of a portion of Plan