Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 159

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 159
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 of cash equivalent to the amount
of XRP represented by the NAV of the Baskets being created or redeemed. The total amount of XRP required for the creation of Baskets
will be based on the combined net assets represented by the number of Baskets being created or redeemed.

The Trust has no operating
history. The Trust and the Sponsor face competition with respect to the creation of competing products, such as exchange-traded products
offering exposure to the spot XRP market or other digital assets. There can be no assurance that the Trust will grow to or maintain an
economically viable size. There is no guarantee that the Sponsor will maintain a commercial advantage relative to competitors offering
similar products. Whether or not the Trust is successful in achieving its intended scale may be impacted by a range of factors, such
as the Trust’s timing in entering the market and its fee structure relative to those of competitive products.

The Trust has no fixed termination
date.

The Trust’s Fees and Expenses

The Trust will pay the
Sponsor the unitary Sponsor Fee of [●] of the Trust’s NAV weekly in arrears. The Sponsor Fee is paid by the Trust to the
Sponsor as compensation for services performed under the Trust Agreement.

The Sponsor Fee will accrue
daily and will be payable in XRP weekly in arrears. The Administrator will calculate the Sponsor Fee on a daily basis by applying a [●]
annualized rate to the Trust’s NAV, and the amount of XRP payable in respect of each daily accrual shall be determined by reference
to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary
expenses) out of the Sponsor Fee.

As partial consideration
for receipt of the Sponsor Fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course
of its affairs, excluding taxes, but including (i) the Marketing Fee, (ii) fees to the Administrator, if any, (iii) fees
to the XRP Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee, (vi) the fees and expenses related to
any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit
fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory
fees, including