Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 204

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 204
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 OF INTEREST</div>

There are present and potential
future conflicts of interest inherent in the Trust’s structure and operation you should consider before you purchase Shares. The
Sponsor will use this notice of conflicts as a defense against any claim or other proceeding made. If the Sponsor is not able to resolve
these conflicts of interest adequately, it may impact the Trust’s ability to achieve its investment objective.

The officers, directors and
employees of the Sponsor do not devote their time exclusively to the Trust. These persons are directors, officers or employees of other
entities which may compete with the Trust for their services. They could have a conflict between their responsibilities to the Trust
and to those other entities.

The Sponsor has the authority
to manage the investments and operations of the Trust, and this may allow them to act in a way that furthers their own interests which
may create a conflict with shareholders’ best interests. Shareholders have very limited voting rights, which limits their ability
to influence matters such as amendment of the Trust Agreement, change in the Trust’s basic investment policy, dissolution of the
Trust, or the sale or distribution of the Trust’s assets.

The Sponsor serves as the
sponsor to the Trust. The Sponsor may have a conflict to the extent that its trading decisions for the Trust may be influenced by the
effect they would have on other funds its affiliates may manage. In addition, the Sponsor may be required to indemnify its officers,
directors and key employees with respect to their activities on behalf of other funds, if the need for indemnification arises. This potential
indemnification could cause the Sponsor’s assets to decrease. If the Sponsor’s other sources of income are not sufficient
to compensate for the indemnification, it could cease operations, which could in turn result in Trust losses and/or termination of the
Trust.

The Sponsor has an affiliate,
21Shares AG, that issues various exchange traded products providing exposure to certain digital assets in non-U.S. jurisdictions.
In addition, the Sponsor’s affiliate(s) may take management fees in-kind in XRP, and as such, may engage in trading of the
underlying asset across affiliates. The Sponsor has adopted and implemented policies and procedures that are reasonably designed to ensure
compliance with applicable law, including a Code of Ethics providing guidance on conflicts of interest (collectively, the “Policies”).
As of the effectiveness of the Registration Statement, the Sponsor’s Policies are in place and require that the Sponsor eliminate,
mitigate, or otherwise disclose conflicts