Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 205

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 205
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 of interest. Additionally, the Sponsor has adopted policies and procedures requiring that certain
applicable personnel pre-clear personal trading activity in which XRP is the referenced asset. The Sponsor has also implemented an Information
Barrier Policy restricting certain applicable personnel from obtaining sensitive information. The Sponsor believes that these controls
are reasonably designed to mitigate the risk of conflicts of interest and other impermissible activity.

Furthermore, the Sponsor or
its affiliates may participate in transactions related to XRP, either for their own account or for account of a client. Such transactions
may not serve to benefit the shareholders of the Trust and may have a positive or negative effect on the value of the XRP held by the
Trust and, consequently, on the market value of XRP. In addition, the Sponsor or its affiliates may act in other capacities with
regard to other investment products offered by either party.

The Sponsor or its affiliates
may issue derivative instruments relating to XRP. The Sponsor’s affiliate(s) may offer investment products that offer short
exposure to XRP and may offer other products that offer long exposure to XRP, either of which may take market share from the Trust or
affect the value of XRP or an investment in the Trust. Introduction of such competing products may affect the market value of XRP and
an investment in the Trust. The Sponsor and its affiliated companies may also receive non-public information relating to XRP and neither
the Sponsor nor any of its affiliates will undertake to make this information available to investors in the Trust.

The Sponsor and its employees
and affiliates may engage in long or short transactions in XRP in their personal accounts (subject to certain internal employee trading
policies and procedures), and in doing so may take positions opposite to those held by the Trust or may compete with the Trust for positions
in the marketplace.

Records of trading by these
parties will not be available for inspection by shareholders. Because these parties may trade XRP for their own accounts at the same
time as the Trust, prospective shareholders should be aware that such persons may take positions in XRP which are opposite, or ahead
of, the positions taken for the Trust. There can be no assurance that any of the foregoing will not have an adverse effect on the performance
of the Trust.

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If the Sponsor acquires knowledge
of a potential transaction or arrangement that may be an opportunity for the Trust, it will have no duty to offer such opportunity to
the Trust. The Sponsor will not be