Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 236

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 236
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ISA 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 assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking
into account the facts and circumstances of the Plan, the “Risk Factors” discussed above and whether such investment is consistent
with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the
authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or
indirect non-exempt prohibited transaction with a “party in interest” or “disqualified person” within the meaning
of ERISA and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan’s funding objectives;
and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification,
taking into account the overall investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s
need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary
should consider the DOL’s regulation on investment duties, which can be found at 29 C.F.R