Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 260

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 260
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 Trust.

“NAV per Share”: NAV per Share
outstanding.

“NBMMs”: Non-bank market makers.

“NYDFS”: The New York State
Department of Financial Services.

“OFAC”: The Office of Foreign Assets
Control of the U.S. Treasury Department.

“OTC”: Over the counter.

“PB Mutually Capped Liabilities”:
In respect of the Prime Broker’s obligations to indemnify the Trust and its affiliates against third-party claims and losses to
the extent arising out of or relating to, among others, the Prime Broker’s gross negligence, violation of its confidentiality,
data protection and/or information security obligations, violation of any law, rule or regulation with respect to the provision of its
services, or the full amount of the Trust’s assets lost due to the insolvency of or security event at a Connected Trading Venue,
the Prime Broker’s liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the
Prime Broker in the 12 months prior to the event giving rise to the Prime Broker’s liability.

<div align='center'>A-4</div>

“PCAOB”: The Public Company Accounting
Oversight Board.

“Plan Assets Regulation”: Regulation
29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA.

“Plans”: The Employee Retirement
Income Security Act of 1974 and/or Section 4975 of the Code.

“Policies”: The Sponsor’s policies
and procedures that have been implemented and are reasonably designed to ensure compliance with applicable law, including a Code of Ethics
providing guidance on conflicts of interest.

“Post-Trade Financing Agreement”:
An agreement with Coinbase Credit, Inc. pursuant to which the Trust may borrow XRP or cash as trade credit the Lender on a short-term
basis to avoid having to pre-fund the Trust’s Trading Balance.

“Pricing Benchmark”: The performance
of the CME CF XRP—Dollar Reference Rate — New York Variant (XRPUSD_NY), as adjusted for the Trust’s expenses and other
liabilities.

“Pricing Benchmark Licensing Agreement”: The licensing agreement by and between the Sponsor and the Benchmark Provider relating to the use of the Pricing Benchmark by the Sponsor and its permitted affiliates

“Prime Broker”: Coinbase, Inc.

“Principal Market NAV”: Net asset
value of the Trust determined on a GAAP basis.

“Principal Market