Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 206

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 206
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 the Trust Agreement provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the
Trust, any shareholder or any other person, the Sponsor shall resolve such conflict of interest, take such action or provide such terms,
considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally
accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken
or provided by the Sponsor shall not constitute a breach of the Trust Agreement or any other agreement contemplated herein or of any
duty or obligation of the Sponsor at law or in equity or otherwise.

<div align='center'>97

DUTIES OF THE SPONSOR</div>

The general fiduciary duties
which would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to
the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its
beneficiaries), will be replaced entirely by the terms of the Trust Agreement (to which terms all Shareholders, by subscribing to the
Shares, are deemed to consent).

Additionally, under the Trust
Agreement, the Sponsor will have the following obligations as a sponsor of the Trust:

| ● | To enter                                                                                        
 into, execute, accept, deliver and maintain, and to cause the Trust to perform its obligations  
 under, contracts, agreements and any or all other documents and instruments incidental to       
 the Trust’s purposes, including, but not limited to, contracts with third parties to            
 provide various services, it being understood that any document or instrument so executed       
 or accepted by the Sponsor in the Sponsor’s name shall be deemed executed and accepted          
 on behalf of the Trust by the Sponsor; provided, however, that such services may be performed   
 by an Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith       
 determination that: (A) the Affiliate that it proposes to engage to perform such services       
 is qualified to do so (considering the prior experience of the Affiliate or the individuals     
 employed by the Affiliate); (B) the terms and conditions of the agreement pursuant to           
 which such Affiliate is to perform services for the Trust are no less favorable to the Trust