Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 253

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 253
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 the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft, or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.

The Trustee will not be liable
or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except
for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross
negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by
the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation,
operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated
thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.

| 8. | COMMITMENTS                
 AND CONTINGENT LIABILITIES |

In the normal course of business,
the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under
these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and
cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote.

| 9. | CONCENTRATION 
 RISK          |

Unlike other funds that may invest
in diversified assets, the Trust’s investment strategy is concentrated in a single asset within a single asset class. This concentration
maximizes the degree of the Trust’s exposure to a variety of market risks associated with XRP and digital assets. By concentrating
its investment strategy solely in XRP, any losses suffered as a result of a decrease in the value of XRP can be expected