Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 105

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 105
---
 businesses or activities, including 
 those that might be in direct competition with the Trust;                                                                                |

| ● | Affiliates                                                                                                                          
 of the Sponsor have substantial direct investments in XRP that they are permitted to manage taking into account their own interests 
 without regard to the interests of the Trust or its shareholders, and any increases, decreases or other changes in such investments 
 could affect the value of the Shares;                                                                                               |

By purchasing the Shares,
shareholders agree and consent to the provisions set forth in the Trust Agreement.

Unforeseeable risks.

XRP has gained commercial
acceptance only within recent years and, as a result, there is little data on its long-term investment potential. Additionally,
due to the rapidly evolving nature of the XRP market, including advancements in the underlying technology or advancements in competing
technologies, changes to XRP may expose investors in the Trust to additional risks which are impossible to predict.

<div align='center'>46</div>

Risks Associated with the Pricing Benchmark and Pricing Benchmark Pricing

The Pricing Benchmark has a limited history.

The Pricing Benchmark
was developed by the Benchmark Provider and has a limited performance history. Although the Pricing Benchmark is based on materially
the same methodology (except calculation time) as XRP, which was first introduced on November 16, 2017, the Pricing Benchmark
itself has only been in operation since September 16, 2024, and the Pricing Benchmark has only featured its current roster of
Constituent Exchanges since August 30, 2025. A longer history of actual performance through various economic and market conditions
would provide greater and more reliable information for an investor to assess the Pricing Benchmark’s performance. The
Benchmark Provider has substantial discretion at any time to change the methodology used to calculate the Pricing Benchmark,
including the spot markets that contribute prices to the Trust’s NAV. The Benchmark Provider does not have any obligation
to take the needs of the Trust, the Trust’s Shareholders, or anyone else into consideration in connection with such changes.
There is no guarantee that the methodology currently used in calculating the Pricing Benchmark will appropriately track the price of
XRP in the future. The Benchmark Provider has no obligation to take the needs of the Trust or the Shareholders into consideration in
determining, composing, or calculating the Pricing Benchmark.

Pricing sources used by the
Pricing Benchmark are digital asset spot markets that facilitate the buying and selling of XRP and other digital assets. Although many
pricing sources refer to themselves as “