Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 225

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 225
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 to the Trust, in writing, for use in such Prospectus or any such advertising materials or sales literature.

Pricing Benchmark Licensing Agreement

Pursuant to the Pricing
Benchmark Licensing Agreement, the Benchmark Provider provides each of the Sponsor, the Trust, and their affiliates a non-exclusive,
non-transferable, non-sub-licensable, perpetual, worldwide, license to access, view and use the Index Data to develop, create, calculate,
settle, maintain or support and market the Trust. Such license will have a one-year initial term and will automatically be renewed
for successive one-year periods, unless terminated pursuant to the terms of the agreement.

<div align='center'>109

UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div>

The following discussion describes
the material U.S. federal income tax consequences associated with the purchase, ownership and disposition of Shares by a U.S. Shareholder,
and certain U.S. federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder. The discussion
represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications
described below, the opinion of Dechert LLP. The opinion of Dechert LLP, however, is not binding on the United States Internal Revenue
Service (the “IRS”) or on the courts, and does not preclude the IRS from taking a contrary position. The discussion below
is based on the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations promulgated thereunder and judicial
and administrative interpretations of the Code, all as in effect on the date of this Prospectus and all of which are subject to change
either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances.
Except where noted, this discussion only deals with Shares held as capital assets (generally, property held for investment), and does
not address special situations, including those of banks, financial institutions, insurance companies, regulated investment companies,
real estate investment trusts, dealers in securities, currencies, or commodities, tax-exempt organizations, tax-exempt or tax-advantaged
retirement plans or accounts, traders using a mark-to-market method of accounting, entities that are partnerships for U.S. federal
income tax purposes, persons holding Shares as a position in a “hedging,” “straddle,” “conversion,”
“constructive sale” or other integrated transaction for