Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 54

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 54
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A) $5 million
and (B) the aggregate fees paid by the Trust to the XRP Custodian in the 12 months prior to the event giving rise to the XRP
Custodian’s liability; and (iv) in respect of any incidental, indirect, special, punitive, consequential or similar losses,
the XRP Custodian is not liable, even if the XRP Custodian has been advised of or knew or should have known of the possibility thereof.
In general, the XRP Custodian is not liable under the Custodial Services Agreement unless in the event of its negligence, fraud, material
violation of applicable law or willful misconduct. The XRP Custodian is not liable for delays, suspension of operations,
failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control
of the XRP Custodian. In the event of potential losses incurred by the Trust as a result of the XRP Custodian losing control of the Trust’s
XRP or failing to properly execute instructions on behalf of the Trust, the XRP Custodian’s liability with respect to the Trust
will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover the
value of such potential losses, even if the XRP Custodian directly caused such losses. Furthermore, the insurance maintained by the XRP
Custodian may be insufficient to cover its liabilities to the Trust.

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Similarly, under the Prime
Broker Agreement, the Prime Broker’s liability is limited as follows, among others: (i) other than with respect to claims
and losses arising from spot trading of XRP, or fraud or willful misconduct, or the PB Mutually Capped Liabilities (defined below), the
Prime Broker’s aggregate liability shall not exceed the greater of (A) the greater of (x) $5 million and (y) 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, and (B) the value of the cash or affected XRP giving rise to the Prime Broker’s liability; (ii) 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