Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 99

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 99
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holder Consent.

Subject to certain exceptions
set forth in the Trust Agreement, the Trust Agreement can be amended by the Sponsor in its sole discretion and without the shareholders’
consent by making an amendment, an agreement supplemental to the Trust Agreement, or an amended and restated trust agreement, which amendments
may materially adversely affect the interests of the Shareholders.

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.

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 XRR, which was first introduced on November 16, 2017, the Pricing Benchmark itself has only been in
operation since July 29, 2024, and the Pricing Benchmark has only featured its current roster of Constituent Exchanges since [●].
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.

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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 “exchanges,” they are not registered with, or supervised by, the SEC or CFTC and do
not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among