Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 184

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 184
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 Shareholder may redeem Shares held in Basket size through an Authorized Participant. See “Conflicts of Interest.”

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CREATION AND REDEMPTION OF SHARES</div>

The Trust creates and redeems
Shares from time to time, but only in one or more Baskets. Baskets are only made in exchange for delivery to the Trust or the distribution
by the Trust of, in the event of an in-kind transaction, the amount of XRP represented by the Baskets being created or redeemed, or in
the event of a cash transaction, the amount of cash equivalent to the amount of XRP represented by the Baskets being created or redeemed,
the amount of which is based on the quantity of XRP attributable to each Share of the Trust (net of accrued but unpaid Sponsor Fees and
any accrued but unpaid extraordinary expenses or liabilities) being created or redeemed determined as promptly as practicable after 4:00 p.m.
ET on the day the order to create or redeem Baskets is properly received. For in-kind purchases, Authorized Participants will deliver,
or arrange for the delivery by the Authorized Participant’s designated agent of, XRP to the Trust’s account with the XRP
Custodian in exchange for Shares. For in-kind redemptions, when Authorized Participants redeem Shares with the Trust, the Trust, through
the XRP Custodian, will deliver XRP to such Authorized Participants or a designated agent thereof, in exchange for their Shares.

Authorized Participants
are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers
or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers
to engage in securities transactions described below, and (2) DTC Participants. On May 15, 2025, the staff of the SEC’s Division
of Trading and Markets stated that broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot
digital asset exchange-traded products. As part of the same set of Frequently Asked Questions (“FAQs”) clarifying its views
on broker-dealers’ digital asset activities, the staff noted, among other things, that (i) SEC Rule 15c3-3 applies only to those
digital assets that were securities, and (ii) broker-dealers are permitted to facilitate in-kind creations and redemptions in connection
with spot digital asset exchange-traded products. To become an