Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 156

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 156
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xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid
Expense” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust
Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. There is currently no predetermined cap on the
aggregate amount of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust
will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable,
and on the Sponsor’s website.

The Sponsor will not, however,
assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental
charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust
to protect the Trust or the interests of Shareholders, any indemnification of the XRP Custodian, Administrator or other agents, service
providers or counterparties of the Trust, the fees and expenses related to the listing, and extraordinary legal fees and expenses, including
any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional
Trust Expenses”). Of the Sponsor-paid Expenses, ordinary course legal fees and expenses shall be subject to a cap of not in excess
of $[●] per annum. In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid Expense may be redesignated as
an Additional Trust Expense if, among other reasons, the Sponsor determines that a Sponsor-paid Expense is an extraordinary, non-recurring
expense of the Trust.

<div align='center'>74</div>

After the payment of the Sponsor
Fee to the Sponsor, the Sponsor may elect to convert some or all of the Sponsor Fee into cash by selling this XRP at market prices, in
the Sponsor’s sole discretion. Due to the variance in market prices for XRP, the rate at which the Sponsor converts XRP to cash
may differ from the rate at which the Sponsor Fee was initially paid in XRP.

The XRP Custodian will
assume the transfer fees associated with the transfer of XRP to the Sponsor with respect to the Sponsor Fee, and any further expenses
associated with such transfer will be assumed by the Sponsor. The Trust shall not be responsible for any fees and expenses associated
with the transfer of XRP to pay