Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 127

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 127
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 more such individuals could have an adverse impact on the Trust’s ability to realize
its investment objective.

<div align='center'>56</div>

The Trust is new, and if it is not profitable, the Trust may terminate and liquidate at a time that is disadvantageous to Shareholders.

The Trust is new. If the Trust
does not attract sufficient assets to remain open (such as, for example, where the current and anticipated total assets of the Trust
relative to the current and anticipated total expenses of the Trust would make continued operation of the Trust impracticable), then
the Trust could be terminated and liquidated at the direction of the Sponsor (or required to do so because it is delisted by the Exchange).
Termination and liquidation of the Trust could occur at a time that is disadvantageous to Shareholders. When the Trust’s assets
are sold as part of the Trust’s liquidation, the resulting proceeds distributed to Shareholders may be less than those that may
be realized in a sale outside of a liquidation context.

Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights.

The Shares have limited voting
and distribution rights. For example, Shareholders do not have the right to elect directors, the Trust may enact splits or reverse splits
without Shareholder approval, and the Trust is not required to pay regular distributions, although the Trust may pay distributions at
the discretion of the Sponsor.

The exclusive jurisdiction for certain types of actions and proceedings and waiver of trial by jury clauses set forth in the Trust Agreement may have the effect of limiting a Shareholder’s rights to bring legal action against the Trust and could limit a purchaser’s ability to obtain a favorable judicial forum for disputes with the Trust.

The Trust Agreement provides
that the courts of the state of Delaware and any federal courts located in Wilmington, Delaware will be the exclusive jurisdiction for
any claims, suits, actions or proceedings. However, pursuant to the Trust Agreement, this shall not apply to causes of actions for violations
of U.S. federal or state securities laws. Section 22 of the 1933 Act creates concurrent jurisdiction for federal and state courts
over all suits brought to enforce any duty or liability created by the 1933 Act or the rules and regulations thereunder. Investors cannot
waive compliance with the federal securities laws and the rules and regulations thereunder.

By purchasing Shares in the
Trust, Shareholders waive certain claims that the