Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 195

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 195
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, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant,
and agree to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties,
additions to tax and interest thereon.

Secondary Market Transactions

As noted, the Trust will
create and redeem Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets are only made in
exchange for delivery to the Trust or the distribution by the Trust of the amount of cash equivalent to the amount of XRP, or XRP, represented
by the number of Shares included in the Baskets being created or redeemed, as determined on the day the order to create or redeem
Baskets is properly received.

As discussed above, Authorized
Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be 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. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized
Participant is under no obligation to offer to the public Shares of any Baskets it does create.

Authorized Participants that
do offer to the public Shares from the Baskets they create will do so at per-Share offering prices that are expected to reflect, among
other factors, the trading price of the Shares on the Exchange, the NAV of the Trust at the time the Authorized Participant purchased
the Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time
of sale, and the liquidity of XRP or other portfolio investments. Baskets are generally redeemed when the price per Share is at a discount
to the NAV per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times
may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple
clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms
of compensation or inducement of any kind from the Trust or the Sponsor and no such person has any obligation or responsibility to the