Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 194

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 194
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 in connection with the creation and redemption of Shares via cash transactions or to pay for Trust Expenses not assumed by the
Sponsor in consideration for the Sponsor Fee. For a discussion on the potential conflicts of interest associated with such an arrangement,
see “Prime Broker.”

Resolution of Conflicts Procedures

The Trust Agreement provides
that (i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the
Trust, any shareholder or any other person, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated
by the Trust Agreement provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the
Trust, any shareholder or any other person, the Sponsor shall resolve such conflict of interest, take such action or provide such terms,
considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally
accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken
or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any
duty or obligation of the Sponsor at law or in equity or otherwise.

<div align='center'>94

DUTIES OF THE SPONSOR</div>

The general fiduciary duties
which would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to
the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its
beneficiaries), will be replaced entirely by the terms of the Trust Agreement (to which terms all Shareholders, by subscribing to the
Shares, are deemed to consent).

Additionally, under the Trust
Agreement, the Sponsor will have the following obligations as a sponsor of the Trust:

| ● | To enter into, execute, accept, deliver and maintain, and                                                                                  
 to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments incidental       
 to the Trust’s purposes, including, but not limited to, contracts with third parties to provide various services, it being understood      
 that any document or instrument so executed or accepted by the Sponsor in the Sponsor’s