Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 27

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 27
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 may be highly volatile and subject to fluctuations due to a number of factors. |

| ● | XRP is a relatively new technological innovation with a limited 
 operating history.                                              |

| ● | The Trust will not directly or indirectly participate in any                                     
 staking program, and accordingly investors will not receive any staking rewards or other income. |

| ● | The fixed supply of XRP may negatively impact the operation 
 of the XRP Ledger.                                          |

| ● | The significant holdings of XRP by Ripple Labs and other early        
 stakeholders could have an adverse effect on the market price of XRP. |

| ● | A determination that XRP or any other digital asset is a “security”                                                                   
 may adversely affect the price of XRP and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, 
 or termination of, the Trust.                                                                                                         |

| ● | The trading prices of many digital assets, including XRP,                                                                              
 have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further   
 decline in the trading prices of XRP, could have a material adverse effect on the value of the Shares and the Shares could lose all or 
 substantially all of their value.                                                                                                      |

| ● | Spot markets on which XRP trades are relatively new and largely 
 unregulated.                                                    |

| ● | The use of cash creations and redemptions, as opposed to in-kind                                                                        
 creations and redemptions, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the 
 Shares closely linked to the price of XRP and, as a result, the price of the Shares may fall or otherwise diverge from NAV.             |

| ● | If the process of creation and redemption of Baskets encounters                                                                         
 any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the 
 Shares closely linked to the price of XRP may not exist and, as a result, the price of the Shares may fall or otherwise diverge from    
 NAV.                                                                                                                                    |

| ● | Authorized Participants may act in the same or similar capacity 
 for other competing products.                                   |

| ● | Spot markets may be exposed to security breaches, fraud and 
 market manipulation, wash trading and front-running.        |

<div align='center'>10</div>

Risks Associated with Investing in the Trust

| ● | The value of the Shares may be influenced by a variety of 
 factors