Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 255

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 255
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, end of period           |     |               $ | 27.75 |    |     |                   $ | 20.94 |    |
| Total return, at net asset value(4)                |     |                 | 32.52 | %  |     |                     | (5.12 | )% |
| Ratios to average net assets(5):                   |     |                 |       |    |     |                     |       |    |
| Expenses                                           |     |                 |  2.50 | %  |     |                     |  2.28 | %  |
| Net investment income (loss)                       |     |                 | (2.50 | )% |     |                     | (2.28 | )% |

| (1) | Represents                                                                           
 the NAV per Share on January 1, 2025 and December 20, 2024, the beginning of period. |

| (2) | Calculated                        
 using average Shares outstanding. |

| (3) | The amount                                                                               
 shown for a share outstanding throughout the period may not agree with the change in the 
 aggregate gains and losses for the period because of the timing of sales and repurchases 
 of the Trust’s shares in relation to fluctuating market values for the Trust.            |

| (4) | Total return                                                                                      
 is calculated based on the change in value during the period and is not annualized. An individual 
 shareholder’s return and ratios may vary from the above total returns and ratios based            
 on the timing of capital contributions to and withdrawals from the Trust.                         |

| (5) | Annualized. |

Per share operating performance
and total return are calculated for each permanent, non-managing class or series of Shares.

| 12. | SUBSEQUENT EVENTs |

Subsequent events have been evaluated
through November 4, 2025, the date that the Trust’s financial statements were issued and has determined that there are no material
events that would require disclosure in the financial statements.

<div align='center'>F-14

APPENDIX A

GLOSSARY OF DEFINED TERMS</div>

In this Prospectus, each of the following terms
have the meanings set forth after such term:

“1933 Act”: The Securities Act of 1933.

“1940 Act”: Investment Company
Act of 1940, as amended.

“2022 Events”: Collectively, a reference
to the following events: In the first half of 202