Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 16

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 16
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changes are selected for inclusion within the Pricing Benchmark in accordance with specified criteria
and eligibility standards, changes to the Constituent Exchanges may result in an impact on the pricing information reflected in the Pricing
Benchmark. Once it has actual knowledge of material changes to the Constituent Exchanges used to calculate the Pricing Benchmark, the
Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic reports under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), as applicable, and on the Sponsor’s website.

The Sponsor may, in its sole
discretion, change either the Pricing Benchmark or Benchmark Provider without Shareholder approval. Should such a change take place,
the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports,
as applicable, and on the Sponsor’s website.

The intra-day levels and closing
levels of the Pricing Benchmark are published by the Benchmark Provider, and the closing NAV is published by the Administrator.

The Shares are not issued,
sponsored, endorsed, sold or promoted by the Exchange, and the Exchange makes no representation regarding the advisability of investing
in the Shares.

The Benchmark Provider makes
no warranty, express or implied, as to the results to be obtained by any person or entity from the use of the Pricing Benchmark for any
purpose. Pricing Benchmark information and any other data calculated and/or disseminated, in whole or part, by the Benchmark Provider
is for informational purposes only, not intended for trading purposes, and provided on an “as is” basis. The Benchmark Provider
does not warrant that the Pricing Benchmark information will be uninterrupted or error-free, or that defects will be corrected. The Benchmark
Provider also does not recommend or make any representation as to possible benefits from any securities or investments, or third-party
products or services. Shareholders should undertake their own due diligence regarding securities and investment practices.

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For more information on the
Pricing Benchmark and the Benchmark Provider, see “The Trust and XRP Prices”below.

The Trust’s Legal Structure

The Trust is a Delaware statutory
trust, formed on June 3, 2024 pursuant to the Delaware Statutory Trust Act (“DSTA”). The Trust continuously issues Shares
representing fractional undivided beneficial interest in, and ownership of, the Trust that may be purchased and sold on the Exchange.
The Trust will operate pursuant to an Amended and Restated Trust Agreement