Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 212

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 212
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 and such indemnification or agreement to hold harmless is recoverable only out of the assets
of the Trust.

Provisions of Federal and State Securities Laws

This offering is made pursuant
to federal and state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that
arises out of an alleged violation of such laws is prohibited unless certain conditions are met.

These conditions require that
no indemnification of the Sponsor or any underwriter for the Trust may be made in respect of any losses, liabilities or expenses arising
from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on
the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the
indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party
seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before seeking
such approval, the Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification.
These agencies are the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or
sold interests.

<div align='center'>102

MANAGEMENT; VOTING BY SHAREHOLDERS</div>

Each Share represents a
fractional undivided beneficial interest in the net assets of the Trust. Upon redemption of the Shares, the applicable Authorized Participant
shall be paid solely out of the funds and property of the Trust. All Shares are transferable, fully paid and non-assessable. The assets
of the Trust consist primarily of XRP held by the XRP Custodians on behalf of the Trust.

The Shareholders of the Trust
take no part in the management or control, and have no voice in, the Trust’s operations or business. Except in limited circumstances,
Shareholders will have no voting rights under the Trust Agreement.

Owners of Shares do not generally
have any voting rights. The Shares do not represent a traditional investment and are not similar to shares of a corporation operating
a business enterprise with management and a board of directors. All Shares are of the same class with equal rights and privileges. By
acquiring Shares, you are not acquiring the right to elect