Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 98

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 98
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 limited.

The Benchmark Provider has
limited liability relating to the use of the Pricing Benchmark, impairing the ability of the Trust to recover losses relating to its use
of the Pricing Benchmark. The Benchmark Provider does not guarantee the accuracy, completeness, or performance of the Pricing Benchmark
or the data included therein and shall have no liability in connection with the Pricing Benchmark calculation, errors, omissions
or interruptions of the Pricing Benchmark or any data included therein. The Pricing Benchmark could be calculated now or in the future
in a way that adversely affects an investment in the Trust.

The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Administrator, the Transfer Agent, the XRP Custodian or the Prime Broker.

Each of the Sponsor, the Trustee,
the Administrator, the Transfer Agent, the XRP Custodian, and the Prime Broker has a right to be indemnified by the Trust for certain
liabilities or expenses that it incurs without gross negligence, bad faith or willful misconduct on its part. Therefore, the Sponsor,
the Trustee, the Administrator, the Transfer Agent, the XRP Custodian or the Prime Broker may require that the assets of the Trust be
sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the XRP holdings of the Trust and the value
of the Shares.

Intellectual property rights claims may adversely affect the Trust and the value of the Shares.

The Sponsor is not aware of
any intellectual property rights claims that may prevent the Trust from operating and holding XRP. However, third parties may assert
intellectual property rights claims relating to the operation of the Trust and the mechanics instituted for the investment in, holding
of and transfer of XRP. Regardless of the merit of an intellectual property or other legal action, any legal expenses to defend or
payments to settle such claims would be extraordinary expenses that would be borne by the Trust through the sale or transfer of its XRP
and any threatened action that reduces confidence in long-term viability or the ability of end-users to hold and transfer XRP may adversely
affect the value of the Shares. Additionally, a meritorious intellectual property rights claim could prevent the Trust from operating
and force the Sponsor to terminate the Trust and liquidate its XRP. As a result, an intellectual property rights claim against the
Trust could adversely affect the value of the Shares.

Shareholders may be adversely affected by the amendment of Trust Agreement Without Share