Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 189

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 189
---
 required to pay a
transaction fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with the number of Baskets in such
order. The transaction fee may be reduced, increased or otherwise changed by the Sponsor. The Sponsor will notify DTC of any change in
the transaction fee and will not implement any increase in the fee for the redemption of Baskets until thirty (30) days after the
date of notice.

<div align='center'>90</div>

Tax Responsibility

Authorized Participants are
responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant,
and agree to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties,
additions to tax and interest thereon.

Secondary Market Transactions

As noted, the Trust will
create and redeem Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets are only made in
exchange for delivery to the Trust or the distribution by the Trust of the amount of cash equivalent to the amount of XRP, or XRP, represented
by the number of Shares included in the Baskets being created or redeemed, as determined on the day the order to create or redeem
Baskets is properly received.

As discussed above, Authorized
Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers
or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers
to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized
Participant is under no obligation to offer to the public Shares of any Baskets it does create.

Authorized Participants that
do offer to the public Shares from the Baskets they create will do so at per-Share offering prices that are expected to reflect, among
other factors, the trading price of the Shares on the Exchange, the NAV of the Trust at the time the Authorized Participant purchased
the Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time
of sale, and the liquidity of XRP or other portfolio investments. Baskets