Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 103

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 103
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 illegal or impossible

Under the Trust Agreement,
the Trustee and the Sponsor will not be liable for any liability or expense incurred absent gross negligence or willful misconduct on
the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust Agreement, as the case may be. As a result, the recourse
of the Trust or the Shareholder to Trustee or the Sponsor may be limited.

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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 Custodians or the Prime Broker.

Each of the Sponsor, the
Trustee, the Administrator, the Transfer Agent, the XRP Custodians, 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 Custodians 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