Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 103

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 103
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 provided the Sponsor does not act in bad faith;                                                 |

| ● | The Trust                                                                               
 has agreed to indemnify the Sponsor and its affiliates pursuant to the Trust Agreement; |

| ● | The Sponsor                                                                                                                        
 is responsible for allocating its own limited resources among different clients and potential future business ventures, to each of 
 which it owes fiduciary duties;                                                                                                    |

| ● | The Sponsor                                                                                                                           
 and its staff also service affiliates of the Sponsor, including several other digital asset investment vehicles, and their respective 
 clients and cannot devote all of its, or their, respective time or resources to the management of the affairs of the Trust;           |

| ● | The Sponsor,                                                                                                                             
 its affiliates and their respective officers and employees are not prohibited from engaging in other businesses or activities, including 
 those that might be in direct competition with the Trust;                                                                                |

| ● | Affiliates                                                                                                                          
 of the Sponsor have substantial direct investments in XRP that they are permitted to manage taking into account their own interests 
 without regard to the interests of the Trust or its shareholders, and any increases, decreases or other changes in such investments 
 could affect the value of the Shares;                                                                                               |

By purchasing the Shares,
shareholders agree and consent to the provisions set forth in the Trust Agreement.

Further, the Sponsor may have
a conflict with respect to any future transactions that may be entered into with either the Sponsor’s ultimate parent company,
FalconX, a leading institutional digital asset prime brokerage, or with any of the other affiliates of FalconX.

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Unforeseeable risks.

XRP has gained commercial
acceptance only within recent years and, as a result, there is little data on its long-term investment potential. Additionally,
due to the rapidly evolving nature of the XRP market, including advancements in the underlying technology or advancements in competing
technologies, changes to XRP may expose investors in the Trust to additional risks which are impossible to predict.

Risks Associated with the Pricing Benchmark and Pricing Benchmark Pricing

The Pricing Benchmark has a limited history.

The Pricing Benchmark has
only been in operation since September 16, 2024, and the Pricing Benchmark has only featured its current roster of Constituent Exchanges
since August 30, 2025. A longer history of actual performance through various economic and market conditions would provide greater and
more reliable information for an investor to assess the Pricing Benchmark’s performance. The Benchmark Provider has substantial
discretion at any time to