Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 29

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 29
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rage transactions by Authorized Participants intended to keep the 
 price of the Shares closely linked to the price of XRP may not exist and, as a result, the 
 price of the Shares may fall or otherwise diverge from NAV.                                |

| ● | Authorized                                                                         
 Participants may act in the same or similar capacity for other competing products. |

| ● | Spot markets                                                                                        
 may be exposed to security breaches, fraud and market manipulation, wash trading and front-running. |

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Risks Associated with Investing in the Trust

| ● | The value                                                                              
 of the Shares may be influenced by a variety of factors unrelated to the value of XRP. |

| ● | The NAV                                                                                        
 or Principal Market NAV may not always correspond to the market price of XRP and, as a result, 
 Creation Baskets may be created or redeemed at a value that is different from the market       
 price of the Shares.                                                                           |

| ● | The inability                                                                                 
 of Authorized Participants and market makers to hedge their XRP exposure may adversely affect 
 the liquidity of Shares and the value of an investment in the Shares.                         |

| ● | The Trust                                                                      
 is subject to risks due to its concentration of investments in a single asset. |

| ● | Possible                                                                               
 illiquid markets may exacerbate losses or increase the variability between the Trust’s 
 NAV or the Principal Market NAV and its market price.                                  |

| ● | The amount                                                         
 of XRP represented by the Shares is expected to decline over time. |

| ● | The Administrator                                                                        
 is solely responsible for determining the value of the XRP holdings and XRP holdings per 
 Share, and any errors, discontinuance or changes in such valuation calculations may have 
 an adverse effect on the value of the Shares.                                            |

Risks Associated with the Regulatory Environment of XRP

| ● | Future                                                                                                                        
 and current regulations by a United States or foreign government or quasi-governmental agency could have an adverse effect on 
 an investment in the Trust, and XRP’s status as being offered and sold as a “security” under U.S. federal                     
 securities laws remains unsettled.                                                                                            |

| ● | Shareholders                                                                                                                     
 do not have the protections associated with ownership of Shares in an investment company registered under the Investment Company 
 Act of 1940 (the “1940 Act”) or the protections afforded by the Commodity Exchange Act, as amended (the                          
 “CEA”).                                                                                                                          |

| ● | Future