Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 195

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 195
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 required for the creation and the Authorized Participant will
deliver the U.S. dollars required for this purchase. The Authorized Participants are responsible for the dollar cost of the difference
between the XRP price utilized in calculating NAV per Share on trade date and the price at which the Trust acquires the XRP to the extent
the price realized in buying the XRP is higher than the XRP price utilized in the NAV. To the extent the price realized in buying the
XRP is lower than the price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of any such difference.
For a cash redemption order, an Authorized Participant will deliver Shares to the Trust and will receive cash for the Shares delivered.
For an in-kind redemption order, an Authorized Participant will deliver Shares to the Trust and will receive XRP or will have its designated
agent receive XRP for the Shares delivered.

None of the Sponsor, the
Trust, the Marketing Agent, or the Transfer Agent shall be liable to the Authorized Participant if an XRP Counterparty fails to deliver
XRP or cash, respectively, representing the Creation Basket Deposit for such Authorized Participant’s Purchase Order to the Trust’s
accounts with the XRP Custodians or with the Cash Custodian, as applicable, unless such failure is due to an act or omission of the Sponsor
or Trust.

XRP held in the Trust’s
accounts with the XRP Custodians are the property of the Trust. The Trust, the Sponsor and the service providers will not loan or pledge
the Trust’s assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement, other than in connection
with the Post-Trade Financing Agreement.

Determination of Required Deposits

For a creation, the total
amount of XRP (for in-kind creations), or cash (for cash creations), required to create each Basket (“Basket Deposit”) is
the amount of XRP or its cash equivalent that is in the same proportion to the total assets of the Trust, net of accrued expenses and
other liabilities, as the number of Shares being created bears to the total number of Shares outstanding on the date the order is properly
received, plus a cash buffer determined by the Sponsor.

The Basket Deposit changes
from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of
XRP represented by the Basket Deposit as appropriate to reflect accrued expenses and any loss of XRP that may occur. The computation
is made by the