Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 150

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 150
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 maintain an
economically viable size. There is no guarantee that the Sponsor will maintain a commercial advantage relative to competitors offering
similar products. Whether or not the Trust is successful in achieving its intended scale may be impacted by a range of factors, such as
the Trust’s timing in entering the market and its fee structure relative to those of competitive products.

The Trust has no fixed termination
date.

The Trust’s Fees and Expenses

The Trust will pay the
unitary Sponsor Fee of [●]% of the Trust’s NAV weekly. The Sponsor Fee is paid by the Trust to the Sponsor as compensation
for services performed under the Trust Agreement.

The Sponsor Fee will accrue
daily and will be payable in XRP weekly in arrears. The Sponsor will calculate the Sponsor Fee on a daily basis by applying a [●]%
annualized rate to the Trust’s NAV, and the amount of XRP payable in respect of each daily accrual shall be determined by reference
to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary
expenses) out of the Sponsor Fee.

As partial consideration
for receipt of the Sponsor Fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course
of its affairs, excluding taxes, but including (i) the Marketing Fee, (ii) fees to the Administrator, if any, (iii) fees
to the XRP Custodian, (iv) fees to the Transfer Agent, (v) fees to the Trustee, (vi) the fees and expenses related to
any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit
fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory
fees, including if applicable any fees relating to the registration of the Shares under the 1933 Act or Exchange Act, (x) printing
and mailing costs, (xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid
Expense” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust
Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. There is currently no predetermined cap on the
aggregate amount of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate