Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 100

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 100
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 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.

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.

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Risks Associated with the Pricing Benchmark and Pricing Benchmark Pricing

The Pricing Benchmark has a limited history.

The Pricing Benchmark was developed
by the Benchmark Provider and has a limited performance history. Although the Pricing Benchmark is based on materially the same methodology
(except calculation time) as XRR, which was first introduced on November 16, 2017, the Pricing Benchmark itself has only been in
operation since July 29, 2024, and the Pricing Benchmark has only featured its current roster of Constituent Exchanges since [●].
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
change the methodology used to calculate the Pricing Benchmark, including the spot markets that contribute prices to the Trust’s
NAV. The Benchmark Provider does not have any obligation to take the needs of the Trust, the Trust’s Shareholders, or anyone
else into consideration in connection with such changes. There is no guarantee that the methodology currently used in calculating the
Pricing Benchmark will appropriately track the price of XRP in the future. The Benchmark Provider has no obligation to take the