Which XRP ETFs exist, what do they charge, and how are they regulated?

The full answer

Which XRP ETFs trade in the US, and when did they start?

NerdWallet reported on September 28, 2026 that the SEC has approved six spot XRP ETFs and four XRP strategy ETFs [1]. The six spot funds it lists are Franklin XRP ETF (XRPZ), 21Shares XRP ETF (TOXR), Bitwise XRP ETF (XRP), Grayscale XRP Trust ETF (GXRP), Canary XRP ETF (XRPC) and REX-Osprey XRP ETF (XRPR) [1]. The background on what these funds are and how approval came about is on the page about what an XRP ETF is and when they were approved.

The sources give these launch dates:

• XRPR: live since September 18, 2025, according to Ripple’s April 17, 2026 post [2]. XRP Insights reports it began trading on the Cboe BZX Exchange that day [3].
• XRPC: debuted on Nasdaq on November 13, 2025, according to Ripple [2]. XRP Insights gives November 12, 2025 [3].
• Bitwise XRP: November 20, 2025, according to Ripple [2] and OneDayAdvisor [4]. XRP Insights places it with the November 24, 2025 launches [3].
• GXRP: began trading on NYSE Arca on November 24, 2025, according to Ripple [2].
• XRPZ: November 24, 2025, according to XRP Insights [3]. Ripple says only that it followed “in short order” [2].
• TOXR: December 11, 2025, according to XRP Insights [3] and OneDayAdvisor [4].

Some counts reach seven. Bitcoin.com News reported on September 28, 2026 that seven funds held 1,179.62 million XRP, the seventh being Bitwise’s broader index fund BITW with 21.2 million XRP [6]. XRP Insights describes BITW as holding the top 10 cryptocurrencies weighted by market cap, at a 2.50% fee [3]. Ripple’s April 17, 2026 post refers to “seven U.S. spot ETFs” with $1.53 billion in assets without naming the seventh [2], and the same post elsewhere says five spot XRP ETFs were trading in early March 2026 [2]. Fund-by-fund holdings are on the page about how much XRP the US spot ETFs hold.

What does each fund charge?

NerdWallet lists these net expense ratios, drawn from SEC EDGAR and fund websites, as of September 28, 2026 [1]:

NerdWallet reports that a few funds are currently waiving their fees for a few months in 2026, but it does not say which funds.

What does each fund’s fee cost per $1,000 held per year?

Multiplying NerdWallet’s September 28, 2026 net expense ratios [1] by $1,000 gives these yearly costs.

XRP Insights gives the same $1.90 figure for XRPZ [3]. It also reports that the expense ratio is deducted from the fund’s assets daily [3]. The dollar cost therefore rises and falls with the value of the holding, and the gap between the lowest and highest fee is $5.60 per $1,000 per year.

How are the funds regulated?

NerdWallet reports that the SEC approved all six spot funds [1]. Ripple wrote on April 17, 2026 that in mid-2025 the SEC introduced generic listing standards for commodity-based cryptocurrency ETPs, cutting a 240-day individual review to approximately 75 days [2]. Canary XRP ETF, a trust sponsored by Canary Capital Group LLC, files quarterly reports on Form 10-Q with the SEC [5].

The funds do not all use the same legal form. OneDayAdvisor reported in September 2026 that XRPR is registered under the Investment Company Act of 1940 rather than as a commodity trust, and that it uses a different legal structure than the five funds that followed it [4].

Ripple wrote on April 17, 2026 that exchanges in Hong Kong, Canada and Europe are broadening the footprint of regulated XRP products [2]. Holdings of those non-US products are covered on the page on ETF holdings.

How is REX-Osprey XRPR structured differently from the spot trusts, and what does that change for a buyer?

OneDayAdvisor reports that XRPR holds XRP through a Cayman Islands subsidiary alongside cash, Treasuries and other XRP-linked ETFs, and carries the highest fee of the six at 0.75% [4]. XRP Insights marks XRPR’s XRP holding as held “via CoinShares Physical XRP” [8]. OneDayAdvisor says investors comparing spot exposure and cost should weigh XRPR against the commodity-trust funds rather than treating all six as interchangeable [4].

Going by that description, the value of an XRPR share reflects a mix of XRP held through other entities and products plus cash and Treasuries, so its price exposure can differ from a fund whose only investment is XRP. The yearly cost is also $7.50 per $1,000 against $1.90 to $5.00 for the other five, using NerdWallet’s September 28, 2026 fees [1].

Which custodian holds each fund’s XRP?

Canary XRP ETF’s Form 10-Q for the quarter ended June 30, 2026 names Coinbase Custody Trust Company and BitGo Trust Company as custodians responsible for safekeeping its XRP. It identifies the cash custodian as U.S. Bank, N.A., an affiliate of the Administrator and Transfer Agent [5]. XRP Insights reports that Coinbase Custody secures the XRP for Bitwise, Franklin Templeton, Grayscale and 21Shares, and names BitGo as Canary’s custodian [3]; its Canary entry leaves out Coinbase, which the filing names. OneDayAdvisor also reports that Bitwise holds XRP in custody with Coinbase [4]. For XRPR, XRP Insights’ tracker names CoinShares as the route for its XRP [8], while XRP Insights’ comparison table lists Coinbase as XRPR’s custodian [9]. Whether each fund’s XRP is real and how it moves in and out is covered in do XRP ETFs hold real XRP and how creations and redemptions work.

Are there leveraged or futures-based XRP funds, and how do they differ from spot funds?

NerdWallet lists these XRP strategy ETFs as of September 28, 2026 [1]:

• Amplify XRP 3% Monthly Option Income ETF (XRPM), 0.75%: invests in XRP ETFs and writes call options on them.
• Volatility Shares XRP ETF (XRPI), 1.68%: invests in XRP futures.
• ProShares Ultra XRP ETF (UXRP), 2.43%: targets 2x the daily returns of XRP.
• Teucrium 2x Long Daily XRP ETF (XXRP), 2.77%: targets 2x the daily returns of XRP.
• Volatility Shares 2x XRP ETF (XRPT), 3.13%: targets 2x the daily returns of XRP.

NerdWallet’s headline counts four strategy ETFs while its table heading counts five [1]. XRP Insights reports that futures-based funds are a separate category and do not hold spot XRP [3].

What are the strongest criticisms of these funds?

OneDayAdvisor lists custody and counterparty risk, fee drag, and the ongoing fee that direct ownership does not carry among the risks of the category [4]. Bitcoin.com News reported on September 9, 2026 that the five major US spot XRP products were carrying a $746.1 million paper loss at the end of June 2026 [7]. Bitcoin.com News reported that total net assets of $1.77 billion trailed $1.79 billion in cumulative net inflows [6]. It attributed the figure of $75.59 million in XRP ETF inflows from September to Sosovalue data. The trade-offs between a fund share and XRP itself are set out in whether owning an XRP ETF is the same as owning XRP.