There are currently seven XRP ETFs trading in the US market. Six of them hold spot XRP, while one (XRPI) tracks futures contracts. Which one to choose mainly depends on three factors: annual fees, actual holding structure, and how you plan to use it.
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First, understand spot vs futures: there is only one exception
Six spot products hold real XRP directly through institutional custody. Volatility Shares' XRPI is a futures-based product that tracks CME XRP futures contracts and does not directly hold the token. Futures ETFs have rollover costs, so over long holding periods the price may deviate from spot XRP. If you want direct price exposure to XRP, a spot ETF is the more straightforward choice. XRPI is better suited for people with clear short-term trading needs who can accept the futures structure.
Fee comparison: the lowest and highest differ by nearly four times
| Ticker | Issuer | Structure | Annual Fee | Custodian |
|---|---|---|---|---|
| XRPZ | Franklin Templeton | Spot | 0.19% | Coinbase Custody |
| XRP | Bitwise | Spot | 0.34% | Coinbase Prime |
| TOXR | 21Shares | Spot | ~0.34% | Not independently verified |
| GXRP | Grayscale | Spot (trust conversion) | ~0.35% | Not independently verified |
| XRPC | Canary Capital | Spot | 0.50% | Gemini Trust + BitGo Trust |
| XRPR | REX-Osprey | Spot | ~0.75% | Not independently verified |
| XRPI | Volatility Shares | Futures | 0.94% | Not applicable |
In the table above, Bitwise and Canary fee and custody data come from SEC filings and fund provider materials. The fee data for the other five comes from secondary reporting and has not yet been checked one by one against the issuers' official websites. Before investing, it is recommended to confirm the current fee rate on your brokerage platform or the issuer's page, especially whether there are any temporary fee waivers.
Fee differences become concrete over long holding periods. For example, if you hold $50,000 for five years, the fee difference between XRPZ (0.19%) and XRPR (0.75%) is roughly $1,400. For a position you buy and leave untouched for a long time, the difference between 0.19% and 0.50% is worth caring about. For trades held for weeks or months, this gap is usually not the main factor in your decision.
Holding structure and liquidity: the largest is not always the best choice
As of September 2026, the seven XRP ETFs together hold about 1.118 billion XRP, roughly 1.12% of the total XRP supply of 100 billion tokens. The holding sizes vary significantly among the funds:
Bitwise (XRP): about 368.6 million tokens, AUM around $520 million, accounting for roughly 35% of the XRP spot ETF market share.
Franklin Templeton (XRPZ): about 274.7 million tokens, AUM around $388 million.
Canary Capital (XRPC): about 248.3 million tokens, AUM around $340 million.
21Shares (TOXR): about 110.3 million tokens.
Grayscale (GXRP): about 59.8 million tokens.
REX-Osprey (XRPR): about 35.6 million tokens.
In terms of liquidity, Bitwise currently leads. On a recent trading day with total trading volume of about $23.3 million, Bitwise's XRP alone accounted for roughly $15.38 million. Franklin Templeton had about $5.74 million, Canary about $1.7 million, and Grayscale only about $0.3 million. Higher trading volume usually means narrower bid-ask spreads and less price impact from large buys or sells.
Here is an important judgment to keep in mind. Bitwise ranks first in both AUM and trading volume, but that does not mean it is the best choice for everyone. If you plan to hold long term without frequent trading, Franklin Templeton's XRPZ offers a lower holding cost at 0.19%, with the tradeoff being that its trading volume is only about one-third of Bitwise's. But for a buy-and-hold use case, that is usually enough. If you need to adjust positions frequently or make large trades, Bitwise's liquidity advantage is more practical, and the extra 0.15% fee can be understood as the cost of execution quality.
Grayscale's GXRP needs a separate note: it originally existed as a trust and was later converted to an ETF structure. Its fee is about 0.35%, but its trading volume is the lowest among the seven, and historically Grayscale trust products have had significant premiums or discounts for long periods. For new buyers, unless there is a special reason, there is no need to prioritize this one right now.
What you actually hold: ETF shares are not XRP
When you buy an XRP spot ETF, you hold shares of the fund, not on-chain XRP. You cannot use those shares to transfer on the XRP Ledger, participate in DeFi, or withdraw them to your own wallet. The XRP held by the fund is kept in cold storage by custodians such as Coinbase Custody, Gemini Trust, and BitGo. What you get is price exposure and the convenience of a traditional brokerage account. The tradeoff is giving up on-chain usability and self-custody control.
If you already have a US stock brokerage account such as Fidelity, Schwab, or Robinhood, you can directly search for the tickers above and place orders. You do not need to register with a crypto exchange or create a wallet. If you do not have a brokerage account yet, you need to open one and complete identity verification first. That process is the same as buying stocks.
If you need to choose between two
For most long-term holders who want price exposure, Franklin Templeton's XRPZ (0.19%) has a clear fee advantage, provided you accept the lower daily trading volume. For users who need better execution quality and may trade frequently or move large amounts, Bitwise's XRP (0.34%) is more reliable in terms of bid-ask spreads and depth, thanks to the largest AUM and the highest daily trading volume.
Canary's XRPC was the first spot XRP ETF to list, so it has a first-mover advantage, but its 0.50% fee does not offer a clearly differentiated reason to choose it over the other two.
Finally, confirm whether your brokerage supports trading these tickers, and check the latest fee information on the trading page, because some issuers have temporary fee waivers and the actual charge may differ from the stated fee rate.
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References
- CoinMarketCap · Overview of US XRP ETF product details, page publication or update date: not indicated; verification date: not indicated.
- KuCoin · Core details on tickers and structures of 7 XRP ETFs now trading in the US, page publication or update date: not indicated; verification date: not indicated.
- US Securities and Exchange Commission · Franklin Templeton fund 10-Q quarterly report, page publication or update date: not indicated; verification date: not indicated.
- Yahoo Finance · Bitwise launches spot XRP ETF, page publication or update date: not indicated; verification date: not indicated.
- CoinMarketCap · Canary Capital XRP ETF custody information disclosure, page publication or update date: not indicated; verification date: not indicated.
- CoinMarketCap · XRP spot ETF market holdings and liquidity data, page publication or update date: not indicated; verification date: not indicated.
- HTX · Latest developments in the XRP spot ETF market, page publication or update date: not indicated; verification date: not indicated.
- Digital Today · Bitwise XRP spot ETF leads with 35% market share, page publication or update date: not indicated; verification date: not indicated.
