What Is an XRP ETF? Full 2025 List, Dates & Ultimate Guide

Two Types of XRP ETFs Available in 2025

There are now two distinct categories of XRP exchange-traded funds trading on U.S. exchanges:

• Spot XRP ETFs: Directly hold actual XRP tokens in cold storage (physically backed, 1:1 exposure, lowest tracking error).
• Futures XRP ETFs: Track XRP price via CME futures contracts (include 1x, 2x long, -1x, and -2x inverse versions; higher fees and leverage decay risk).
  
  

Both are fully SEC-regulated, available in brokerage & retirement accounts, and trade like normal stocks — but they serve different investor needs (long-term holding vs. tactical/leveraged trading).

What Is a Spot XRP ETF?

A spot XRP ETF is a traditional exchange-traded fund that physically owns real XRP tokens and lists shares on major U.S. stock exchanges such as the NYSE, Nasdaq, and Cboe BZX. When you purchase one share of the ETF, you are effectively gaining exposure to the price of XRP without ever needing to set up a crypto wallet, manage private keys, or worry about exchange security in the same way as direct ownership.

The fund holds the actual XRP in institutional-grade cold storage, primarily with Coinbase Custody, and calculates its daily net asset value (NAV) using independent pricing sources like the CME CF XRP-Dollar Reference Rate. The share price tracks XRP’s market price closely, minus a small annual management fee that ranges from 0.19% to 0.75% depending on the issuer.

How it works: When you buy a share (popular tickers: XRP, EZRP, XRPC, XRPR), you own a slice of actual XRP without ever touching a crypto wallet or private key.

Main advantages:

• 100% backed by real XRP kept in institutional cold storage (mostly Coinbase Custody)
• Tracks the live XRP price almost perfectly
• Can be held in regular brokerage accounts, IRAs, 401(k)s, and other retirement plans
• Current fees as low as 0.00%–0.19% after temporary waivers (Franklin Templeton EZRP is currently the cheapest)
  
  

Best for: long-term investors who want simple, clean exposure to XRP.

What Is a Futures XRP ETF? 

A futures XRP ETF tracks the price of XRP through futures contracts traded on regulated exchanges like the CME Group, rather than holding the underlying tokens directly. Launched starting in April 2025, these funds provide indirect exposure to XRP's price movements and often include leveraged or inverse options for amplified returns (or losses). For instance, a 2x leveraged fund aims to deliver twice the daily performance of XRP futures, making it suitable for short-term trading but riskier for long-term holds due to compounding effects and roll costs.

These ETFs invest primarily in cash-settled XRP futures, swaps, and related instruments, with at least 80% of assets allocated to XRP-linked derivatives. They trade during U.S. market hours on exchanges like Nasdaq and NYSE Arca, with fees typically ranging from 0.94% to 1.15%. Unlike spot ETFs, they don't support on-chain utility but enhance market depth through hedging and speculation, contributing to overall XRP liquidity.

Current futures-based XRP ETFs

• XRPI – Volatility Shares → 1× daily performance → fee 0.94%
• UXRP – ProShares → 2× leveraged daily performance → fee 0.95%
  
  

Important warning: Because of daily resetting and roll costs, these products are made for short-term trading only — not for long-term holding.

Spot vs Futures XRP ETF – Quick Comparison

The Full Regulatory Journey (2020–2025)

2020–2023: SEC Lawsuit and Partial Victory

The road to XRP ETFs began with the SEC lawsuit filed in December 2020, which labeled XRP an unregistered security and caused most U.S. exchanges to delist it. A major breakthrough came in July 2023 when Judge Analisa Torres ruled that programmatic sales on exchanges do not constitute securities offerings.

April–July 2025: Futures ETFs Pave the Way

Building on the 2023 ruling, the CFTC and CME Group launched XRP futures contracts in May 2025, enabling the first futures-based ETFs. Volatility Shares' XRPI debuted on May 23 as the inaugural non-leveraged product, followed by ProShares' leveraged trio (UXRP, XRPS, RIPS) on May 14. These approvals under existing commodity ETF rules demonstrated XRP's market maturity, with open interest surpassing $4 billion by July.

August 2025: Final Settlement and Non-Security Confirmation

After lengthy negotiations, the case reached its conclusion on August 7, 2025: Ripple paid a $125 million civil penalty, both parties dropped all appeals, and the court made the non-security ruling permanent for secondary-market sales.

September 2025: New SEC Fast-Track Standards Introduced

Three weeks after the August 7 settlement, the SEC introduced new generic listing standards for commodity-based cryptocurrency ETPs. This fast-track framework allows qualifying filings to become effective automatically after 20 days via S-1 amendments, removing the years-long individual review process that delayed Bitcoin and Ethereum spot ETFs.

Recent XRP ETF Developments & Key Milestones

November has delivered a constant stream of headline-making events via auto-effective S-1 filings under new SEC standards. Here's a quick roundup:

• Canary Capital sets global 2025 record with $59M first-day volume: The XRPC launch on November 13 marked one of the biggest ETF debuts of the year, drawing $245–250M in inflows.
• Bitwise secures ultra-rare single-letter ticker “XRP” on NYSE: This milestone highlights institutional confidence, with seeding and fee waivers positioning it for growth.
• Franklin Templeton launches lowest base fee (0.19%) in spot crypto ETF history: The EZRP's waiver until $1B AUM supports fee competition, backed by $1.5T in firm assets.
• Over 80 million XRP transferred to Coinbase Custody in first half of November: On-chain data confirms institutional inflows, boosting liquidity ahead of more launches.
• Futures ETFs hit $75B combined AUM: ProShares' UXRP leads with $70B, while XRPI adds steady 1x flows; total futures volume exceeds $1.3B monthly, signaling derivatives maturity.

Ripple CEO Brad Garlinghouse noted the momentum with a post on X about the "turkey trot"—a reference to the pre-Thanksgiving timing of these launches.

How Creation and Redemption Improves XRP Liquidity

The creation/redemption mechanism is the direct link between ETF flows and the underlying market. When investor demand pushes an ETF above its NAV, authorized participants purchase XRP on the open market, deliver it to the custodian, and receive newly created ETF shares in return. The opposite occurs during redemptions. This arbitrage process keeps the ETF price tightly aligned with XRP’s spot price and typically narrows bid-ask spreads while reducing long-term volatility. Data since September shows XRP’s 30-day realized volatility has declined by ~28%.

Advantages of Investing in XRP ETFs

XRP ETFs simplify crypto exposure for traditional investors. Here's a breakdown of the key benefits:

• IRA & Retirement Account Compatibility: Fully eligible for IRAs, 401(k)s, and brokerage accounts, enabling tax-advantaged growth without direct crypto handling.
• Full SEC Regulation and Daily Audits: Daily audits and transparency under SEC rules enhance trust and protect against fraud, unlike unregulated trading.
• Institutional-Grade Custody & Reduced Hacking Risk: Institutional custodians minimize hacking risks compared to personal wallets.
• Monthly Income Option (XRPM): Covered-call ETFs like XRPM target 3% monthly yields (36% annualized), offsetting volatility with steady payouts.
• Seamless Brokerage Access & High Liquidity: Trade via brokers like Fidelity—no wallets needed—with improved market depth reducing spreads.
• Potential Tax Deferral in Qualified Accounts: Potential deferral of gains in qualified accounts, preserving more returns than direct holdings.

Risks of Investing in XRP ETFs

ETFs mitigate some crypto issues but retain core uncertainties. Key risks include:

• Annual Management Fees (0.19–0.75%): Fees like EZRP at 0.19% or XRPM at 0.75% erode returns over time.
• No Airdrops, Staking, or DeFi Access: Miss XRP Ledger rewards, staking, or DeFi yields available to direct holders.
• Ongoing Price Volatility: XRP swings (e.g., 5–15% weekly) directly affect ETF values, amplified by market events.
• Covered-Call Strategies Cap Upside in Bull Markets: Income ETFs like XRPM may underperform in bull runs due to option sales limiting gains.
• Possible Tracking Error & Early Liquidity Premiums: Prices may deviate from XRP spot; early funds face wider spreads.
• Regulatory Uncertainty Remains: Post-2025 SEC clarity, future changes could impact XRP status or ETF viability.

XRP ETFs vs. Bitcoin & Ethereum ETFs (Quick Comparison)

XRP ETFs vs. Buying XRP Directly on an Exchange

Investors have two main paths: regulated ETFs or flexible direct trading. Here's a side-by-side comparison:

Final Thoughts

Spot XRP ETFs began trading in 2025 after the SEC–Ripple settlement and the introduction of the auto-effective S-1 framework. Futures XRP ETFs, launching earlier in April–May, established critical derivatives infrastructure, with over $75B in AUM driving futures open interest to $4B+ and setting the stage for spot approvals. These funds now offer U.S. investors a regulated way to gain exposure to XRP through traditional brokerage and retirement accounts. The creation/redemption mechanism has contributed to increased liquidity and a reduction in short-term volatility since the first launches.

Investors can now choose between:

• XRP ETFs (stock-market hours, SEC oversight, retirement-account eligible)
• Direct XRP trading on exchanges (24/7 access, no management fees, full on-chain functionality)
  
  

Both options are fully legal and available, allowing each investor to select the approach that best matches their preferences and goals. Past performance is not indicative of future results; consult a financial advisor.

Frequently Asked Questions

Are XRP ETFs Safe?

Yes—they employ the same custodians, insurance, and daily auditing standards as Bitcoin ETFs managing over $100 billion.

Do XRP ETFs Pay Airdrops or Staking Rewards?

No. Only XRP held in a personal wallet receives on-chain benefits.

Can I Day-Trade XRP ETFs?

Yes—intraday trading functions exactly like any other stock during regular market hours.

What's the Difference Between Spot and Futures XRP ETFs?

A spot XRP ETF holds real XRP tokens and trades like any normal stock on major U.S. exchanges (NYSE Arca, Nasdaq, Cboe); A futures XRP ETF does NOT hold real XRP. It uses CME XRP futures contracts to replicate XRP’s daily price movement.