The Canary XRP ETF (XRPC) is a spot-based, single-asset crypto ETF designed to provide direct exposure to XRP, the native token of the XRP Ledger, and functions similarly to other single-token ETFs as a brokerage-accessible wrapper around the underlying asset. Launched in November 2025, XRPC holds XRP directly in custody (primarily via BitGo and Gemini), aiming to closely track the XRP/USD price with minimal structural drag. The fund currently has approximately $250–300 million in assets under management and charges an expense ratio of ~0.50%, placing it toward the higher end of the XRP ETF fee spectrum.
The XRP ETF landscape is still nascent but expanding rapidly, with roughly 5–7 U.S.-listed XRP ETFs now in the market, including products from Franklin Templeton (XRPZ), Bitwise, Grayscale (GXRP), REX-Osprey (XRPR), and others. Within this cohort, XRPC has emerged as a category leader in AUM, often exceeding the combined scale of smaller competitors and clearly outpacing funds like Grayscale (~$60M), REX-Osprey (~$55M), and 21Shares (~$140M), while also competing closely with Franklin Templeton (~$200M range).
From a fee standpoint, XRPC sits in the mid-to-high range: it is significantly more expensive than low-cost entrants like Franklin Templeton (~0.19%), roughly in line with Grayscale and Bitwise (~0.34–0.35%), and cheaper than higher-cost or leveraged strategies like REX-Osprey (~0.75%). This positions XRPC as a “premium access” product—investors are effectively paying a modest fee premium for first-mover advantage, liquidity, and scale.
Structurally, XRPC’s advantages include clean spot exposure (no futures roll or leverage decay), strong early liquidity, and institutional-grade custody, making it one of the most straightforward vehicles for accessing XRP through traditional brokerage accounts or tax-advantaged portfolios. However, like all single-asset crypto ETFs, it carries concentrated risk, with performance entirely dependent on XRP price movements and broader crypto market sentiment. Additionally, unlike staking-based products (e.g., Solana ETFs), XRPC does not generate yield, meaning total return is purely price-driven.
Overall, XRPC represents a category-defining XRP ETF and current AUM leader, offering efficient and scalable access to XRP but with a relatively higher fee profile (0.50%) and the inherent volatility and concentration risks associated with single-token crypto exposure. While newer the XRPZ, the XRP fund from Franklin Templeton is the low cost leader (0.19%) expense fees, has similar asset levels (200M), liquidity, and would be considered a reasonable lower cost option instead of XRPC.
