Best XRP ETF in 2026: All Five US Spot XRP Funds Compared
Five US spot XRP ETFs compared: Franklin XRPZ is cheapest at 0.19%, Bitwise XRP largest at $487m, Grayscale GXRP down to $85m. Fees, custody, flows, who each suits.
TL;DR. Five spot XRP ETFs trade in the US, all listed between 13 November and 11 December 2025. Franklin's XRPZ is the cheapest at 0.19%. Bitwise's fund (ticker XRP) is the largest at $486.9m and the most traded, at 1.6m shares a day in mid-September 2026. Canary's XRPC, the first to list, holds $320.3m. Grayscale's GXRP has shrunk to $84.7m and 21Shares' TOXR to $138.9m, and TOXR traded 3,319 shares on 16 September. None of them stakes, none has US-listed options, and every launch fee waiver has expired. For most buyers the choice is XRPZ on cost or Bitwise on liquidity; the other three need a specific reason.
The five funds side by side
Everything below comes from the issuers' own pages and SEC filings as of 16–17 September 2026. Listing dates are the first day of trading as an ETF, which for Grayscale and 21Shares is later than the trust's birth. Exchange names are shortened: NYSE means NYSE Arca, Cboe means Cboe BZX.
| Fund | Ticker | Exchange | First traded | Fee | Net assets | XRP custodian |
|---|---|---|---|---|---|---|
| Canary XRP ETF | XRPC | Nasdaq | 13 Nov 2025 | 0.50% | $320.3m (16 Sep) | BitGo, Gemini |
| Bitwise XRP ETF | XRP | NYSE | 20 Nov 2025 | 0.34% | $486.9m (16 Sep) | Coinbase Custody |
| Franklin XRP ETF | XRPZ | NYSE | 24 Nov 2025 | 0.19% | $363.8m (17 Sep) | Coinbase Custody |
| Grayscale XRP Trust ETF | GXRP | NYSE | 24 Nov 2025 | 0.35% | $84.7m (17 Sep) | Coinbase Custody |
| 21Shares XRP ETF | TOXR | Cboe | 11 Dec 2025 | 0.30%* | $138.9m (17 Sep) | Coinbase, BitGo, Anchorage |
* TOXR's fee needs a footnote. The FY2025 10-K and both 2026 10-Qs state a unitary sponsor fee of 0.30% of NAV, cut from 2.50% on the listing day, while the fund's own product page still showed 0.50% on 17 September 2026. We go with the filings; if you're buying TOXR, check the current prospectus first.
Adding the five together gives roughly $1.39bn of XRP inside US ETFs, with the caveat that the Canary and Bitwise figures are a day older than the rest. Three funds hold 84% of that: Bitwise, Franklin and Canary. That concentration is the single most useful thing to know before reading any "best of" list, including this one.
Cheapest: Franklin XRPZ at 0.19%
Franklin Templeton priced XRPZ at 0.19%, the same rate it charges on its Solana fund and well under the 0.30% to 0.50% the rest of the XRP field settled on. On a $10,000 position that's $19 a year, against $50 at Canary. Over five years the gap between the cheapest and priciest fund is roughly $155 per $10,000, before compounding, which is real money on an asset that pays nothing while you hold it.
The fund isn't a token-sized afterthought either. At $363.8m on 17 September 2026 it's the second largest of the five, with 25.65m shares outstanding and 281.2m XRP in trust. Daily volume was 659,003 shares on 16 September and the 20-day average 834,114, so an ordinary retail order isn't going to move the price. The 30-day median bid-ask spread is 0.07%. Coinbase Custody holds the XRP; BNY Mellon does cash and administration.
What you give up: Franklin's XRP fund is a year old, its trading is thinner than Bitwise's, and the sponsor's crypto lineup is small (Bitcoin, Ether, Solana and XRP). If either of those bothers you, pay the extra 15 basis points. If not, XRPZ is the default answer to "which XRP ETF".
Largest and most traded: Bitwise XRP
Bitwise's fund is the one that gets the ticker. It trades as XRP on NYSE Arca, the same symbol as the token, which is a marketing coup and a persistent source of confusion on quote screens. At $486.9m on 16 September 2026 it's the largest US spot XRP fund by a margin of $123m, and its 1,626,844 shares of daily volume that day was more than double Franklin's and about 37 times Grayscale's.
The fee is 0.34%, which Bitwise set at 0% for the first month on the first $500m of assets. That waiver ended in December 2025. Coinbase Custody holds the XRP, BNY Mellon administers the trust, and on 16 September 2026 the fund reported 376.3m XRP against 33.69m shares, or 11.17 XRP per share.
The flow record is what sets it apart. Our tracker shows $538.0m of cumulative net inflow to 17 September 2026, the most of any XRP fund, spread across 102 inflow days against 10 outflow days. Bitwise has the marginal buyer, and that's the fund you want if you plan to trade the position rather than park it.
First mover: Canary XRPC
Canary Capital got there first. XRPC listed on Nasdaq on 13 November 2025 and, per press reports at the time, traded $58m on day one, the largest ETF debut of 2025 by that measure. Our tracker's first XRPC print, dated 14 November, is $243.1m of net creations, and the fund has since taken in $459.1m net with only six outflow days in ten months, none larger than $1.2m.
Two things distinguish it. First, custody. XRPC is the only one of the five that doesn't use Coinbase: its XRP sits with BitGo Trust Company and Gemini Trust Company, with U.S. Bank as cash custodian. If you're already exposed to Coinbase through a Bitcoin or Ether ETF and want a different counterparty, this is the fund.
Second, the fee. At 0.50% XRPC is the most expensive of the five, with no waiver, and Canary has shown no sign of cutting it. The 30-day median bid-ask spread of 0.07% on 16 September matches Franklin's and is as tight as any of the five, which softens the fee somewhat for anyone who trades in and out.
The two that arrived already full: GXRP and TOXR
Grayscale and 21Shares both ran private XRP trusts before the ETFs existed, and that history shapes how the funds behave now.
GXRP began life as a private placement on 5 September 2024 and uplisted to NYSE Arca on 24 November 2025 holding $11.7m of XRP the Friday before. Grayscale cut the fee from 2.5% to 0.35% at listing and ran a 0% promotional rate until the earlier of 25 February 2026 or $1bn of assets. Assets peaked at $293.9m on 16 January 2026 with 7.29m shares outstanding. By 31 March they were $61.5m with 2.36m shares.
The fund has crept back to $84.7m and 3.38m shares by 17 September, but the picture is of an early rush that reversed. Our tracker shows $228.5m of gross inflow and $96.6m of gross outflow, with the single worst day in the entire XRP complex, $51.5m out on 29 January 2026, belonging to GXRP.
TOXR is the odder case. On 20 December 2024 Ripple Markets bought the trust's 10m seed shares at $22.07 each, $220.7m in one private placement, per the 10-Q for the March 2026 quarter. The shares listed on Cboe BZX on 11 December 2025 and the fee dropped from 2.50% to 0.30% the same day; at the end of 2025 the trust held $247.7m across 13.89m shares. So TOXR came to market with roughly a quarter of a billion dollars already inside, which is why its $138.9m of assets today sits alongside a cumulative net flow on our tracker of minus $12.4m since listing: the money that left was money that had been there since before there was an ETF.
Shares fell to 11.11m by 30 June 2026 and 11.02m by 17 September. The June 10-Q also records NAV falling from $17.83 to $10.16 in the first half of 2026, a 43% drop that is XRP's price, not the fund's doing.
Neither fund is broken. Both hold XRP with reputable custodians at a fair fee. But TOXR traded 3,319 shares on 16 September 2026, roughly $42,000 of turnover, and GXRP traded 43,958. Those are numbers where a single $250,000 order is the day's market. Use limit orders, and expect to be the liquidity rather than take it.
Fees, waivers and what you'd actually have paid
| Fund | Sponsor fee | Launch waiver | Status | Cost per $10,000 a year |
|---|---|---|---|---|
| XRPZ (Franklin) | 0.19% | 0% on first $5bn to 31 May 2026 | Expired | $19 |
| TOXR (21Shares) | 0.30% (per SEC filings) | None | n/a | $30 |
| XRP (Bitwise) | 0.34% | 0% first month on first $500m | Expired Dec 2025 | $34 |
| GXRP (Grayscale) | 0.35% | 0% promotional rate to 25 Feb 2026 or $1bn | Expired 25 Feb 2026 | $35 |
| XRPC (Canary) | 0.50% | None | n/a | $50 |
The waivers mattered for about six months and now don't. Anyone who bought XRPZ in its first half year paid nothing; anyone buying today pays the sticker price everywhere. Fee competition in Bitcoin ETFs pushed most of that field to 0.25% and below, as we set out in Bitcoin ETF expense ratios compared. XRP hasn't had that round yet. With Franklin already at 0.19% and holding the second-largest asset base, the pressure is on the 0.34% to 0.50% funds, and the obvious candidate to move is Bitwise, which priced its Bitcoin fund at 0.20% in January 2024 to undercut the field.
One detail worth knowing: XRP funds pay their sponsor fee in XRP, selling a sliver of the trust's holdings on a schedule. That's the mechanism by which the XRP per share of every fund drifts slowly downward. It's the same drag a Bitcoin ETF has, and unlike Solana or Hyperliquid there's no staking reward to offset it, because the XRP Ledger has no staking.
Custody: three of five sit with Coinbase
Bitwise, Franklin and Grayscale all use Coinbase Custody Trust Company for their XRP. 21Shares spreads TOXR across Coinbase, BitGo and Anchorage Digital Bank. Canary uses BitGo and Gemini and avoids Coinbase entirely. If you hold a Bitcoin ETF you're probably already exposed to Coinbase, since it custodies most of that field too, and the mechanics of how that works are in how Bitcoin ETF custody works.
Whether custodian diversification is worth 16 to 31 basis points a year over Franklin is a judgement call. No US crypto ETF custodian has lost client assets, so the risk is a tail rather than an expectation. But it's a tail you can price, and XRPC and TOXR are the two funds that price it differently.
What ten months of flows say
Our tracker has recorded daily flows for the five funds since Canary's first print on 14 November 2025. Through 17 September 2026 the cumulative net figure is $1,552m. The month-by-month shape tells the story better than the total.
| Month | Net flow, all five XRP ETFs |
|---|---|
| Nov 2025 (from 14th) | +$666.6m |
| Dec 2025 | +$381.9m |
| Jan 2026 | +$90.5m |
| Feb 2026 | +$46.5m |
| Mar 2026 | −$22.9m |
| Apr 2026 | +$58.6m |
| May 2026 | +$102.4m |
| Jun 2026 | +$53.4m |
| Jul 2026 | +$25.2m |
| Aug 2026 | +$117.8m |
| Sep 2026 (to 17th) | +$32.1m |
Two thirds of all the money arrived in the first seven weeks. Since February the complex has run at $25m to $120m a month, with one negative month in March. Per fund, Bitwise leads at +$538.0m, then Canary +$459.1m, Franklin +$435.5m, Grayscale +$131.9m and 21Shares −$12.4m. The three biggest funds have between them had only 19 outflow days in ten months; the two smaller ones account for both of the complex's worst days, 29 January (−$48.6m, driven by GXRP) and 7 January (−$40.8m, driven by TOXR's −$47.3m). That reads as private-placement holders taking the exit the uplisting gave them rather than a verdict on XRP.
Two reading notes. With five funds instead of a dozen, one creation basket can be the whole day's number, so a $30m print is usually one authorised participant at one fund rather than "the market"; the AP mechanics are the same as for Bitcoin, the law of large numbers isn't. And since September 2026 our XRP figures are computed from the issuers' own share counts and NAV, then checked against third-party aggregators. Franklin and Grayscale publish share counts before the day's creations settle, so their flow for day T lands with the T+1 figure, and a cell can be revised the evening after it first appears. The site updates every business day; it's not a real-time feed. The full daily series, per fund, is on the XRP ETF flows page, and the per-asset reading of that data feeds the XRP line of the Crypto ETF Flow Index. If you're new to these tables, how to read Bitcoin ETF flows covers the shared mechanics.
Options: none in the US yet
As of mid-September 2026 no US exchange had listed options on any of the five funds. A US investor wanting XRP options has CME's XRP futures and options, and since 9 September 2026, options on the Canadian Evolve and Purpose XRP ETFs, which the Canadian Derivatives Clearing Corporation registered for sale to US residents via Form S-20. Those trade on the Montréal Exchange and need a broker with access to it. If a covered-call or protective-put strategy is central to your plan, no US XRP ETF gives you that today, and "best for options" is an empty category.
Which XRP ETF for which investor
| If you... | Choose | Because |
|---|---|---|
| Want the lowest cost and plan to hold | XRPZ | 0.19%, second-largest fund, adequate volume |
| Will trade the position | Bitwise XRP | 1.6m shares a day, largest fund, deepest flow record |
| Want a custodian other than Coinbase | XRPC | BitGo and Gemini; pay 0.50% for it |
| Want custody split across three firms | TOXR | Coinbase, BitGo, Anchorage; accept thin trading |
| Already hold GXRP from the private trust | Keep or switch | 0.35% with $85m of assets; XRPZ is 16 bps cheaper and four times larger |
| Need listed options | None | No US-listed options on any XRP ETF as of Sep 2026 |
Don't compare share prices. GXRP holds about 19.4 XRP per share (30 June 10-Q), Bitwise 11.17, Franklin 10.96, so a $25 GXRP share and a $14 XRPZ share are the same asset in different denominations. What matters is fee, spread and whether the fund will still be here in five years, and on that last point size is the best signal available. The three funds above $300m look permanent. The two below $150m are fine products with a question mark, and the liquidation of Bitwise's Dogecoin fund, filed in September 2026 with a last trading day of 14 October, is a reminder that subscale crypto ETFs do get shut.
One absence worth naming: BlackRock and Fidelity still have no US spot XRP fund, and the full list of 2026 crypto ETFs shows the same pattern across every altcoin. The two largest ETF issuers in the world have looked at $1.4bn of XRP demand and passed, so far. Our XRP ETF outlook traces how the 2027 consensus was overtaken: the SEC's generic listing standards of 17 September 2025 brought all five funds to market within three months.
Whichever you pick, the daily creations and redemptions across all five are on our XRP ETF flows tracker, and the same data is in the Bitcoin ETF Flow Tracker app.
FAQ
Which XRP ETF has the lowest fee?
Franklin Templeton's XRPZ at 0.19% a year. The next cheapest is 21Shares TOXR at 0.30% per its SEC filings, then Bitwise XRP at 0.34%, Grayscale GXRP at 0.35% and Canary XRPC at 0.50%. All launch waivers had expired by mid-2026.
What is the largest XRP ETF?
The Bitwise XRP ETF, ticker XRP, with $486.9m of net assets on 16 September 2026. Franklin XRPZ was second at $363.8m on 17 September and Canary XRPC third at $320.3m on 16 September. Together the five US funds held roughly $1.39bn of XRP.
Is the ticker XRP the token or the ETF?
On a US brokerage platform, XRP is the Bitwise XRP ETF listed on NYSE Arca. On a crypto exchange, XRP is the token. The fund chose the token's symbol deliberately, so check which venue you are looking at before placing an order.
Do XRP ETFs pay staking rewards?
No. The XRP Ledger has no staking mechanism, so none of the five funds earns anything on its holdings. Unlike Solana or Hyperliquid ETFs, the sponsor fee is the entire drag on the fund's XRP per share.
Can I trade options on an XRP ETF?
Not on a US-listed one as of September 2026. The regulated alternatives are CME XRP futures and options, and Montréal Exchange options on the Canadian Evolve and Purpose XRP ETFs, which were registered for sale to US investors on 9 September 2026.
Why has Grayscale GXRP shrunk?
GXRP started as a private trust in September 2024 and uplisted in November 2025. Assets peaked at $293.9m in mid-January 2026, then early holders redeemed heavily, including $51.5m on 29 January alone. By 17 September 2026 it held $84.7m across 3.38m shares.
Is there a BlackRock or Fidelity XRP ETF?
No. As of mid-September 2026 neither firm had a US spot XRP fund trading. The five available are from Canary, Bitwise, Franklin Templeton, Grayscale and 21Shares.
Sources and further reading
- Canary Capital, XRPC fund page (sponsor fee, custodians, net assets and spread as of 16 Sep 2026): canaryetfs.com. Nasdaq listing notice for 13 Nov 2025: nasdaqtrader.com.
- Bitwise, XRP ETF fund page (net assets, holdings, volume as of 16 Sep 2026) and launch release of 20 Nov 2025 (fee, waiver): bitxrpetf.com, bitwiseinvestments.com.
- Franklin Templeton, XRPZ product page (net assets, shares, XRP held as of 17 Sep 2026) and Form 10-Q for the quarter ended 30 June 2026 (listing date, waiver terms, custodians): franklintempleton.com, sec.gov.
- Grayscale, GXRP fund page with the daily performance file (shares, NAV, AUM since 5 Sep 2024) and Form 10-Q for the quarter ended 30 June 2026 (fee change, waiver, listing date): etfs.grayscale.com, sec.gov.
- 21Shares, TOXR Form 10-K for FY2025 (0.30% fee, listing date, custodians) and Form 10-Q for the quarter ended 31 March 2026 (Ripple seed purchase, year-end assets): sec.gov, sec.gov; product page (net assets as of 17 Sep 2026): 21shares.com.
- Montréal Exchange options on the Evolve and Purpose XRP ETFs registered for US sale under CDCC's Form S-20 (9 Sep 2026), as reported by 24/7 Wall St on 11 Sep 2026: 247wallst.com.
- Daily flows: XRP ETF flows. Internal: XRP ETF outlook, every new crypto ETF of 2026.
