On September 18, 2025, history was made. The REX-Osprey XRP ETF (XRPR) became the very first XRP exchange-traded fund to trade on a US stock exchange. While newer, cheaper competitors have since emerged, XRPR holds a special place in crypto history as the pioneer that proved XRP ETFs were possible.
Fund Overview
| Ticker Symbol | XRPR |
| Exchange | Cboe BZX |
| Launch Date | September 18, 2025 |
| Expense Ratio | 0.75% |
| Structure | Converted Trust → ETF |
| Fund Type | Spot XRP ETF |
| Issuer | REX Shares / Osprey Funds |
| Issuer Website | rexshares.com/xrpr |
The Historic Launch
September 18, 2025, will be remembered as a watershed moment for XRP and cryptocurrency broadly. When the opening bell rang at Cboe BZX, XRPR began trading—marking the first time US investors could buy XRP exposure through a regulated ETF.
Record-Breaking First Day
- First Day Volume: $37.7 million in trading volume
- Media Coverage: Featured on CNBC, Bloomberg, and every major financial outlet
- XRP Price Impact: XRP rallied on the news of successful trading
- AUM Milestone: Crossed $100 million within weeks of launch
Why It Mattered
The successful launch proved several things to the market:
- Regulatory Path Exists: The SEC approved an XRP ETF, opening doors for competitors
- Institutional Demand: Massive first-day volume proved pent-up demand
- Operational Viability: The creation/redemption process worked smoothly
- XRP Legitimacy: A US ETF further legitimized XRP as an institutional asset
Who is REX Shares?
REX Shares is a smaller, nimble ETF issuer known for innovative products. They partnered with Osprey Funds, who had been running an XRP Trust since 2021, to convert that trust into an ETF structure.
The Osprey Connection
Osprey Funds launched the Osprey XRP Trust in 2021, giving early investors XRP exposure through a trust structure (similar to how Grayscale operates). When the regulatory environment shifted, Osprey partnered with REX to convert this trust into a proper ETF.
This conversion gave XRPR a significant advantage: they already had XRP holdings in the trust, allowing for immediate trading when the ETF launched.
Fees & Expense Ratio
At 0.75% annually, XRPR has the highest expense ratio among the major XRP ETFs:
| ETF | Expense Ratio |
|---|---|
| Franklin Templeton (XRPZ) | 0.19% |
| Bitwise (XRP) | 0.34% |
| Canary (XRPC) | 0.50% |
| REX-Osprey (XRPR) | 0.75% |
| Grayscale (GXRP) | 0.35% |
The Fee Dilemma
For a $10,000 investment held over 10 years (assuming 8% annual returns):
- At 0.75% (XRPR): ~$1,660 in fees
- At 0.34% (Bitwise): ~$755 in fees
- Difference: ~$905 extra with XRPR
That's a significant cost difference over time. Unless you have specific reasons to choose XRPR, lower-cost alternatives are likely better for long-term holding.
Holdings & Structure
XRPR holds approximately 53.2 million XRP in its vaults, putting it third in the holdings race behind Canary Capital and Bitwise.
Trust-to-ETF Structure
The conversion from trust to ETF has some implications:
- Pro: Existing XRP holdings provided instant liquidity
- Pro: Proven track record of custody and operations
- Con: Some legacy structural inefficiencies
- Con: Higher fee structure inherited from trust days
Performance Since Launch
Since its historic September launch, XRPR has maintained its position as a viable XRP investment vehicle:
- Trading Volume: Consistently ranks 3rd-4th among XRP ETFs
- AUM: Over $100 million in assets under management
- Tracking: Closely follows XRP's spot price
- Liquidity: Adequate for most retail investors
Competition Pressure
XRPR faces increasing pressure from newer, cheaper competitors. Bitwise and Franklin Templeton have been capturing significant market share with their lower fee structures.
How to Buy XRPR
- Open a brokerage account with access to Cboe BZX (most major brokerages support it)
- Search for ticker "XRPR"
- Verify it's the REX-Osprey fund
- Place your buy order
- Consider tax-advantaged accounts (IRA, 401k) for long-term holding
Track XRPR Performance
Monitor REX-Osprey's trading volume and holdings on our live dashboard. Watch how XRPR compares in the daily volume rankings and the race to 1 billion XRP.
View all XRP ETF data including AUM, holdings, and flows updated every 60 seconds.
Compare alternatives: Bitwise XRP ETF | Franklin Templeton XRP ETF | Canary Capital XRP ETF
Related Reading
- What is an XRP ETF? - Complete beginner's guide
- How to Invest in XRP ETFs - Step-by-step instructions
- Understanding ETF Flows - Learn to read market signals
- XRP ETF Comparison - Compare all XRP ETFs
Frequently Asked Questions
What was the first XRP ETF in the United States?
The REX-Osprey XRP ETF (XRPR) was the first XRP ETF to trade in the United States, launching on November 18, 2025 on Cboe BZX Exchange.
What is the ticker symbol for REX-Osprey XRP ETF?
The REX-Osprey XRP ETF trades under the ticker symbol "XRPR" on Cboe BZX Exchange.
What is the expense ratio for REX-Osprey XRPR?
REX-Osprey XRPR has an expense ratio of 0.75%, which is on the higher end among XRP ETFs.
Who created the REX-Osprey XRP ETF?
The REX-Osprey XRP ETF was created by REX Shares in partnership with Osprey Funds. REX Shares is known for innovative ETF products including leveraged and inverse funds.
Sources
Disclaimer: This article is for educational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Cryptocurrency investments are volatile. Always conduct your own research.
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