Anticipation around a spot XRP exchange-traded fund (ETF) intensified this week as REX Shares disclosed on social media platform X on Sept. 15:

The REX-Osprey XRP ETF, XRPR, is coming this week! XRPR will be the first U.S. ETF to deliver investors spot exposure to the third largest cryptocurrency by market cap, XRP.

The announcement follows a regulatory path that began earlier this year when REX-Osprey filed a registration statement on Jan. 21, 2025, for a suite of ETFs, including one tied to XRP. The filing was made under the Investment Company Act of 1940, a strategy that contrasts with other issuers seeking approval through the Securities Exchange Act of 1933.

REX-Osprey XRP ETF “seeks investment results, before fees and expenses, that correspond to the performance of XRP,” the SEC filing offered further clarity on the fund’s investment scope. “The fund may also invest in derivatives, which are financial instruments whose value is derived from the value of XRP. These derivatives principally include futures contracts. The Fund may also seek exposure to the price performance of XRP through the use of swaps.”

Market observers highlighted the uniqueness of this structure. Nate Geraci, president of Novadius Wealth Management, stated:

First ETF offering spot XRP exposure set to launch this week… REX-Osprey using clever regulatory end-around via ‘40 Act structure to bring this to market.

He added that this XRP ETF launch “will be another good litmus test for ‘33 Act spot XRP ETF demand,” noting that futures-based XRP ETFs already hold nearly $1 billion in assets.

Bloomberg ETF analyst James Seyffart explained: “This isn’t ‘pure’ spot. But it will hold a spot directly and other spot XRP ETFs from around the world to get its exposure. The fund documents also have language that would allow derivatives usage for exposure if needed but that definitely isn’t the primary exposure method.” While some emphasize the limitations of not being fully spot-based, others argue that regulated access to XRP, even through a hybrid structure, strengthens the broader case for digital asset ETFs in the U.S.

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