REX Shares says it is going to listing the primary US exchange-traded fund providing spot publicity to XRP this week, buying and selling below the ticker XRPR. “The REX-Osprey
XRP ETF is coming this week!” the issuer posted on X, including that the product would be the first US ETF to ship buyers spot publicity, presently the third-largest cryptoasset by market worth.
XRP Makes Wall Road Historical past
In contrast to the SEC-approved spot bitcoin and ether merchandise—structured as ’33 Act commodity trusts—the REX-Osprey fund is being launched as a ’40 Act open-end ETF. That construction permits an ETF to function as a registered funding firm and might combine exposures, quite than holding solely a single commodity in a belief format. The SEC itself emphasizes that spot bitcoin and ether “ETPs” will not be ’40 Act ETFs, underscoring the distinct regulatory regimes at play right here.
In its newest Type N-1A submitting, the fund is offered alongside sister merchandise and described as searching for outcomes that correspond to the efficiency of the token. The principal technique commits to investing at the least 80% of web property in XRP and/or different property that present publicity to the token, both instantly or by way of a wholly-owned Cayman subsidiary.
The submitting additionally caps funding in that subsidiary at 25% of complete property. Creation and redemption can be found to licensed contributors, with the fund reserving the best to settle redemptions in money and noting an ordinary T+2 payout timeline, extendable to seven days below stress.
The prospectus additional permits the ETF to put money into different funding firms (together with ETFs) topic to Part 12(d)(1) limits and contemplates using derivatives as permitted below the ’40 Act—language that gives flexibility, however doesn’t make derivatives the first publicity.
Bloomberg’s James Seyffart, who tracks crypto ETPs, cautioned that the product will not be “pure” spot, explaining “it is going to maintain spot instantly and different spot XRP ETFs from all over the world to get its publicity.” He added: “The fund paperwork even have language that will permit derivatives utilization for publicity if wanted however that positively isn’t the first publicity methodology.”
ETF Retailer president Nate Geraci framed the launch as a regulatory maneuver enabled by the ’40 Act: “First ETF providing spot XRP publicity set to launch this week…REX-Osprey utilizing intelligent regulatory end-around by way of ‘40 Act construction to carry this to market. Can be one other good litmus check for ‘33 Act spot XRP ETF demand. Futures-based XRP ETFs already nearing $1bil in property.”
Market Backdrop And Futures Momentum
The debut comes as derivatives set information. In late August, CME XRP futures surpassed $1 billion in open curiosity, the quickest tempo for any new contract on the venue, and trade commentators now peg US futures-based ETFs as nearing $1 billion in property—a related yardstick for gauging preliminary demand for spot publicity in an ETF wrapper.
A broader wave of ’33 Act spot proposals can also be within the queue. Any eventual approvals of ’33 Act spot trusts would add a second, extra direct structural path to US spot publicity, alongside the REX-Osprey ’40 Act route.
Notably, REX-Osprey beforehand launched the Solana + Staking ETF (SSK) by way of a comparable framework—context for the way the agency is threading the regulatory needle. Individually, the issuer has guided {that a} Dogecoin ETF (DOJE) can also be on deck this week, highlighting how various buildings are opening US markets to non-BTC/ETH property.
At press time, XRP traded at $3.00.
