XRP ETF Canada: XRPQ vs XRPP vs XRP Fees Compared

Three spot XRP ETFs trade on the TSX, and they’ve been there since June 2025, five months before Wall Street listed its first one. Purpose runs XRPP. 3iQ runs XRPQ. Evolve went for the simplest ticker possible and called its fund XRP. Each one holds actual XRP in custody and qualifies for a TFSA or RRSP. Fees? They range from 0.59% to 0.75% a year, which feels like the big decision right up until the performance numbers come in, because Purpose’s XRPP fell 49.87% in the 12 months to Sept. 30, 2026.

XRP ETF Canada Comparison: XRPQ vs XRPP vs XRP

Figures come from each issuer’s fund page, checked on Oct. 7, 2026.

Fund	TSX tickers	Management fee	Hedged series	Net assets
3iQ XRP ETF	XRPQ, XRPQ.U	0.59%	No	C$116.4 million
Purpose XRP ETF	XRPP, XRPP.B, XRPP.U	0.69%	Yes (XRPP)	C$98.7 million
Evolve XRP ETF	XRP, XRP.U	0.75%	No	$49.3 million

Only Purpose publishes an actual MER so far. It came in at 0.60% to 0.65% as of June 30, depending on the series, which is below the fund’s own management fee. 3iQ says it can’t report one until XRPQ finishes a full financial year.

XRPQ Is the Biggest Fund and the Cheapest to Hold

3iQ launched XRPQ on June 18, 2025 with no management fee for the first six months, and the waiver did its job. Within three trading days the fund had C$32 million. Ripple itself was among the seed investors, according to 3iQ’s launch release (useful context, though it doesn’t change what the fund holds). Today XRPQ is more than twice the size of Evolve’s fund. Tetra Trust handles custody, with Coinbase Custody as sub-custodian, and units trade in Canadian dollars as XRPQ or in U.S. dollars as XRPQ.U, per 3iQ’s fund page.

Purpose XRPP and the Currency Question

Purpose built the world’s first spot Bitcoin ETF back in 2021. It’s also the only XRP issuer here offering a hedged series. Three versions trade: XRPP (hedged to the Canadian dollar), XRPP.B (unhedged, in CAD) and XRPP.U (U.S. dollars). The management fee is 0.69%, with the MER capped at 0.89%, and on Oct. 7 the fund held about 48.9 million XRP, according to Purpose.

Hedging is less abstract than it sounds. XRP trades in U.S. dollars, so an unhedged holder in Toronto is really making two bets at once, one on XRP and one on the loonie. When the Canadian dollar strengthens, unhedged units lag even if XRP goes nowhere. The hedged XRPP strips out that second bet for a small cost. Over a decade, currency effects tend to wash out. Over six months they can turn a flat position into a losing one.

Evolve’s Fund Trades as Plain XRP

Evolve listed a day before its rivals, on June 17, 2025, and claimed the cleanest ticker on the exchange. That cuts both ways, since the fund and the coin now share a name and most of the same search results. The fund tracks the CME CF XRP-Dollar Reference Rate and comes only unhedged (XRP in CAD, XRP.U in USD). At about $49.3 million in net assets it’s the smallest of the three, and its 0.75% fee is the highest. Current numbers are on Evolve’s product page.

What the Fee Gap Costs Over Time

Run it on C$10,000. XRPQ costs about $59 a year in management fees, XRPP about $69 and Evolve about $75. Sixteen dollars a year between the cheapest and the priciest isn’t much. Hold for ten years, though, and it’s roughly $160 before any growth, money nobody gets back. Spreads count as well, since bigger funds with more daily trading tend to quote tighter bid-ask spreads, an edge for XRPQ and XRPP over Evolve.

ETF or the Actual Coin?

XRP itself can’t go in a TFSA or RRSP. The ETFs can, and for most Canadians that settles it: gains inside a TFSA are never taxed, and there’s no seed phrase to lose. Owning the coin through a FINTRAC-registered exchange has real advantages too (trading at 3 a.m. on a Sunday, for one, plus the option of moving it to a hardware wallet). The trade-off is bookkeeping. Every sale needs an adjusted cost base for the CRA, which our Canadian crypto tax guide walks through. ETF holders live with market hours instead. A crypto sell-off on Saturday shows up all at once at Monday’s open.

How to Buy an XRP ETF in Canada

Any brokerage that lists TSX ETFs will do. That includes Wealthsimple, Questrade and the bank-owned platforms.

Pick the account first: TFSA, RRSP or non-registered.
Search XRPQ, XRPP (or XRPP.B and XRPP.U) or XRP.
Choose the CAD listing unless the account already holds U.S. dollars.
Use a limit order. Market orders in the first and last minutes of the session can fill at ugly prices.

A 50% Drawdown in Twelve Months

XRPP lost 49.87% in the year to Sept. 30, 2026, and it’s down 28.68% since launch. Those are Purpose’s own figures. XRP changed hands near US$1.40 this week on CoinGecko, after another broad sell-off on Oct. 7. Putting XRP inside an ETF makes it easier to own. The volatility comes along unchanged.

XRP is also a narrower bet than Bitcoin. Its long-term value depends on banks and payment companies settling cross-border transfers on the XRP Ledger, and a lot of that comes down to Ripple signing partners. Our piece on XRP price discovery in 2026 lays out both sides. For a typical portfolio, a small slice of the crypto allocation is plenty.

Canadian vs U.S. XRP ETFs

Spot XRP ETFs reached U.S. markets on Nov. 13, 2025, with Grayscale and Franklin Templeton listing on Nov. 24, according to The Block. Canadians can buy those too. Converting to U.S. dollars costs money at most brokerages, though, and none of the U.S. funds offer a version hedged to the Canadian dollar. Inside a TFSA, the Canadian funds are the simpler fit.

XRP ETF Canada: FAQ

Is there an XRP ETF in Canada?

There are three: 3iQ’s XRPQ, Purpose’s XRPP and Evolve’s XRP, all listed on the TSX since June 2025.

Can an XRP ETF go in a TFSA?

Yes. All three are TFSA and RRSP eligible.

Which Canadian XRP ETF is cheapest?

XRPQ, at a 0.59% management fee.

General information only, not investment advice. Fund data is from each issuer’s website as of Oct. 7, 2026, and performance figures run to Sept. 30, 2026. Check current fees and holdings before investing.