According to @EleanorTerrett, the REXShares XRPR ETF came first under the Investment Company (40) Act and offers partial spot $XRP exposure with less efficient tax treatment (source: @EleanorTerrett on X, Nov 11, 2025). According to the same source, Canary Funds is set to launch the first pure-play Securities Act of 1933 $XRP ETF that holds 100% XRP and nothing else (source: @EleanorTerrett on X, Nov 11, 2025). For traders, the source highlights that the key structural differences are exposure purity (partial vs 100% spot) and tax efficiency, which are directly relevant to position construction and after-tax outcomes in $XRP exposure (source: @EleanorTerrett on X, Nov 11, 2025).