Brazil has become the first country in the world to launch an exchange-traded fund (ETF) that tracks the spot price of XRP, providing new investment opportunities in the country.
World's First XRP ETF
Brazil has launched its first XRP-based ETF, which started trading on the B3 exchange on April 25, as reported by Valor Economico.
The fund is managed by Hashdex and is called Hashdex Nasdaq XRP Fundo de Índice (FI).
Fund Structure and Fees
The XRPH11 fund tracks the XRP Reference Price Index (NQXRP) and ensures investments related to the real-time spot price of XRP across various crypto exchanges. Approximately 95% of XRPH11's net assets will be directed towards XRP and associated digital assets.
The fund features a competitive fee structure, with a maximum annual fee of around 0.7% for administration and distribution, along with an annual custody fee of 0.1%.
Cryptocurrency Market in Brazil
The new XRP ETF opens up opportunities for Hashdex's product lineup on B3, which includes other single-asset funds like Bitcoin and Ethereum. According to Hashdex's Chief Investment Officer, Samir Kerbage, the new fund is aimed at institutional investors looking for access to digital assets in regulated markets in Brazil.
Brazil's launch of the world's first XRP ETF reflects the active development of the cryptocurrency sector, while the SEC in the US continues to evaluate applications for similar financial instruments.
