The first spot exchange-traded fund (ETF) tied to XRP in the world, issued by Hashdex and managed by Genial Investimentos, began trading on April 25 on Brazil’s stock exchange, B3. 

Listed under the ticker XRPH11, the ETF tracks the Nasdaq XRP Reference Price Index and, according to Hashdex, will allocate at least 95% of its net assets to XRP. The introduction of the fund marks Hashdex’s ninth ETF launch on the Brazilian exchange.

The asset manager might use direct or indirect holdings, futures contracts aimed at replicating the index’s performance, or other financial instruments that reflect the price of XRP as defined by Nasdaq’s benchmark to give exposure.

The launch expands Hashdex’s single-asset ETF offerings on B3, which also include products based on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). 

According to Hashdex’s chief investment officer, Samir Kerbage, the fund aims to attract sophisticated investors, including institutions looking to build crypto portfolios on Brazil’s equity market infrastructure.

He added that the ETF aims to expand investor access while aligning with regulatory guidance on fund safety and transparency.

An $8 billion market

XRP-related exchange-traded products (ETPs) registered $950 million in assets under management (AUM) as of April 18, as CoinShares reported. 

Additionally, XRP funds registered the strongest weekly inflows among other crypto-related ETPs last week, with $37.7 million allocated.

According to a January prediction by JPMorgan, these products could attract up to $8 billion in net flows, over eight times their current AUM size.

Although Hashdex secured a head start in conquering this market, Brazil represents only 0.9% of the global AUM of crypto ETPs. XRPH11 must find global appeal to reach a significant AUM and grant Hashdex a comfortable spot in the race.

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