Brazil launches first XRP ETF, pressuring US regulators

On April 25, Brazil became the first country to launch an XRP ETF, listed by Hashdex on the B3 stock exchange under the ticker XRPH11. The ETF tracks XRP's price using the Nasdaq XRP Reference Price Index. This move puts pressure on the United States, where no spot XRP ETF exists. The Brazilian Securities and Exchange Commission (CVM) approved the ETF in February. The fund will invest at least 95% of its assets in XRP, utilizing futures contracts and other securities against the Nasdaq Reference Price Index. Management fees are 0.7% annually, with a custodian fee of 0.1%, totaling 0.8% yearly expenses. Hashdex now has nine cryptocurrency ETFs listed on the B3 exchange, including those tracking Bitcoin, Ethereum, and Solana. Several large asset managers, including Grayscale and Franklin Templeton, have filed requests for XRP spot ETFs in the US. Analysts estimate a 73% probability of an XRP ETF approval in the US.