Ripple-backed 3iQ’s new XRP ETF launches on the Toronto Stock Exchange with no management costs for the first half-year.
A new XRP-focused ETF was introduced for North American users by Canadian asset management company 3iQ. With its direct exposure to the fourth-largest digital asset by market capitalization, the 3iQ XRP ETF (XRPQ) went live on the Toronto Stock Exchange (TSX) today.
According to a statement made by 3iQ on Wednesday, an early investor in the fund is Ripple, the blockchain startup that created the XRP Ledger and the XRP cryptocurrency ($2.13). The 3iQ crew will ring the closing bell of the TSX this afternoon to commemorate the event.
The ETF has a 0% management fee for the first six months. According to the release, it only invests in long-term XRP positions purchased from reliable exchanges and over-the-counter platforms, and all assets are maintained in cold storage.
Pascal St-Jean, president and CEO of 3iQ, stated, “The launch of XRPQ represents another milestone in our mission to provide investors with easy, affordable access to digital assets within a regulated framework.”
The new XRP ETF is accessible to investors worldwide.
Depending on local regulations, qualified foreign investors can access XRPQ, while Canadian investors can access it through registered accounts.
“Over the last ten years, XRP has shown tremendous growth potential, and this innovative approach provides Canadian and eligible international investors with an open, affordable, and tax-efficient means of safely seizing that opportunity,” St-Jean continued.
The introduction coincides with the growing institutional interest in cryptocurrency exposure, especially for solutions with safe custody arrangements and clear regulations.
3iQ introduced the Solana Staking ETF earlier this year. According to the business, the fund has more than $120 million in assets under management, and the fund is now the largest Solana SOL $144.84 ETF. In North America, 3iQ was also the first to introduce Bitcoin (BTC) funds totaling $104,190 and Ether (ETH) funds totaling $2,487.
More XRP funds launch as 3iQ
Purpose Investments, which also started trading its spot XRP ETF this week, launches another XRP-focused product alongside 3iQ’s most recent ETF.
For two proposed ETFs from Franklin Templeton, the Franklin XRP ETF and the Franklin Solana ETF, which both intend to list on the Cboe BZX Exchange, the US Securities and Exchange Commission has launched a public comment period.
Even while ETFs for Bitcoin and Ether have already received approval, companies are currently vying to be the first to introduce ETFs for other significant tokens, such as XRP and Solana.