Purpose Investments, a leading Canadian investment firm, has officially launched its spot-based XRP exchange-traded fund (ETF) with zero management fee. The firm announced that it will completely waive the typical ongoing fee for the first eight months of the fund’s operation. Generally, ETF issuers charge investors management fee to cover asset custody, regulatory compliance, and administrative tasks. However, in a bold move to attract investors, Purpose Investments has chosen to eliminate this cost at least temporarily.
Three XRP ETFs Approved by Canadian Regulator
In addition to Purpose Investments, two other Canadian firms 3iQ and Evolve also launched their spot XRP ETFs on Wednesday. These product launches followed recent regulatory approval from the Ontario Securities Commission (OSC), which greenlit the funds after months of anticipation. The approval marks another milestone in Canada’s progressive approach to digital asset regulation.
Canada Takes the Lead in Crypto ETF Innovation
Commenting on the development, Paul Grewal, Chief Legal Officer at Coinbase, praised Canada’s swift action in approving the XRP ETFs. He emphasized that regulatory clarity plays a crucial role in fostering financial innovation. Grewal also noted that Canada previously led the global market by launching the first-ever Bitcoin ETF back in 2021 well ahead of the United States.
Related article: XRP ETF Hits Toronto Exchange as SEC Mulls U.S. Approval
Canada continues to demonstrate regulatory leadership in the digital asset space. With zero-fee options now available, Canadian investors gain early and cost-effective access to XRP exposure, while the rest of the world watches closely.
