Purpose Investments Proposes World's First XRP Spot ETF

According to PANews, Canadian asset management firm Purpose Investments Inc. has submitted a preliminary prospectus to Canadian securities regulators for the world's first Ripple (XRP) spot ETF. The ETF aims to invest the majority of its assets in XRP, providing investors with opportunities for long-term capital appreciation within a regulated framework. Purpose Investments, which manages over $23 billion in assets, previously launched the world's first Bitcoin and Ethereum ETFs. Founder Som Seif noted that the growing institutional adoption of XRP has driven this product innovation, aiming to lower the entry barriers for investors. If approved, the product will undergo review by the Canadian Securities Commission, with specific trading fees and risk terms to be detailed in the final prospectus.