The post Canada’s First Spot XRP ETF Goes Live Today: Here’s How To Invest appeared first on Coinpedia Fintech News
The Purpose XRP ETF (ticker XRPP) is officially live today, June 18, on the Toronto Stock Exchange. This marks the launch of Canada’s first-ever spot XRP ETF, which offers investors regulated access to XRP through traditional investment accounts.
The fund is available to trade on TSX in three versions: CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and USD-denominated (XRPP.U). All of them have a charge of a 0.69% management fee. The total cost is capped at 0.89%, with any savings passed to investors.
Investors can hold the new XRP ETFs in popular Canadian accounts like Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs), making it easier to gain crypto exposure without the need for crypto wallets or exchanges.
Vlad Tasevski, Chief Innovation Officer at Purpose Investments, highlighted that the OSC’s approval of the XRP ETF shows Canada is leading the way in building a safe, regulated space for digital assets.
How to Invest in Purpose XRP ETF?
To invest in the Purpose XRP ETF, traders first need access to the Toronto Stock Exchange (TSX), where the fund is listed. Investors need to open a brokerage account with a Canadian platform that supports TSX trading or any of the big banks’ online brokerages.
These platforms allow users to buy and sell ETFs much like regular stocks. Once the account is set up and funded, investors can search for the ETF by its ticker.
As Purpose offers three versions of its XRP ETF: XRPP, XRPP.B, and XRPP.U, Investors can choose based on their currency and risk preferences.
Once chosen, they can place a market or limit buy order through any brokerage with access to the Toronto Stock Exchange. The ETF can also be held in tax-advantaged accounts like a TFSA or RRSP.
The Purpose XRP ETF launch comes after Brazil rolled out its own XRP ETF earlier this year. The US SEC has still not decided on any XRP ETF yet. However, with Canada leading the way, a U.S. XRP ETF may soon follow.