Brazil has beaten the United States in the XRP exchange-traded fund (ETF) race by launching the world’s first-ever spot XRP ETF.
Leading asset manager Hashdex debuted the fund on 25 April 2025 on B3, Brazil’s largest stock exchange and the biggest in Latin America.
The new fund, launched under the ticker XRPH11, gives investors direct exposure to XRP’s price movements without holding the cryptocurrency.
A Big Win for Hashdex and Brazil
Despite XRP’s position as the third-largest cryptocurrency by market cap (excluding stablecoins), regulatory hurdles have long blocked the launch of a spot ETF tied to it.
However, a court ruling in July 2023 clarified that XRP is not a security, reigniting retail and institutional investment in the crypto asset.
While many expected the United States to be first in onboarding XRP ETFs, Brazil’s Hashdex has made history with XRPH11. The XRPH11 fund will closely track the Nasdaq XRP Reference Price Index, ensuring transparent and real-time price exposure.
Meanwhile, Hashdex will manage the fund under the Hashdex Nasdaq XRP Fund de Indices, while Genial Investimentos will handle fund administration, and Genial Bank SA will serve as custodian.
In terms of structure, Hashdex plans to invest at least 95% of the fund’s assets directly or indirectly in XRP. This includes exposure through futures contracts, securities, and other instruments tied to XRP’s price.
Read also: XRP Price “Already Determined” by Global Institutions, Says Black Swan Capitalist Founder
XRPH11 Costs and Features
The spot XRP ETF comes with competitive fees. The annual management cost stands at 0.8%, which includes a 0.7% global fee and a 0.1% custodian fee. Importantly, there is no structuring fee, making it a more affordable option for investors looking for alternative crypto exposure.
The Brazilian Securities and Exchange Commission (CVM) approved the product back in February 2025, clearing the way for its official market debut.
Hashdex’s XRP ETF is now the asset manager’s ninth crypto-related ETF trading on B3, alongside other products tracking bitcoin, Ethereum, and Solana.
Read also: XRP Breaks 5-Month Record in Monthly Returns, Outpacing Ethereum
Momentum Builds for U.S. Spot XRP ETFs
Interestingly, even though XRP is a U.S.-origin asset, no spot XRP ETF has yet been approved in America. Recently, the U.S. market has seen the launch of leveraged XRP products, but a true spot ETF remains pending.
However, that could change as Ripple, the company closely tied to XRP, has resolved its long-standing legal dispute with the U.S. Securities and Exchange Commission (SEC). This could clear the path for a wave of crypto ETF approvals.
Read also: Ripple’s Hidden Road acquisition a defining moment for XRP Ledger and XRP: Ripple CTO
Notably, Coinbase Derivatives listed XRP futures on 21 April 2025. Meanwhile, leading global asset managers such as Grayscale and Franklin Templeton have already filed applications for spot XRP ETFs, hoping to ride the changing regulatory tide.
With Donald Trump’s administration now pledging to make America the global hub for crypto innovation and including XRP in the U.S. strategic crypto reserve, the launch of spot XRP ETFs in the U.S. may happen in 2025.
According to Polymarket, a crypto prediction platform, there’s now a 73% chance that a spot XRP ETF will launch in the U.S. this year.
