According to PANews, Canadian asset management company Purpose Investments Inc. has submitted a preliminary prospectus for the world's first Ripple (XRP) spot ETF to Canadian securities regulators.
The ETF plans to invest the majority of its assets in XRP, aiming to provide investors with long-term capital appreciation opportunities under a regulated framework. Purpose Investments manages over $23 billion in assets.
The company's founder, Som Seif, said that the growth of XRP's institutional adoption has prompted this product innovation, and the ETF will lower the threshold for investors to participate. If it is finally approved, the product needs to be reviewed by the Canadian Securities Commission.
