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【The world's first XRP spot ETF launched in Brazil, leading globally】

• The world's first XRP spot ETF:

• On April 25, 2025, the Brazilian Stock Exchange (B3) officially launched the world's first ETF tracking XRP spot, coded XRPH11, managed by asset management company Hashdex.

• Fund allocation and characteristics:

• XRPH11 tracks the NQXRP index, with at least 95% of its asset allocation in XRP and related assets.

• Management fees as low as 0.7%, with no structured additional fees, designed to attract institutional investors’ attention.

• Brazil leads, U.S. lags behind:

• Following the approval of the Solana spot ETF in 2023, Brazil has once again taken the lead over the United States by launching the XRP spot ETF first.

• In contrast, the U.S. is still reviewing applications for crypto asset ETFs, with a relatively slow regulatory process.

• Ripple lawsuit concluded:

• The four-year tug-of-war lawsuit between Ripple and the U.S. SEC has ended, with both parties reaching a settlement. After Ripple paid a fine of $50 million, the remaining funds were refunded.

• This move removes significant legal barriers for XRP in the U.S. market and boosts market confidence.

• Market significance:

• XRP officially enters the mainstream compliant financial market, expected to attract more institutional capital attention, further enhancing XRP's international recognition and market position.