#XRPETF Europe and Canada: Layout Continues to Advance

- Europe ETP: Canadian company Valour launched XRP ETP (Exchange Traded Product) in Europe in December 2024, but there have been no new developments in 2025. Interest in XRP in the European market is focused on cross-border payment application scenarios, and regulators remain cautious about spot ETFs.

- Canada Dynamics: Although the XRP ETF has not yet been launched, Canada's experience in the Bitcoin and Ethereum ETF sector provides a reference for future XRP products, and the market generally expects regulators to follow up.

Operation Mechanism and Product Types

1. Spot ETF

- Physical Holding: Such as Brazil's XRPH11, which directly holds XRP and is custodied by regulatory agencies, offering high transparency but needing to address asset custody and liquidity issues.

- Synthetic Tracking: Some ETFs indirectly track prices through derivatives or swap contracts, which may face counterparty risks.

2. Futures ETF

- US Model: ProShares' three products are based on futures contracts, simulating price trends through rolling positions. Such products are easily affected by "futures premiums," and long-term returns may deviate from spot prices.