Purpose Investments, one of Canada's largest investment management firms, has confirmed that it has completely waived the management fee for its newly launched spot-based XRP ETF.
Investors will not have to pay the usual ongoing fee for almost eight months. A fee of 0.69% will be charged annually after February 2026.
ETF companies typically charge investors for handling the fund (holding the assets, ensuring compliance, and managing paperwork).
The fund's management expense ratio (MER) is capped at 0.89%, meaning that the fund will never charge more in total costs. The aforementioned 0.69% fee is part of the total MER, which also covers non-management expenses.
As of June 18, the fund had CAD $8.3 million worth of assets under management.
Outpacing the U.S. with XRP ETFs
Apart from Purpose Investments, two other issuers (3iQ and Evolve) also launched their spot XRP ETFs on Wednesday.
As reported by U.Today, these firms received approval from the Ontario Securities Commission (OSC) to roll out the aforementioned products after months of anticipation.
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Paul Grewal, chief legal officer at Coinbase, recently noted that Canada managed to outpace the U.S. with the launch of their XRPETFs. He has stressed that regulatory clarity tends to drive innovation.
It is worth noting that Canada also launched the very first Bitcoin ETF back in 2021.
As of now, there are several pending spot XRP ETF proposals in the U.S., but it remains to be seen whether they will be approved by the SEC this year.
According to popular betting site Polymarket, there is a 90% chance of an XRP ETF being approved this year.
