u.today
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.
ETF companies typically charge investors for handling the fund (holding the assets, ensuring compliance, and managing paperwork).
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.
Paul Grewal, chief legal officer at Coinbase, recently noted that Canada managed to outpace the U.S. with the launch of their XRP ETFs. 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.