The asset administration titan Franklin Templeton hopes to launch an exchange-traded fund (ETF) that can monitor the worth of the fourth-largest cryptocurrency by market cap.
On Tuesday, the monetary providers agency with $1.5 trillion in belongings beneath administration (AUM) submitted an S-1 registration to the U.S. Securities & Change Fee (SEC) to launch the Franklin XRP ETF.
The submitting says the shares of the proposed ETF will mirror the worth efficiency of XRP and shall be listed and traded on the Cboe BZX Change.
“The Shares are supposed to supply a handy technique of investing much like an funding in XRP relative to buying, holding and buying and selling XRP instantly on a peer-to-peer or different foundation or through a digital asset platform.”
The fund is designed to be a passive funding automobile and never a leveraged product.
“The Sponsor doesn’t promote XRP at instances when its value is excessive or purchase XRP at low costs within the expectation of future value will increase. The Fund is not going to make the most of leverage, derivatives or related devices or transactions in looking for to satisfy its funding goal.”
The New York-based Coinbase Custody Belief Firm, which offers chilly storage for third-party traders’ crypto belongings, would be the custodian of the fund’s XRP holdings.
XRP is at present buying and selling for $2.23, up by 2.05% over the previous 24 hours.
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