Hashdex, a Brazil-based asset manager specializing in crypto, has launched the world's first spot XRP exchange-traded fund (ETF), listed on the B3 stock exchange under the ticker XRPH11. The ETF began trading on April 25, 2025, following approval from Brazil's securities regulator, the CVM, in February. XRPH11 tracks the Nasdaq XRP Reference Price Index and is structured to allocate at least 95% of its net assets to XRP, either through direct or indirect holdings, including futures contracts and other financial instruments that reflect the price of XRP as defined by Nasdaq's benchmark. The ETF is administered by Genial Investimentos and is Hashdex's ninth ETF on the Brazilian exchange, expanding its range of single-asset crypto products. As of April 18, 2025, global XRP-related exchange-traded products (ETPs) had $950 million in assets under management, with $37.7 million in weekly inflows. JPMorgan has estimated the potential market for these products at $8 billion. Brazil currently represents 0.9% of the global crypto ETP AUM. XRP, used for international payments and developed by Ripple, is currently the fourth largest cryptocurrency by market capitalization, valued at $128.4 billion as of April 24, 2025. The launch of XRPH11 is targeted at sophisticated investors, including institutions seeking to build crypto portfolios on Brazil’s equity market infrastructure. The United States is still reviewing applications for similar XRP ETFs.