$1,500,000,000,000 Asset Manager Franklin Templeton Files for XRP ETF
The asset management titan Franklin Templeton hopes to launch an exchange-traded fund (ETF) that will track the price of the fourth-largest cryptocurrency by market cap.
On Tuesday, the financial services firm with $1.5 trillion in assets under management (AUM) submitted an S-1 registration to the U.S. Securities & Exchange Commission (SEC) to launch the Franklin XRP ETF.
The filing says the shares of the proposed ETF will reflect the price performance of XRP and will be listed and traded on the Cboe BZX Exchange.
“The Shares are intended to offer a convenient means of making an investment similar to an investment in XRP relative to acquiring, holding and trading XRP directly on a peer-to-peer or other basis or via a digital asset platform.”
The fund is designed to be a passive investment vehicle and not a leveraged product.
“The Sponsor does not sell XRP at times when its price is high or acquire XRP at low prices in the expectation of future price increases. The Fund will not utilize leverage, derivatives or similar instruments or transactions in seeking to meet its investment objective.”
The New York-based Coinbase Custody Trust Company, which provides cold storage for third-party investors’ crypto assets, will be the custodian of the fund’s XRP holdings.
XRP is currently trading for $2.23, up by 2.05% over the past 24 hours.
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