Franklin Templeton has achieved expedited automatic approval for its spot XRP exchange-traded fund (ETF) after submitting a Form 8-A with the U.S. Securities and Exchange Commission (SEC), paving the way for listing on NYSE Arca under the ticker symbol XRPZ. The approval was triggered by an amended S-1 filing on November 4, which removed language allowing SEC delays, and the ETF is expected to begin trading as early as the week of November 24 to December 1.
Franklin Templeton set a management fee of 0.19%, significantly lower than the 0.50% fee of the previously launched Canary XRP ETF, and will waive fees entirely until May 31, 2026, with additional waivers on the first $5 billion of fund assets. The ETF will track the CME CF XRP-Dollar Reference Rate, with Coinbase Custody serving as custodian and BNY Mellon acting as cash custodian, transfer agent, and administrator.
This development intensifies competition in the XRP ETF space, following Canary Capital's launch on November 13, which saw over $58 million in day-one volume. Other firms like Bitwise, 21Shares, Grayscale, and WisdomTree are also preparing XRP ETF launches, potentially boosting liquidity and tightening XRP supply. Despite the positive news, XRP price fell over 2% to $2.13, with analyst Ali Martinez predicting a further drop to $2 due to declining sentiment, though derivatives data shows a slight increase in open interest.
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