Brazil’s Securities and Exchange Commission has approved the country’s first exchange-traded fund.
According to the Brazilian News Agency ExamThe Solana (SOL) ETF will be created by QR Asset and managed by Vortx. Additionally, CF Benchmark’s Solana Dollar Reference Rate Index will serve as a benchmark for the Solana ETF.
However, the report also notes that the product launch is still dependent on approval from the Brazilian stock exchange B3, as the Solana ETF is still in the pre-operational stage.
While the regulator has yet to announce the exact date when the Solana ETF will become available to Brazilian investors, QR Asset expressed its pride in being a global leader in Solana-based exchange-traded products.
We are proud to be a global leader in this sector, and to strengthen Brazil’s position as a leading market for regulated investments in crypto assets.
Theodoro Fleuri, Chief Investment Officer, QR Asset Management
Brazil has a relatively long history with crypto ETFs, having approved Bitcoin (BTC) and Ethereum (ETH) ETFs in the past. QR Asset launched a decentralized finance ETF in February 2022, under the symbol QF111.
The product is rated on the Bloomberg Galaxy DeFi Index, which tracks some of the largest and most active DeFi platforms, including MakerDAO (MKR), Aave (AAVE), and Uniswap (UNI).
Additionally, Brazil also offers BlackRock’s iShares Bitcoin Trust ETF, with the South American version launching as the iShares Bitcoin Trust BDR ETF.
In the US, asset managers such as VanEck and 21Shares have applied to the US Securities and Exchange Commission to list Solana’s spot ETFs, though the regulator has yet to respond.
Surprisingly, BlackRock’s chief investment officer for ETFs, Samara Cohen, recently indicated that the investment giant will not be offering a Solana-based ETF in the near future.
She cited Solana’s lack of CME futures and lack of institutional support as reasons for BlackRock’s decision to abandon the product at this time.