The Brazilian Securities and Exchange Commission has green-lighted the launch of the country’s first Solana-based exchange-traded fund (ETF), setting a novel precedence not just for the country, but also on a global scale. Adoption of such Solana-based ETPs is just starting to accelerate; the first was launched by Swiss investment firm 21Shares in mid-2021.
As per the disclosures, the ETF in question is still undergoing pre-operational evaluations and awaits a nod from Brazil’s main stock exchange, B3. It should be noted, as reported by local news outlet Exame, that the ETF will be benchmarked against the CME CF Solana Dollar Reference Rate. This particular index was designed by CF Benchmarks with backing from the Chicago Mercantile Exchange (CME).
The ETF will be provided by Brazilian asset manager QR Asset and managed by a capital markets-focused fintech firm Vortx. QR Asset’s manager, Theodoro Fleury, expressed their pride in the venture, saying “This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors.”
Brazil has a thriving ecosystem for ETFs. In recent years, it has listed Bitcoin and Ethereum ETFs, and in 2024 began providing BlackRock’s iShares Bitcoin Trust ETF. As of now, however, there is no information about whether the US will follow in Brazil’s footsteps. Earlier this year, Cboe submitted a proposal to the SEC seeking approval for asset managers VanEck and 21Shares to launch a similar Solana-based ETF, but a decision is still pending.