TechFlow reports that the Brazilian Securities Commission (CVM) has disclosed in its central database the approval of an exchange-traded fund (ETF) based on Solana. This marks Brazil's first such product and one of only a few Solana-based exchange-traded products (ETPs) globally.
According to the CVM database, this Solana ETF is currently in the pre-operational phase and still awaits final approval from Brazil’s stock exchange, B3.
Local news outlet Exame reported that the product will track the CME CF Solana Dollar Reference Rate, created by CF Benchmarks with support from the Chicago Mercantile Exchange (CME).
The ETF will be offered by Brazilian asset management firm QR Asset, while Vortx, a local fintech company focused on capital markets, will serve as its manager.
Notably, the world’s first Solana-based ETP was launched in June 2021 by Swiss investment product provider 21Shares on the SIX Swiss Exchange.
