ProShares plans to launch three new futures-based $XRP ETFs on April 30 following the U.S. Securities and Exchange Commission’s (SEC) tacit approval.
The new exchange-traded funds (ETFs), Ultra XRP, Short XRP, and Ultra Short XRP, aim to give investors multiple ways to engage in XRP’s price swings. By offering 2x leveraged exposure, the Ultra XRP allows investors to potentially double the daily returns of XRP. While the Ultra Short XRP ETF provides -2x leverage, increasing returns when XRP’s price drops, the Short XRP ETF will allow investors to profit from drops in XRP’s price.
They are future-based and track XRP futures contracts rather than holding the underlying cryptocurrency. This arrangement ensures investors can speculate on XRP’s price direction or hedge existing positions, all within the regulated environment of the U.S. financial markets.
Regulatory Context for $XRP ETFs
ProShares initially proposed these funds in January 2025, and their approval follows closely on the heels of Teucrium Investment Advisors’ launch of the first XRP futures ETF in the U.S. recently. Their approval came after a review period that ended without objections, signaling a more open regulatory stance toward crypto-linked investment vehicles.
The timing aligns with the resolution of XRP’s legal uncertainties in March 2025. The change cleared the way for more regulated XRP products and contributed to a surge in XRP’s price, which recently reached $2.18—a 480% increase over the past month.
However, the SEC is yet to approve any spot XRP ETFs in the U.S. For instance, ProShares, Grayscale, 21Shares, and Bitwise all have pending applications for spot funds still under regulatory review. Meanwhile, the first spot XRP ETF began trading in Brazil earlier this week, highlighting the global race to offer regulated XRP investment vehicles.
ProShares’ latest move is part of a broader strategy to innovate and introduce new crypto investment products to U.S. investors, building on its previous successes with Bitcoin and Ethereum futures ETFs.
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