ProShares to launch leveraged, short XRP futures ETFs as soon as April 30 after SEC greenlight
Quick Take
- Three new XRP futures ETFs from issuer ProShares may launch as soon as April 30 after the SEC gave its tacit approval.
- The funds provide leveraged and inverse exposure to XRP, but do not hold the asset directly, as in a spot ETF.
- The three funds will join Teucrium 2x Long Daily XRP ETF, the market’s first XRP ETF.
ETF issuer ProShares will launch three futures-based funds that track the price of Ripple's XRP token as soon as April 30, a new SEC filing shows.
The funds — an Ultra XRP ETF (2x leverage), a Short XRP ETF, and an Ultra Short XRP ETF (-2x leverage) — were proposed in January. The funds recently received the tacit approval of the SEC, which declined to raise any objections during the review period.
The funds will be the second, third, and fourth ETFs tracking the price of XRP available on the U.S. market. However, ProShares' separate application for a spot XRP ETF is still awaiting approval, according to The Block's ETF Tracker, alongside similar proposed spot funds from asset managers such as Grayscale, 21Shares, and Bitwise.
Though the filing lists the approximate launch date as April 30, the funds may launch at a later date. "ProShares does not have any ETF launches scheduled for Wednesday, April 30. We have no further news to share at this time," ProShares said in a statement.
Vermont-based asset manager Teucrium Investment Advisors LLC launched the first XRP ETF in the U.S. market earlier this month, similarly offering leveraged exposure to the price of XRP without holding the asset directly. "Very odd (maybe a first) that a new asset’s first ETF is leveraged. Spot XRP still not approved, [although] our odds are pretty high," Bloomberg Senior ETF Analyst Eric Balchunas said in a post on X at the time.
The news comes shortly after CME Group announced it would add XRP futures to its derivatives exchange, the largest in the U.S., which also lists BTC, ETH and SOL products.
The price of XRP is up about 1.1% over the past 24 hours and is trading around $2.23, according to The Block's XRP Price page.
Updated Apr. 28 at 3:15 pm ET to include a statement from ProShares.
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