ProShares is launching three new futures-based XRP ETFs on April 30, 2025, after receiving tacit approval from the U.S. Securities and Exchange Commission (SEC). These funds, which include the Ultra XRP ETF (offering 2x leverage), Short XRP ETF, and Ultra Short XRP ETF (offering -2x leverage), track the price of Ripple’s XRP token but do not hold the asset directly. The SEC did not object to the funds during the review period, allowing ProShares to proceed with the launch.

The announcement follows the earlier launch of Teucrium Investment Advisors LLC's XRP ETF, which became the first XRP-focused ETF in the U.S. earlier this month. Teucrium's fund also provides leveraged exposure to XRP without directly holding the token, marking a new milestone in the crypto investment space.

Bloomberg’s Senior ETF Analyst Eric Balchunas noted the unusual nature of a new asset’s first ETF being leveraged, especially since a spot XRP ETF has not yet been approved.

The new ProShares ETFs will provide investors with leveraged and inverse exposure to XRP’s price movements. However, unlike spot ETFs, these funds track XRP’s futures contracts, meaning they don’t directly involve holding the asset. ProShares initially proposed these funds in January 2025 and received approval after the SEC’s review period, which did not include any objections.

Along with ProShares, CME Group recently announced it would list XRP futures on its U.S. derivatives exchange, expanding its offerings to include products based on XRP, alongside Bitcoin, Ethereum, and Solana futures. The CME’s XRP futures will feature two contract sizes and be settled in cash daily. This reflects growing institutional interest in XRP as a tradable asset in regulated markets.

ProShares' ETFs are part of the firm's broader strategy to introduce cryptocurrency investment products within the U.S. regulated financial landscape. While the SEC has yet to approve any spot XRP ETFs, ProShares’ application for a spot fund remains under review, alongside similar proposals from other asset managers like Grayscale, 21Shares, and Bitwise.

Despite the regulatory uncertainties around spot XRP ETFs, ProShares is moving forward with these futures-based funds, expected to be the second, third, and fourth XRP ETFs available in the U.S. market. This launch is a significant step for ProShares, reflecting the firm’s push into the digital asset sector, which has gained increasing attention from retail and institutional investors alike.

The launch of these funds is expected to provide more options for those seeking exposure to XRP’s price movements through regulated products, while the market waits for a decision on spot-based ETFs. XRP ’s price, currently trading around $2.23, has risen by about 1.1% over the past 24 hours, as market participants prepare for the April 30 launch.