The Securities and Exchange Commission has granted approval for ProShares Ultra XRP ETF to trade on NYSE Arca under the ticker UXRP, with trading expected to commence by week’s end. Filed on July 14, this leveraged futures-based fund represents the first XRP-linked investment product approved for public trading in the United States. The ETF has been added to the Depository Trust & Clearing Corporation eligibility list, clearing a crucial regulatory hurdle before market debut.
Unlike traditional cryptocurrency investments, the ProShares Ultra XRP ETF provides 2x daily exposure to XRP price movements through derivatives including futures contracts and swap agreements rather than direct token holdings. This structure allows investors to gain leveraged exposure to XRP’s daily performance without actually owning the underlying cryptocurrency. The fund’s leveraged design targets short-term trading strategies and may not suit long-term investment approaches.
ProShares plans to launch two additional XRP-related products: the Short XRP ETF (XRPS) seeking -1x daily performance and the UltraShort XRP ETF (RIPS) targeting -2x inverse exposure. Both inverse funds aim to profit from XRP price declines but have not yet received DTCC eligibility approval. The company has set July 18 as the tentative launch date for all three ETF products.
The ETF launch timing coincides with Crypto Week in Washington D.C., where lawmakers are examining new cryptocurrency legislation including the Clarity Act and Anti-CBDC Surveillance State Act. This convergence of regulatory developments and new financial products has contributed to XRP’s 25% price surge over the past week, reflecting increased institutional interest and speculation around XRP-related investment opportunities.
