ProShares has announced that it has secured approval from the SEC to launch its new leveraged XRP ETF, which will begin trading on NYSE Arca. This ETF will offer investors the opportunity for amplified daily exposure to XRP price movements.
Launch of ProShares Ultra XRP ETF
ProShares has received regulatory clearance to launch its leveraged ETF Ultra XRP under the ticker UXRP. Trading is expected to begin on July 18, coinciding with the close of Crypto Week in Washington. The new fund provides 2x daily exposure to XRP price movements through the use of derivatives such as futures and swaps, rather than holding XRP directly.
Planned Inverse XRP ETFs
In addition to the Ultra XRP ETF, ProShares plans to introduce inverse XRP ETFs. These funds, including the Short XRP ETF (XRPS) and UltraShort XRP ETF (RIPS), will aim for returns opposite to XRP price movements. Both products have not yet received final SEC approval and are absent from the DTCC list.
Market Responds Ahead of ETF Launch
XRP's price has surged approximately 30% over the past week amid anticipation for the ProShares ETF launch. Investor optimism has reflected increased interest in the product. Bloomberg analyses also indicate a high probability of SEC approval for a spot XRP ETF in the near term, heightening institutional interest in the cryptocurrency.
The launch of ProShares Ultra XRP ETF marks a significant step in the integration of cryptocurrency funds into regulated markets. Successful trading under the ticker UXRP is expected to open new opportunities for investors and enhance attention on XRP.
