ProShares has received approval to list its Ultra XRP ETF on NYSE Arca, with trading set to begin later this week. This event could draw additional attention to the cryptocurrency market.
Overview of ProShares Ultra XRP ETF
ProShares has received approval to list its Ultra XRP ETF under the ticker UXRP on NYSE Arca. According to a filing with the U.S. Securities and Exchange Commission on July 14, the fund has been certified for listing and registration.
ETF Strategy and Features
The ProShares Ultra XRP ETF is a futures-based product designed to deliver 2x the daily return of an XRP index. Instead of holding XRP directly, the fund gains exposure through derivatives such as futures contracts and swap agreements, allowing investors to amplify daily price movements without owning the underlying asset.
Market and Prospects for XRP
Reports indicate that other products from ProShares, such as the Short XRP ETF and UltraShort XRP ETF, are also in the approval process but have not yet appeared on the DTCC list. The launch of all three ETFs is expected to coincide with Crypto Week's conclusion in Washington, D.C.
The launch of the Ultra XRP ETF by ProShares could be a significant event for the cryptocurrency market, as many investors anticipate continued price increases in XRP.
