ProShares has been approved to list its Ultra XRP ETF on NYSE Arca, with trading set to begin by the end of this week.
Per a July 14 filing with the Securities and Exchange Commission, NYSE Arca has certified the listing and registration of the ProShares Ultra XRP ETF under the ticker UXRP.
As a preliminary step, the fund was listed on the Depository Trust & Clearing Corporation eligibility list earlier this month. When writing, a product page for the fund was already live, but trading was yet to commence.
The ProShares Ultra XRP ETF is a leveraged 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. As such, investors are able to amplify daily price movements of XRP without owning the underlying asset.
As previously reported by crypto.news, ProShares initially disclosed plans to roll out two additional XRP-linked funds, the Short XRP ETF (XRPS), targeting -1x daily performance, and the UltraShort XRP ETF (RIPS), which seeks -2x exposure.
Both of these inverse products are designed to deliver the opposite of XRP’s daily returns. For instance, the -1x fund will rise when XRP’s price falls by an equivalent percentage on the same day.
However, neither of these funds has appeared on the DTCC list, and both remain pending for operational clearance.
The company has reportedly set July 18 as the expected launch date for all three XRP futures-based ETFs, according to a post-effective amendment filed on July 11.
In that case, the launch would coincide with the conclusion of Crypto Week in Washington, D.C., where lawmakers are reviewing key legislation such as the Clarity Act and the Anti-CBDC Surveillance State Act. The timing of the launch could draw added attention to XRP and related investment vehicles as the cryptocurrency sector would remain in focus.
Community hype around the potential ETF launch appears to have supported bullish momentum, with XRP up roughly 30% over the past week.
Meanwhile, at least a dozen issuers have filed to launch XRP ETFs in the United States, including ProShares, Grayscale, Franklin Templeton, Bitwise, WisdomTree, and 21Shares.
Bloomberg ETF analysts James Seyffart and Eric Balchunas put the odds of the SEC approving a spot XRP ETF at 95%.
