ProShares Short and Leveraged XRP ETFs Approved: Where’s the Spot? AllinCrypto April 28, 2025
The SEC has greenlit ProShares Trust’s XRP futures ETFs to launch on April 30, 2025, joining Teucrium’s 2x XRP ETF earlier this month.
ProShares’ ETF comes at a time when Ripple’s position in US pro-crypto policy is reaching new heights as President Trump doubles down on new pro-crypto legislation.
With new SEC chair Paul Atkins at the helm, ProShares Trust’s ETF bundle still came as a surprise, with many investors believing it was a spot ETF.
ProShares Trust XRP ETFs leave a lot to be desired for crypto investors
Although not a spot ETF, ProShares Trust’s XRP Short and leveraged ETFs are the latest launches for US investors wanting to gain some sort of exposure to Ripple.
On the announcement, many news outlets called ProShares Trust’s ETF a spot fund despite that being false. On April 30, the firm will launch 3 ETFs with different gimmicks.
The funds include the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF, for leveraged and short positions. The Ultra XRP ETF will work similarly to Teucrium’s 2x XRP exchange-traded fund if XRP’s price goes up.
The short ETFs will work when XRP goes down, with the ultra short fund doubling gains by -2x leverage. None of the ETFs are spot holdings.
On April 8, Teucrium’s XRP 2x Daily ETF launched as the first US-based fund trading at the New York Stock Exchange.
When will we see a Spot XRP ETF in the US?
The world’s first spot XRP ETF was launched in Brazil on April 25, issued by Hashdex. For the US, WisdomTree, Canary Capital, and Bitwise have filed for spot XRP ETF listings with S-1s and N-1As being filed in late 2024.
Status updates on spot ETFs for Ripple are due throughout May and this Summer as the SEC’s new chairman, Paul Atkins, is set to bring clear regulations to the digital asset industry and crypto.
With two US-based funds already being released, we can expect spot versions of XRP to appear for institutional investors very soon.
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