NYSE Arca said it had certified the “approval for listing” of the ProShares Ultra XRP exchange-traded fund, according to a letter sent to the U.S. Securities and Exchange Commission dated Monday.
The ProShares Ultra XRP ETF, or UXRP, is a futures-based investment vehicle, which means that it does not provide investors with direct exposure to XRP’s performance. Futures-based crypto ETFs have so far secured approvals for listing and have begun trading more quickly than spot ETFs. It’s unclear exactly when UXRP could begin trading, although many have suggested online that it might happen as early as this week.
ProShares’ UXRP fund “seeks daily investment results that correspond, before fees and expenses, to 2X the daily performance of its underlying benchmark,” according to the company’s website.
“Investors seeking exposure to XRP directly should consider an investment other than this ETF. XRP is a relatively new asset class and the market for XRP is subject to rapid changes and uncertainty.” ProShares says in a fact sheet describing the ETF. “XRP is subject to unique and substantial risks, such as rapid price swings and lack of liquidity, including as a result of changes in the supply of and demand for XRP, statements by influencers and the media, and other factors.”
In January, ProShares proposed three XRP-based funds, including UXRP, a Short XRP ETF, and an Ultra Short XRP ETF.
Many firms have also submitted proposals for ETFs tracking cryptocurrencies other than Bitcoin and Ethereum, most notably Solana, XRP, and Dogecoin. Spot Bitcoin and Ethereum ETFs have been trading since last year, with BlackRock’s spot BTC fund, ticker symbol IBIT, the clear market leader.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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