ProShares to Roll Out XRP Futures ETF Lineup

ProShares Trust, the asset manager behind several exchange-traded funds, plans to launch three XRP futures ETFs on April 30, 2025.

Each fund targets a specific investor strategy: 

• ProShares Ultra XRP ETF (long exposure with 2x leverage) 
• ProShares Ultra Short XRP ETF (short exposure with 2x leverage)
• ProShares Short XRP ETF (standard short exposure). 

The funds will trade on NYSE Arca.

Previously, a similar structure appeared with the Ether Strategy ETF, allowing issuers to sidestep regulators’ cautious approach and avoid direct ownership of digital assets. Since the first spot XRP ETF filing in March 2025, nine issuers, including Bitwise, 21Shares, and WisdomTree, have backed the effort. However, futures-based products do not require the same approval.

“It’s an application for futures-based and leveraged/inverse products. These don’t get ‘approved’ by the SEC like the spot products do, they just go into effect if the agency doesn’t raise any objections within a certain time period after filing,”

said Eleanor Terrett, a journalist at Crypto In America.

Meanwhile, institutional investors are increasingly drawn to XRP, not just for its sizable market capitalization, which recently climbed above $133 billion, making it the fourth-largest cryptocurrency after Bitcoin, Ethereum, and USDT. 
Ripple, which operates a global payments network, recently received approval from the New York State Department of Financial Services (NYDFS) to launch its own stablecoin, RLUSD.

Following Donald Trump’s victory in the U.S. presidential election, XRP rallied nearly 340%, climbing to $2.18. The surge was driven by a series of positive developments surrounding Ripple. 

• Ripple CEO Brad Garlinghouse has met multiple times with Donald Trump to discuss potential cryptocurrency regulation.
• The upcoming launch of XRP futures by CME Group, scheduled for May 19, is expected to boost liquidity and support broader adoption and development of new ETFs.
• With Paul Atkins stepping in as the new chair of the SEC, investors are watching for signs of a possible settlement in the long-running legal battle between the regulator and Ripple.
• The recent suspension of the appeals process in the Ripple case has fueled expectations that a resolution could be near, potentially easing a major source of uncertainty for the market. 
• Analysts at Kaiko Research see a higher likelihood of spot XRP ETFs winning approval compared to similar initiatives for Solana or Cardano, citing XRP’s widespread use in cross-border payments via RippleNet.

Related: Ripple’s $1.25B Target Hidden Road Wins FINRA License

However, the lack of approval for spot XRP ETFs highlights the U.S. Securities and Exchange Commission’s cautious approach to these products. Still, rising interest across the industry has sparked speculation that BlackRock, the world’s largest ETF issuer, could eventually enter the market. Such a move would likely have a major positive impact on XRP’s price and its adoption.

Related: HashKey Launches Asia’s First XRP Tracker Fund in Collaboration with Ripple