Asset management firm ProShares plans to launch three futures-based exchange-traded funds (ETFs) linked to Ripple’s XRP token on April 30.
The company amended its application on April 15. The SEC raised no objections during its review.
The new funds offer leveraged and inverse exposure to XRP but do not hold the asset directly, unlike spot ETFs.
Among the new ProShares products are:
- Ultra XRP ETF with 2x leverage (long position);
- Short XRP ETF (short position);
- Ultra Short XRP ETF with 2x leverage (short position).
However, a separate application by the company for a spot XRP ETF is still pending approval alongside similar proposals from asset managers 21Shares, Bitwise, and CoinShares, according to tracker The Block.
At the time of writing, the token is trading at $2.33 (+7% over the past 24 hours), according to CoinGecko.
Earlier, on April 8, alternative asset management firm Teucrium Investment Advisors introduced the first XRP ETF in the U.S.