American ETF issuer ProShares is set to launch three XRP futures ETFs on April 30.
According to documents submitted by the SEC, these three funds are: Ultra XRP ETF (2x leveraged long), Short XRP ETF (short), and Ultra Short XRP ETF (2x leveraged short).
These ETFs were initially applied for in January this year, and after a review period, the SEC did not raise any objections, effectively allowing these products to be listed. These three new funds will become the 2nd, 3rd, and 4th ETF products tracking XRP prices in the U.S. market.
However, the XRP spot ETF application submitted by ProShares is still pending review, similar to the applications made by asset management companies such as Grayscale, 21Shares, and Bitwise, which have not yet been approved.
Earlier this month, Teucrium Investment Advisors LLC, based in Vermont, took the lead in launching the first ETF in the U.S. linked to XRP, which similarly invests indirectly through futures contracts rather than holding spot assets directly.
In response to this phenomenon, Bloomberg senior ETF analyst Eric Balchunas candidly stated on the X platform (formerly Twitter):
The first ETF for XRP is surprisingly leveraged, a situation that is almost unprecedented. Although the spot version of the ETF has yet to be approved, we believe the chances are quite high.
It is worth mentioning that the CME Group announced last week that it will launch XRP futures on May 19, further responding to the market's demand for regulated cryptocurrency futures. The CME has already listed futures products for Bitcoin, Ethereum, and Solana (SOL).
According to CoinGecko quotes, the trading price of XRP at the time of writing is $2.24, having risen approximately 3.1% in the past 24 hours.