The U.S. Securities and Exchange Commission (US SEC) has approved ProShares to launch an XRP futures exchange-traded fund (ETFs) on April 30, the company said in a filing with the SEC. Here’s everything you need to know about XRP, the Ripple token producer, how futures ETFs work, and other details.

When are the proposed XRP futures ETFs?

ProShares, which has offered Bitcoin ETFs, proposed the establishment of three XRP-linked ETFs in January — the Ultra XRP ETF (with 2x leverage), the Short XRP ETF (with -1x inverse leverage), and the Ultra Short XRP ETF (with -2x inverse leverage), according to a report from CryptoSlate.

ProShares' XRP futures ETFs will track the price of XRP on the XRP Index, the report added.

The proposal on January 17, 2025, came after the election of crypto-friendly U.S. President Donald Trump, the report said.

Are these the first XRP-linked ETFs?

No, Teucrium's XRP futures ETFs began trading on the New York Stock Exchange on April 8.

Meanwhile, ProShares has also applied for an XRP Spot ETF, which is awaiting approval from the US SEC. A similar product from Hashdex — the world's first XRP spot ETF — was approved in Brazil last week.

What are futures ETFs? How will they work?

Futures-based ETFs provide exposure to the price volatility of XRP futures and, unlike a spot ETF, will allow users to speculate on the price of XRP without needing to purchase the token.