As of May 21, 2025, the U.S. Securities and Exchange Commission (SEC) has approved the launch of three XRP futures-based exchange-traded funds (ETFs) by ProShares. These ETFs—Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF—were introduced on April 30, 2025, following a tacit approval from the SEC. They are designed to track XRP futures contracts rather than holding the cryptocurrency directly, aligning with the SEC's cautious approach to crypto products .
Additionally, the Chicago Mercantile Exchange (CME) began trading regulated XRP futures on May 19, 2025. These contracts are cash-settled and priced off a daily reference rate, marking the first regulated futures tracking the price of XRP in the U.S. The launch of these futures is seen as a significant step toward the potential approval of spot XRP ETFs, which are still under SEC review .
Currently, the SEC has not approved any spot XRP ETFs. The approval of futures-based ETFs and the commencement of CME's XRP futures trading are considered foundational steps that may pave the way for future spot ETF approvals. However, as of now, spot XRP ETFs remain pending regulatory approval.
