ProShares, a prominent issuer of exchange-traded funds (ETFs), is poised to introduce three new products that track the performance of XRP. This move follows an implicit approval from the U.S. Securities and Exchange Commission (SEC).
The upcoming offerings include an Ultra XRP ETF with 2x leverage, a Short XRP ETF, and an Ultra Short XRP ETF with -2x leverage, according to recent filings. However, the approval for a spot XRP ETF remains pending.
While the SEC has acknowledged several applications for XRP spot ETFs, including a critical filing from fund manager Grayscale with a looming deadline of May 22, ProShares’ leveraged and inverse ETFs have been given the green light.
This development comes on the heels of Teucrium’s launch of the first U.S.-based 2x XRP ETF earlier this month. The product quickly gained traction, amassing over $5 million in trading volumes on its inaugural day, marking it as the company’s most successful launch to date.
Furthermore, last week saw the CME Group expand its offerings by adding XRP futures to its extensive derivatives exchange platform in the U.S., complementing existing products like BTC, ETH, and SOL.
The surge in ETFs tracking XRP follows the resolution of Ripple’s protracted legal battle with the SEC, which concluded in March. This resolution has cleared significant regulatory obstacles for XRP tokens, paving the way for these financial innovations.
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