ProShares Gets SEC Greenlight for Three XRP ETFs

Exchange-traded funds (ETF) issuer ProShares will introduce three XRP-tracked products this week after a tacit U.S. Securities and Exchange Commission (SEC) approval.

It will launch an Ultra XRP ETF (2x leverage), a Short XRP ETF and an Ultra Short XRP ETF (-2x leverage), filings show. Its spot XRP approval stays hanging, however. The SEC has acknowledged several XRP spot ETF applications so far, with fund manager Grayscale’s filing facing a critical May 22 deadline.

ProShares’ approvals come weeks after Teucrium’s 2x XRP ETF started trading earlier this month, becoming the first XRP ETF in the U.S. It racked over $5 million in trading volumes on the first day, becoming the firm’s “most successful” launch to date.

Last week, the CME Group added XRP futures to its largest derivatives exchange in the U.S., alongside BTC, ETH and SOL products.

The flurry of ETFs tracking XRP comes after closely related company Ripple’s long-standing court battle against the SEC, which was fully concluded in March, clearing extensive regulatory headwinds for the tokens.