ProShares is launching three futures-based XRP ETFs on April 30. ProShares received silent approval from the Securities and Exchange Commission (SEC) before proceeding with the ETFs. The XRP ETFs are futures-based rather than spot because the latter, which requires actual crypto holdings, requires more regulatory approval. The three ETFs include the Ultra XRP ETF (2x leverage), the Short XRP ETF, and the Ultra Short XRP ETF (-2x leverage). The SEC gave silent approval for the ETFs because it did not make any objections. A futures ETF merely tracks the price of an asset without having a one-to-one backing of the actual asset.

The XRP ETFs allow investors to both leverage and short the XRP price. These are very convenient options to have as a trader, allowing retail speculators to short the XRP price without needing a complicated futures platform. Although XRP ETFs are futures-based, meaning actual XRP does not back their price, plans are in place to introduce spot-based XRP ETFs soon. ProShares initially announced the ETFs in January and received tacit approval from the SEC, which did not object to the futures market within the allotted time. CME Group also announced that it would launch XRP futures on its platform and add them to its growing list of crypto exchange-traded funds (ETFs), which already include Bitcoin, Ethereum, and Solana.

XRP spot-based ETFs, meanwhile, are still awaiting approval from the SEC. ProShares has an XRP spot ETF waiting for approval, along with other companies, including Bitwise, 21Shares, and Grayscale. With the latest announcement of three ProShares XRP ETFs, there are now 4 XRP tracking ETFs in America. The first company to list an XRP ETF was Teucrium Investment Advisors, a firm based in Vermont.

Polymarket, meanwhile, has increased the odds of an XRP spot ETF approval in December 2025, with odds rising from 68% to 78%. This change is likely influenced by the announcement of ProShares’ futures exchange-traded funds (ETFs). Polymarket allows participants to trade on various future events, thus creating a useful prediction market to analyse world events. The SEC and Ripple have recently settled their lawsuits, providing some stimulus for prediction market bets on the spot-based ETF. However, creating a spot-based ETF for an advanced crypto market like Ripple proves to be a complicated process for regulators.

ProShares also has an Ethereum futures-based ETF called ProShares Ether Strategy ETF, which was launched in 2023. There exists a wave of interest in XRP from institutional investors. Numerous companies, including Bitwise and 21Shares, have applied for a spot-based XRP exchange-traded fund (ETF). Interest in XRP has increased following the SEC’s settlement with Ripple Labs. XRP is the fourth-largest crypto with a market cap of $133 billion, and a price increase of about 480% over the past month.

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