New US Filings Add Three More XRP-Linked ETF Products

ProShares lists unlevered and leveraged XRP funds

ProShares filed for two XRP-linked series: an unlevered XRP ETF and the 2x leveraged Ultra XRP ETF, trading under the ticker UXRP. The leveraged product is structured to seek twice the daily return of the Bloomberg XRP Index through futures and swaps rather than direct long-term spot-style exposure.

The Ultra XRP ETF carries an expense ratio of 1.67%. As of late August, its assets under management were reported in a range of roughly $40 million to $55 million, and its net asset value was around $15.83 after XRP’s daily decline.

The filing also lists the unlevered XRP ETF under series number S000091571. However, some market trackers still describe that fund as pending, underscoring that a series registration by itself is not confirmation that the product is active or available for trading.

Morningstar amendment outlines 75/25 equity and XRP mix

A separate amendment from Morningstar Funds Trust covers the Cyber Hornet S&P 500 and XRP 75/25 Strategy ETF, which would trade under the ticker XXX. The strategy is designed to track an index that allocates about 75% to the S&P 500 and about 25% to XRP.

That structure would give holders exposure to large U.S. stocks alongside the cryptocurrency in a single exchange-listed vehicle. The fund’s XRP allocation is listed at about 25.7%, with a net asset value near $22.08 as of Aug. 27.

By size, the Cyber Hornet fund remains small. Its assets under management are around $550,000, far below the scale of established equity ETFs or the larger crypto-linked products now trading in the U.S.

XRP ETF inflows have already reached $1.57 billion

The new filings arrive after strong accumulation in existing U.S. spot XRP products. By Aug. 24, seven spot XRP ETFs had gathered about $1.57 billion in net inflows, led by Bitwise at roughly $542 million, Canary Capital at about $468 million, and Franklin Templeton at around $434 million.

Trading activity has also increased. Aggregate volume across those spot funds reached a record $125 million on Aug. 20, according to the source material. In a separate sign of institutional participation, Goldman Sachs reported approximately $86.5 million of exposure across five spot XRP ETFs in its second-quarter filing.

Earlier demand was also visible in June, when Bitwise XRP products in the U.S. and Europe surpassed $200 million in year-to-date inflows. Together, those figures suggest that XRP-based investment products are expanding beyond a niche corner of the ETF market.

Different product designs bring different risks

The newly listed products reflect several distinct approaches to XRP exposure. Spot ETFs are built to track the underlying asset directly, while UXRP is designed to deliver 200% of the Bloomberg XRP Index’s daily move through derivatives. The Cyber Hornet product, by contrast, combines crypto exposure with a large-cap U.S. equity allocation.

That distinction matters because leveraged funds are aimed at daily performance and are not designed to match long-term returns over extended holding periods. The source notes compounding risk as a key reason for that difference.

The backdrop is also becoming more leveraged in derivatives markets. XRP futures open interest rose to about $3.4 billion as long positioning became more crowded, increasing the risk of sharp liquidations if collateral levels drop below required thresholds.

What the filings confirm next

For now, the clearest confirmed development is that U.S. filings on Aug. 27 and Aug. 28 listed three more XRP-linked ETF products. They add to a market where spot XRP funds have already attracted substantial inflows and where issuers are testing leveraged and mixed-asset formats.

The immediate next step is whether the products move from filing status to active trading. In particular, the unlevered ProShares XRP ETF remains a case where registration appears in the record, but launch and exchange availability have not been confirmed by the filing alone.