According to documents filed with the U.S. Securities and Exchange Commission (SEC), the three funds are: Ultra XRP ETF (2x leveraged long), Short XRP ETF (short) and Ultra Short XRP ETF (2x leveraged short).

The funds were initially filed in January this year, and after a period of review, the SEC did not raise any objections, meaning the products have been tacitly approved to go public. The three new funds will become the second, third and fourth ETF products in the U.S. market to track XRP price fluctuations.

However, ProShares' separate application for an XRP spot ETF is still awaiting review, and like similar applications submitted by asset management companies such as Grayscale, 21Shares, and Bitwise, has not yet been approved.

Earlier, Teucrium Investment Advisors LLC, an asset management company based in Vermont, took the lead in launching the first XRP-linked ETF in the United States. The fund indirectly invests in XRP through futures contracts rather than directly holding spot assets.

Eric Balchunas, senior ETF analyst at Bloomberg, commented on X Platform (formerly Twitter):

“It’s almost unprecedented that the first XRP ETF is 2x leveraged. Although the spot ETF has not yet been approved, we think the possibility of approval is quite high.”

Notably, CME Group announced last week that it will launch Ripple (XRP) futures on May 19 in response to market demand for regulated cryptocurrency futures products. CME Group currently has futures trading for Bitcoin, Ethereum and Solana (SOL).