Key facts
- ProShares has registered the ProShares XRP ETF and ProShares Ultra XRP ETF as fund series with the SEC.
- The Ultra XRP ETF (UXRP) is a 2x leveraged product tracking the Bloomberg XRP Index via futures and swaps.
- The Cyber Hornet S&P 500 & XRP 75/25 Strategy ETF holds direct XRP alongside major U.S. equities.
- The XRP ETF complex has collectively reached over $1.44 billion in assets under management.
- Upcoming catalysts include Ripple's September 1 XRP escrow unlock and the September 15 CLARITY Act cloture vote.
Recent U.S. Securities and Exchange Commission (SEC) filings have highlighted the growing presence of XRP-linked investment products. On August 27, ProShares Trust filed a Rule 24f-2 notice officially registering the ProShares XRP ETF and the ProShares Ultra XRP ETF as fund series. A separate filing by Morningstar Funds Trust on August 28 confirmed the Cyber Hornet S&P 500 & XRP 75/25 Strategy ETF is now live.
These filings indicate that XRP is being integrated into U.S. fund complexes not as a temporary experiment but as a permanent component. The ProShares filing also lists other crypto products, including Ultra Solana and the CoinDesk 20 Crypto ETF. The Ultra XRP ETF (UXRP), which launched in mid-July 2025, utilizes futures and swaps to track twice the daily performance of the Bloomberg XRP Index and does not hold spot XRP. It has an expense ratio of 1.67% and its assets under management (AUM) range between $40 million and $55 million.
The unlevered ProShares XRP ETF, though listed in the filings, is still marked as pending by several trackers. The Cyber Hornet 75/25 product, which seeks SEC clearance in September 2025, is now live under Morningstar Funds Trust with an inception date of January 30, 2026. This fund holds approximately 25.7% in direct XRP alongside major S&P 500 companies like Nvidia, Apple, Microsoft, and Amazon, though its AUM is currently small, near $0.55 million.
Investors are paying attention as the XRP ETF landscape now includes spot funds, futures-based products, a 2x leveraged option, and an equity-blend strategy. The broader XRP ETF complex has crossed $1.44 billion in AUM, with significant cumulative inflows. These developments occur against a backdrop of regulatory anticipation, with the CLARITY Act, which could confirm XRP's compliance, targeted for Senate cloture on September 15. Standard Chartered has projected substantial additional inflows if market-structure clarity is achieved. Traders are also closely watching Ripple's upcoming September 1 escrow unlock of 1 billion XRP. Leveraged products like UXRP carry specific risks due to their daily reset mechanism, and current high open interest in leveraged XRP on Binance suggests potential volatility. Concurrently, Ripple is undertaking infrastructure cleanup by preparing to shut down the XRPL native bridge. XRP was trading in the $1.38–$1.46 range heading into the weekend, with the escrow unlock and CLARITY Act vote identified as key catalysts.