NewsletterProShares XRP ETF (UXRP) Gets Listed On DTCC, Raising Hopes Of Approval
Highlights
- ProShares XRP ETF, which is a leveraged fund, is now listed on the DTCC, a step towards approval.
- The leveraged fund will trade under the ticker 'UXRP'
- Volatility Shares and Teucrium already offer leveraged XRP funds.
The ProShares XRP ETF may be one step closer to launch, following its listing on the Depository Trust and Clearing Corporation (DTCC). This move typically forms one of the steps towards launch on an exchange.
ProShares XRP ETF Lists On DTCC Under UXRP Ticker
DTCC data shows that ProShares Ultra XRP ETF is now on the clearing agency’s platform under the ticker ‘UXRP.’ Funds on this section of the platform include products that are active and those that are “pre-launch.”
The XRP fund has yet to launch, but this move indicates that ProShares may soon get the regulatory approval from the US SEC. Asset managers, including Bitcoin ETF issuers, listed their funds on the platform just before receiving SEC approval.
CoinGape had earlier reported that ProShares amended its filing for the Ultra XRP ETF (alongside the Short and UltraShort XRP funds) to reflect a May 14 launch. However, that didn’t eventually happen.
It is worth mentioning that other XRP futures ETFs have launched during this period. Teucrium launched its 2X Long Daily ETF in April. Meanwhile, Volatility Shares launched its 1x Futures ETF on May 21.
ProShares XRP Ultra ETF will seek daily investment results that correspond to two times (2x) the daily performance of the XRP index. This leveraged fund differs from a spot ETF, which provides investors with direct exposure to the crypto asset.
The ProShares fund will invest in derivatives products and futures contracts like CME XRP futures, whose value is derived from the value of the underlying crypto asset.
Amid this development, the XRP price has broken above the $2.30 resistance level. CoinMarketCap data shows that the altcoin is up in the last 24 hours and trading at around $2.31.
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