XRP ETFs gain ground in two US fund filings

Two U.S. fund filings dated Aug. 27 and Aug. 28 have listed three XRP-linked ETFs, adding fresh evidence of the token’s growing presence across regulated investment products.

Two filings submitted to the U.S. Securities and Exchange Commission identify two ProShares products and one Cyber Hornet strategy fund, although neither document represents a new SEC approval.

A Rule 24f-2 notice submitted by ProShares Trust on Aug. 27 names the ProShares XRP ETF under series number S000091571. It also lists the ProShares Ultra XRP ETF, registered as series S000091573 and traded under the ticker UXRP.

Filed under the Investment Company Act, Rule 24f-2 notices concern securities sold by investment companies and the related registration fees. Their appearance in the filing system should not be read as approval of a new product or a ruling on XRP’s regulatory status.

Morningstar Funds Trust filed a separate post-effective amendment on Aug. 28 under Securities Act file number 333-216479. Post-effective amendment No. 15 includes the Cyber Hornet S&P 500 and XRP 75/25 Strategy ETF, which began trading on Jan. 30, 2026.

ProShares XRP ETFs offer two different exposure levels

ProShares placed its two XRP-linked series alongside other crypto funds in the Aug. 27 notice, including its Ultra Solana product and CoinDesk 20 Crypto ETF.

UXRP has traded since July 2025 and seeks twice the daily return of the Bloomberg XRP Index. Rather than holding XRP directly, the fund uses financial contracts, including futures and swaps, to create leveraged exposure.

The fund charges an expense ratio of 1.67%. Market snapshots around Aug. 28 placed its assets under management between $40 million and $55 million, while its net asset value stood near $15.83 after XRP recorded a sharp daily decline.

Daily leverage makes UXRP materially different from an ordinary spot ETF. ProShares states in its fund materials that the product pursues its target for a single trading day, meaning returns over longer periods can depart from twice XRP’s cumulative performance.

Compounding becomes more pronounced when prices swing repeatedly in both directions. As a result, the fund is designed primarily for investors who monitor their positions frequently and understand the risks tied to derivatives and daily resets.

The unlevered ProShares XRP ETF listed under series number S000091571 presents a different case. Although the series appears in the trust filing, several fund-tracking services still label the product as pending rather than available for trading. A series registration alone does not establish that shares have launched or can be purchased through U.S. brokerage accounts.

Cyber Hornet combines S&P 500 stocks with XRP

Morningstar Funds Trust’s amendment provides another form of regulated XRP exposure through the Cyber Hornet S&P 500 and XRP 75/25 Strategy ETF.

Traded under the ticker XXX, the fund seeks to follow an index that assigns about 75% of its exposure to the S&P 500 and about 25% to XRP. The allocation gives investors access to large U.S. companies and the crypto asset through one exchange-listed product.

The fund’s equity holdings include Nvidia, Apple, Microsoft and Amazon, according to its portfolio information. Its XRP-related allocation was approximately 25.7%, while the vehicle reported a net asset value of about $22.08 as of Aug. 27.

Assets under management remained close to $550,000, making the fund small compared with established equity or crypto ETFs. Its size also means it is not a major source of XRP demand, even though its structure shows how U.S. fund managers are placing digital assets inside mixed portfolios.

Exchange notices show that trading began on Jan. 30 alongside Cyber Hornet funds pairing the S&P 500 with Ethereum and Solana. The XRP product uses the S&P 500 and S&P XRP 75/25 Blend Index as its benchmark and rebalances its allocations periodically.

For American investors, the listings provide several routes to XRP exposure without requiring them to manage a crypto wallet. Products now range from spot funds to futures-based vehicles, leveraged ETFs, and funds that combine crypto with U.S. equities. Each structure carries different costs, tax considerations, and risks, and an exchange listing does not remove the possibility of losing principal.

US spot XRP ETFs have drawn $1.57 billion

Demand for the filings sits against a much larger market for spot products. As crypto.news previously reported, seven U.S. spot XRP ETFs had accumulated about $1.57 billion in net inflows by Aug. 24.

Bitwise’s fund led the group with approximately $542 million in cumulative inflows, followed by Canary Capital with about $468 million and Franklin Templeton with $434 million. Trading volume across the seven products reached a record $125 million on Aug. 20.

Goldman Sachs also disclosed $86.5 million of exposure spread across five spot XRP ETFs in its second-quarter regulatory filing. The bank had reported no XRP ETF holdings at the end of the first quarter, according to the report.

Earlier institutional demand was already visible in June, when Bitwise XRP products in the United States and Europe surpassed $200 million in year-to-date inflows. Bitwise chief executive Hunter Horsley disclosed the figure on June 22.

Spot funds hold or obtain exposure to the underlying asset without seeking a multiple of its daily return. UXRP instead uses derivatives to target 200% of the Bloomberg XRP Index’s daily movement, while the Cyber Hornet fund combines XRP exposure with an equity allocation.

XRP leverage raises the risk of sharp liquidations

The addition of fund structures has occurred while leverage has increased in the derivatives market. Binance’s XRP leverage ratio recently reached 0.213, its highest level in seven months, after the token rallied 44%.

XRP futures open interest climbed to roughly $3.4 billion as long positions became crowded. Such positioning can magnify declines because exchanges automatically close leveraged trades when collateral falls below required levels.

A recent XRP market report found that the token had gained about 50% in one week before facing renewed volatility. Spot ETF inflows reached approximately $1.55 billion during the period, while the funds held an estimated 1.5% of XRP’s supply.

XRP traded between about $1.38 and $1.46 heading into the weekend after falling close to $1 earlier in August. The recovery left the token well below its January 2026 cycle high, despite continued ETF inflows.

September brings two XRP market catalysts

Ripple is scheduled to release 1 billion XRP from escrow on Sept. 1 under its programmed monthly process. An escrow release does not mean the entire amount will immediately enter circulation because Ripple has historically returned unused tokens to new escrow contracts.

U.S. lawmakers face another XRP-related event two weeks later. The Senate has scheduled a cloture vote on the Digital Asset Market Clarity Act for Sept. 15, when 60 votes will be required to advance the bill for consideration.

The vote will decide whether the Senate proceeds with debate; it will not determine final passage. Senate leaders would still need to address amendments and hold additional votes if the cloture motion succeeds.

The House passed the CLARITY Act in July 2025, while the Senate Banking Committee advanced its version by a 15-9 vote in May 2026. The proposal would divide oversight of digital assets between the SEC and the Commodity Futures Trading Commission based on how each asset is classified.

Standard Chartered has estimated that clearer U.S. market rules could support another $4 billion to $8 billion of inflows into XRP investment products. The projection depends on legislation providing sufficient certainty for financial institutions and does not represent committed capital.