XRP Holders Reveal New Key Date Amid ETF Excitement
Catch the Latest on Google News: ProShares Sets New Launch Date for Futures-Based XRP ETFs
It seems that ProShares has set a new target date for the release of its futures-based XRP Exchange Traded Funds (ETFs). According to a recent post-effective amendment, the ETFs might hit the market on May 14, contradicting an earlier rumor suggesting an April 30 launch [1].
The earlier filing had generated some excitement, but it turns out that the April 30 date was simply a procedural update, not an approval [4]. The actual launch remains contingent on the U.S. Securities and Exchange Commission (SEC) granting the go-ahead.
It's essential to clarify the distinction between futures-based ETFs and traditional spot ETFs, as the former operates under a "non-objection" regulatory framework [4]. This means that, unless the SEC raises any objections within the review period, these futures-based ETFs will automatically be listed on the exchange [4]. The April 30 confusion likely arose due to this nuance, with some interpreting the effective date as equivalent to approval [1][3].
The suite of ETFs from ProShares includes three futures-based XRP products – a standard ETF, as well as leveraged (2X) and inverse variants [5][4]. These ETFs track XRP futures contracts rather than directly holding the asset [1][4].
In addition to ProShares, several other firms have filed applications for a spot XRP ETF, including Bitwise, Grayscale, and Franklin Templeton [1]. As of now, no timeline for approval of these spot products has been set [5][1].
Investors should keep an eye on SEC communications to stay updated on any potential last-minute objections that might delay the May 14 launch [1].
Stay tuned for more updates on #Ripple News and #XRP News.
Additional Insights:- ProShares had earlier filed for three futures-based XRP ETFs, including a standard product as well as leveraged (2X) and inverse variations. These ETFs follow XRP futures contracts rather than holding the cryptocurrency itself [5][4].- The futures-based ETFs operate under a "non-objection" regulatory framework, meaning they will be listed if the SEC doesn't raise any objections within the review period [4].- Besides ProShares, firms such as Bitwise, Grayscale, and Franklin Templeton have also filed for a spot XRP ETF, but no timeline for approval has been announced yet [1].
- Regarding the finance world, ProShares has set a new date for launching its futures-based XRP Exchange Traded Funds (ETFs), which tracking XRP futures contracts, on May 14, contradicting an earlier rumor suggesting an April 30 launch.
- Investors should note that the April 30 date was merely a procedural update and the actual launch remains contingent on the U.S. Securities and Exchange Commission (SEC) granting approval.
- It's crucial to understand the difference between futures-based ETFs and traditional spot ETFs, as the latter operate under a "non-objection" regulatory framework, implying that unless the SEC raises any objections within the review period, these futures-based ETFs will be listed on the exchange.
- ProShares' suite of ETFs includes not only a standard XRP product, but also leveraged (2X) and inverse variants, all of which follow XRP futures contracts rather than directly holding the cryptocurrency.
- Beyond ProShares, companies like Bitwise, Grayscale, and Franklin Templeton have also filed applications for a spot XRP ETF, but as of now, no timeline for approval of these spot products has been set.
