What is the ProShares Ultra XRP ETF listed on NYSE Arca and how does it work?

Confirmed Published October 7, 2026 2 min read

The ProShares Ultra XRP ETF (UXRP) holds various XRP derivatives and targets twice the daily returns of XRP. NerdWallet listed its gross fee at 2.43% in an article updated September 28, 2026, against 0.19% to 0.75% for spot XRP funds.

The full answer

What did ProShares file?

NerdWallet lists the ProShares Ultra XRP ETF (UXRP) among XRP strategy ETFs, with a 2.43% fee as of September 28, 2026 [1]. In NerdWallet’s table, UXRP is described as invested in various XRP derivatives and targeting 2x the daily returns of XRP [1]. The wider fund picture is covered in which XRP ETFs exist.

ProShares filed a summary prospectus for it.

How does a 2x XRP fund work?

NerdWallet’s list, updated September 28, 2026, describes UXRP as invested in various XRP derivatives and targeting 2x the daily returns of XRP [1]. The target applies to one day at a time. The fund does not aim to deliver twice XRP’s return over a week or a year.

How is it different from a spot XRP ETF?

Spot funds are built to hold XRP. The Bitwise XRP ETF, for example, describes itself in its prospectus as an exchange-traded product whose shares are listed on NYSE Arca [2]. NerdWallet separates those six spot funds from strategy ETFs, which it says track XRP’s price indirectly through futures or other derivatives [1]. How spot funds take in and hand back XRP is explained in creations and redemptions.

What does it cost?

NerdWallet lists UXRP at 2.43%. Among the strategy funds, NerdWallet listed fees of 0.75% for Amplify XRPM, 1.68% for Volatility Shares XRPI and 2.43% for UXRP as of September 28, 2026 [1]. The higher fee likely reflects the cost of running a derivatives fund, though NerdWallet does not break down the fee.

What is the case against using it?

Doubling applies to losses as well as gains. A fund that doubles daily gains also doubles daily losses, and the daily reset means results over longer periods can differ from simple doubling. This reasoning rests on the daily target NerdWallet describes [1]. For borrowed-money XRP trading, see how leveraged derivatives and liquidations move XRP’s price.

What is not known yet?

As of October 7, 2026, none of the cited sources gives UXRP’s net assets on a date after the filing, or reports how its holders use it.

What we know

ProShares filed a summary prospectus headed ‘ProShares Ultra XRP ETF Summary Prospectus Filed’. NerdWallet listed its fee at 2.43% on September 28, 2026, compared with 0.75% for the Amplify XRPM income fund and 1.68% for the Volatility Shares XRPI futures fund.
NerdWallet’s list of XRP strategy ETFs, updated September 28, 2026, describes UXRP as invested in various XRP derivatives, targeting 2x the daily returns of XRP, with a 2.43% fee.
The same NerdWallet list separates strategy ETFs from the six spot XRP ETFs, saying strategy funds track XRP’s price indirectly through futures or other derivatives.

What we reason Analysis

A fund that resets to twice the daily return each day can drift from twice the longer-run return. That follows from the daily target stated in the filing and NerdWallet’s description, and the two sources do not quantify the drift.
A fee of 2.43% sits far above the 0.19% to 0.75% net ratios NerdWallet lists for the six spot funds, so UXRP is priced as a short-term trading tool rather than a long-term holding. NerdWallet’s figures are the basis for that comparison.

What's still open

As of October 7, 2026, ProShares has not published a breakdown of how many investors use UXRP for hedging versus speculation.
No cited source gives the fund’s current net assets on a date later than the filing, as of October 7, 2026.

In plain English

UXRP is a fund that aims to move twice as much as XRP does in a single day, up or down. It does this with futures contracts, which are agreements tied to XRP’s price, rather than by simply holding coins. NerdWallet lists its fee at 2.43%, much higher than the 0.19% to 0.75% charged by funds that hold XRP itself. Funds like this are built for short-term use.

Sources

11 SEC-Approved XRP ETFs (Fees and Promotions Included) — NerdWallet, 2026-09-28 Secondary
Bitwise XRP ETF prospectus supplement (424B3) — Bitwise via SEC EDGAR, 2026-09-28 Primary

Update log

October 7, 2026 — Published.

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