When ETFs Dress Up as XRP: A Tale of April 30 Shenanigans

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Ah, the grand bureaucracy of finance waves its scepter once more! The august SEC, in a moment of divine inattentiveness, has nodded yes to ProShares Trust’s fanciful parade of XRP ETFs, marking the auspicious day of April 30, 2025 – yes, mark your calendars, dear reader, as if the cosmos itself depended on it.

In a freshly minted Form N-1A, more tangled than a basket of serpents, we learn that the amendment is but a costume change for the previously limping ProShares UltraShort XRP ETF and its kin – the Ultra XRP and Short XRP ETFs. The SEC’s solemn decree insists this amendment exists solely to crown April 30 as the grand unveiling day. Such ceremonious bureaucracy would make even the most patient clerk weep with joy.

Of course, this is no simple walk in the park — these ETFs don’t enjoy the sweet kisses of SEC’s immediate blessing like the “spot” products do. No, they lurk in the shadowy realm of “effective only if no objections arise” within some mysterious time warp after filing. With April 30, 2025 chosen as their day of reckoning, one can almost hear the ticking clock echoing through the marble halls of regulation.

Not spot.

— Eleanor Terrett (@EleanorTerrett) April 27, 2025

The Trust’s grand headquarters rests in the noble lands of Bethesda, Maryland, where ProShare Advisors LLC dons the crown of investment consultancy. The dignified Richard Morris stands as the agent for service, no doubt juggling papers with a weary smile, supported by the legal gladiators from Dechert LLP of New York – a city that prides itself on turning law into an art form.

This move is no mere dalliance; ProShares Trust plunges into the digital asset sea, paddling towards shores adorned with cryptocurrency dreams. These funds masquerade as mutual funds, sworn under oath to abide by the Securities Act and the Investment Company Act, lest the federal hounds bark their displeasure.

this is not the beloved “spot” ETF that XRP devotees dream of in their midnight candor. No, it’s a distant cousin, a proxy in costume, introduced with all the pomp of April 30. Market sentinels now peer with bated breath, hoping this heralds a grander dawn for XRP investment within the U.S. regulatory theater. 🎭💼

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2025-04-27 20:25