The ProShares Extremely XRP ETF (UXRP), which seeks to ship twice the day by day efficiency of the Bloomberg XRP Index, has plunged greater than 94% since its debut in July 2025.
As of early August 2026, the fund is buying and selling close to $10.30, down roughly 95.5% from its 52-week peak of $231.20. In the meantime, XRP is on the cusp of collapsing beneath $1, CoinGecko knowledge reveals.
UXRP is designed to amplify the cryptocurrency’s day by day worth actions through derivatives. The key phrase is day by day. The fund resets its leverage each buying and selling session, that means its long-term returns can diverge dramatically from the underlying asset.
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This is called volatility drag or beta slippage, which causes leveraged ETFs to lose worth in uneven markets.
Leveraged ETFs (LETFs) are designed strictly as day by day buying and selling instruments. Nevertheless, a subculture of retail buyers, quantitative merchants, and FIRE (Monetary Independence, Retire Early) lovers maintain funds like TQQQ (3x Nasdaq-100), UPRO (3x S&P 500). As an illustration, between 2010 and 2021, (one holding TQQQ long-term yielded staggering positive aspects of over 10,000%.
Spot XRP ETFs additionally below stress
Spot XRP ETFs have additionally endured a troublesome 2026 because of the poor state of the broader market.
The approval and rollout of spot XRP ETFs in late 2025 represented one of many trade’s largest regulatory milestones. They’ve attracted $1.5 billion in cumulative preliminary inflows as institutional and retail buyers gained regulated entry to XRP with out managing wallets or non-public keys.
XRP entered a protracted correction that weighed closely on each main spot ETF. As of August, all main merchandise have posted year-to-date losses exceeding 40%.
The Bitwise XRP ETF manages roughly $304 million in belongings below administration regardless of falling roughly 43.2% year-to-date. Canary Capital’s XRPC, with almost $248.9 million in belongings, has misplaced about 40.4%.
Regardless of these declines, spot ETFs proceed to see relatively wholesome (albeit modest) inflows.