GraniteShares ETF Trust filed a Form N-1A amendment with the SEC targeting a 3x leveraged XRP ETF launch on April 23, expanding its crypto derivatives lineup.
GraniteShares ETF Trust has filed a post-effective amendment to its Form N-1A registration statement with the U.S. Securities and Exchange Commission. The filing targets an April 23 launch for two new XRP-linked products: the GraniteShares 3x Long XRP Daily ETF and the GraniteShares 3x Short XRP Daily ETF.
The registration statement was originally filed in October 2025 and covers eight funds in total. The broader suite targets daily 3x leveraged and inverse exposure to Bitcoin, Ether, Solana, and XRP. The XRP pair is the product drawing the most attention ahead of the scheduled debut.
Wall Street Moves on XRP Derivatives
The funds are designed as short-term trading instruments, built for active investors who intend to monitor positions frequently. GraniteShares Advisors LLC will serve as the investment adviser, with Jeff Klearman and Ryan Dofflemeyer named as portfolio managers since the funds’ inception in 2025.
Each fund plans to gain exposure through swaps, futures contracts, and options rather than holding XRP directly. The 3x Long fund targets 300% of XRP’s daily percentage price change. The 3x Short fund targets negative 300%.
Neither fund holds digital assets at any point. Settlement happens entirely in cash.
The Risk Picture Behind the 3x Structure
These products come with serious compounding and volatility risks outlined in the prospectus. If XRP drops more than 33.3% in a single trading day, investors in the long fund could lose their entire position. The same wipe-out threshold applies to the short fund if XRP rises more than 33.3%.
GraniteShares noted XRP’s annualized historical volatility over the five-year period ending August 2025 sat at 95.5%, the highest among the four assets covered in the filing. Its highest single-year volatility during that stretch hit 139.2%.
The filing also warns that funds held beyond a single trading day are likely to deviate from their stated multiples due to daily rebalancing and compounding effects.
Timing Meets Momentum
The April 23 target date lands during a period of sustained institutional interest in XRP exchange-traded products. Spot XRP ETFs in the U.S. recorded $1.24 billion in cumulative inflows since November, posting positive flows for four straight months even as Bitcoin and Ethereum funds saw billions in combined outflows.
The market context only sharpens the launch window. XRP ETFs attracted $2.66 million during the week of March 23 to 27, at a time when Bitcoin funds lost $296 million and Ethereum shed $207 million. The divergence drew attention from institutional observers tracking selective accumulation trends.
GraniteShares is not the first mover in this space. ProShares already launched its Ultra XRP ETF on NYSE Arca, targeting twice the daily returns of XRP. GraniteShares is aiming higher, at three times. That distinction matters for traders seeking amplified short-term exposure.
The funds will list on NASDAQ. Shares are available to retail investors through secondary market trading via broker-dealers.
Disclaimer: This article is news reporting and does not constitute financial or investment advice. Leveraged and inverse ETFs carry significant risk and are not suitable for all investors.
