ProShares' XRP fund lost 95% since launch. The daily bet did what it warned.
UXRP is not a simple XRP wrapper. It's a reset-every-day trade that turned a bad year into a near wipeout.
CryptoVibe Desk · xrp · etfs · proshares
- →ProShares data shows UXRP down 95.02% on NAV since its July 14, 2025 launch, as of June 30, 2026.
- →The fund targets 2x XRP's daily move through futures, so longer holding periods can break the simple bull case.
- →Watch assets next: UXRP had $28.4M on July 27, and shrinking size would make the warning louder.
- leveraged ETF → A leveraged ETF tries to multiply the daily move of an asset, often making longer-term returns very different.
- futures → Futures are contracts that track an asset's price without the fund holding the asset directly.
- NAV → NAV is the fund's per-share value based on what it owns after costs and adjustments.
UXRP lost 95.02% on NAV since launch. ProShares' Ultra XRP ETF started on July 14, 2025. The return figure is from ProShares' own performance page as of June 30, 2026.
The market-price return was almost identical. ProShares showed UXRP down 95.03% since inception as of June 30. This is the number that matters because it matches what holders actually saw on the screen.
UXRP is not a spot XRP fund. It seeks 2x the daily performance of XRP and uses futures instead of holding XRP directly. ProShares also warns that returns over periods longer than one day can differ a lot from the daily target.
That warning is doing real work now. If you're holding this as a simple XRP bull trade, your bag is carrying daily-reset math too. A bad move can compound fast when the product resets each day.
The spot comparison still looks ugly, but it is a different product. Bitwise's XRP ETF showed a 43.02% market-price year-to-date loss as of June 29, 2026. Its net assets were $312.8M as of July 23.
UXRP was much smaller. ProShares listed net assets of $28.4M and a $10.60 market price as of July 27. That size matters because small leveraged funds can lose attention quickly after the trade turns against them.
The ETF label is doing too much comfort work here. UXRP gave traders public-market access to a 2x daily XRP bet. It also gave them the full cost of being early, wrong, or just holding too long.
The tape matches the story. Spot XRP exposure had a hard year. The leveraged version turned that into a near-total loss, exactly in the place the fund documents told buyers to look.
ProShares is burying the real product when UXRP's one-day reset warning sits below the returns chart. The holding-period risk is the product, not a footnote.
Watch whether UXRP net assets fall below $20M before September 30, 2026, which would show holders are leaving after the 95% drawdown.
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