ProShares debuts 2x leveraged XRP, Solana ETFs following NYSE Arca clearance

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Key Takeaways

ProShares has launched 2x leveraged ETFs for Solana (SLON) and XRP (UXRP), offering investors access to enhanced exposure for these assets.
The company now offers 12 crypto-linked ETFs, expanding options for US investors without direct crypto ownership.

ProShares, a leading issuer of leveraged and inverse ETFs, has launched two new leveraged futures-based products tracking Solana and XRP — the Ultra Solana ETF (SLON) and Ultra XRP ETF (UXRP), according to a Tuesday press release. The debut of the ETFs comes after NYSE Arca cleared them for listing and trading.

SLON is designed to deliver 2x the daily performance of Solana (SOL), while UXRP offers 2x the daily performance of XRP. The rollouts are aimed at expanding access to leveraged exposure for two of the most actively traded digital assets in the world.

“As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies,” said ProShares CEO Michael L. Sapir. “SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.”

The new funds join ProShares’ existing crypto-linked ETF lineup, which includes the first US Bitcoin-linked ETF (BITO) launched in October 2021, along with the first US short Bitcoin ETF (BITI), the first US ETF tracking Ether performance (EETH), and the first US short Ether ETF (SETH).

ProShares currently manages over $85 billion in assets, with its leveraged crypto-linked ETFs accounting for more than $1.5 billion in assets under management. The company now offers 12 crypto-linked ETFs and three ProFunds mutual funds in the US market.