ProShares debuts 2x leveraged daily exposure to Solana and XRP in new ETFs

ProShares launched two exchange-traded funds (ETFs) that seek to deliver 2x returns on the daily price movement of Solana (SOL) and XRP, adding leveraged exposure to the firm’s expanding roster of crypto-linked products, according to a July 15 announcement.

The ProShares Ultra Solana ETF (SLON) targets 200% of Solana’s daily performance, while the ProShares Ultra XRP ETF (UXRP) aims for the same leverage on XRP. 

Both funds track futures contracts rather than holding the underlying tokens, mirroring the structure ProShares uses for its Bitcoin and Ethereum offerings. 

CEO Michael Sapir said the new ETFs provide traders with a way to “overcome the challenges of acquiring leveraged exposure” to two blockchains that investors frequently cite for high-throughput payments and decentralized applications. 

He added that the broader adoption of Solana and XRP encouraged ProShares to extend its suite beyond Bitcoin (BTC) and Ethereum (ETH).

Broader leveraged crypto ETF line

Leveraged crypto ETFs require investors to manage their positions actively because the products reset exposure daily. Gains compound during strong single‑direction moves, but losses magnify just as quickly when prices reverse. 

ProShares warned in the prospectus that SLON and UXRP are suitable for experienced market participants who understand the mechanics of daily leverage and the potential for erosion in volatile markets. The funds charge management fees in line with the firm’s previous 2x funds.

ProShares broke ground in October 2021 with BITO, the first US Bitcoin futures‑linked ETF, and followed with BITI, the first inverse Bitcoin ETF. Last year, the firm listed EETH, the first ETF tied to Ethereum futures, and SETH, an inverse Ethereum fund. 

Including SLON and UXRP, ProShares now offers 12 crypto-linked ETFs and three crypto-linked mutual funds, with over $1.5 billion spread across its leveraged lineup. 

The company reiterated that none of its funds invest directly in digital assets. Instead, they hold cash‑settled futures traded on regulated exchanges.

Competitors have filed for products that track other digital asset pairs. However, regulatory clearance remains limited to futures-based structures that avoid direct custody issues.

ProShares said it will continue to evaluate demand for additional leveraged or inverse exposure as market infrastructure matures and regulatory guidance evolves.

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