ProShares, a prominent Wall Street investment firm, has unveiled the introduction of two new leveraged exchange-traded funds: the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP).
These innovative products are designed to provide 2x leveraged exposure to the performance of Solana and XRP, both of which rank among the largest cryptocurrencies by market capitalization globally.
#Solana News: @ProShares Ultra @solana ETF officially filed with #SEC. (Not a Spot ETF, another $SOL price index tracking ETF)
ProShares Ultra Solana ETF (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily… pic.twitter.com/6o8YRF85Zl
— MartyParty (@martypartymusic) July 15, 2025
The SLON and UXRP ETFs mark an expansion of ProShares’ offerings in the leveraged crypto-linked ETF segment, which now collectively manage assets exceeding $1.5 billion.
ProShares Secures NYSE Arca Approval—Trading for XRP and SOL Could Commence Soon
ProShares CEO Michael L. Sapir shared in an announcement on July 15, “As cryptocurrencies gain traction, investors are increasingly looking at platforms like Solana and XRP for exposure to advanced blockchain technologies.”
It is important to note that these ETFs do not directly hold cryptocurrencies. Instead, ProShares employs financial derivatives and debt instruments to enhance the returns derived from the underlying assets.
This approach is geared towards providing daily returns that are twice (2x) the benchmark’s price performance, which can significantly amplify both potential gains and losses.
The ETFs’ launch follows the approval from the New York Stock Exchange Arca (NYSE Arca), as detailed in a letter to the U.S. Securities and Exchange Commission on July 14.
One of the largest exchanges in the U.S., NYSE Arca has confirmed that the products comply with regulatory standards and are ready for the market.
The SEC has cleared ProShares to debut three XRP futures ETFs this week, though spot ETF applications are still pending.#ProShares #XRPETFhttps://t.co/B3UoTew2Ir
— Finance Newso.com (@Finance Newso) April 28, 2025
This development opens new avenues for institutional investors to gain exposure to XRP and SOL through conventional stock market channels, presenting a more accessible and regulated alternative compared to direct cryptocurrency trading.
Futures-based crypto ETFs have typically received regulatory approvals and initiated trading more swiftly than their spot counterparts.
While the start date for trading SLON and UXRP has not been confirmed, market analysts suggest that trading may begin as soon as this week.
This launch reflects the ongoing maturation of the cryptocurrency market, highlighting the continued integration of digital assets within traditional financial infrastructures.
Understanding the Implications of 2x Leverage: Increased Potential and Risk
These ETFs could potentially increase market liquidity for Solana and Ripple while attracting additional institutional capital from financial firms that have previously adopted a cautious stance due to concerns over volatility and regulatory issues.
However, the inherent risks associated with these investment products must be carefully considered.
Given their objective of achieving double daily returns, the ETFs may face increased volatility resulting from fluctuations in the prices of the underlying assets, particularly during turbulent market conditions.
If we were able to document euphoria in a single chart, this could be one of them.
Leveraged ETF exposure is at all-time highs, and the vast majority of that exposure is within leveraged long exposure.
This amplifies tail risks if we see a meaningful drawdown as many would sell pic.twitter.com/DdYWWxkj4C
— Markets & Mayhem (@Mayhem4Markets) November 30, 2024
Following the announcement, both XRP and SOL saw declines, with Ripple’s token dropping 3.11% and Solana experiencing a 3.96% decrease during the same trading period.
ProShares’ entry into the leveraged market for XRP and Solana follows similar initiatives from other firms.
Teucrium launched the first XRP futures ETF in April, achieving over $5 million in trading volume on its inaugural day, marking the firm’s most successful product launch to date.
In March, Volatility Shares LLC also introduced the first Solana ETFs: the Volatility Shares Solana ETF (SOLZ), which tracks Solana futures, and the Volatility Shares 2X Solana ETF (SOLT), providing leveraged exposure.
ProShares: A Leading Force in the Crypto ETF Market
Since its inception in 2006, ProShares has positioned itself as a leader in the ETF market, currently managing assets exceeding $85 billion and offering a diverse array of investment products.
The firm began its foray into cryptocurrency ETFs with the launch of the first U.S. bitcoin-linked ETF (BITO) in October 2021.
ProShares data shows first #BTC futures-backed #ETF is still trading at a modest premium despite initial worries.
Read more https://t.co/h6N9niav8R
— Finance Newso.com (@Finance Newso) October 28, 2021
At present, ProShares boasts the largest collection of crypto-linked funds in the United States, including 12 ETFs and three ProFunds mutual funds.
Earlier this year, ProShares submitted proposals for three new XRP-based funds, which include UXRP, a Short XRP ETF, and an Ultra Short XRP ETF.
Numerous financial firms are exploring proposals for ETFs tracking cryptocurrencies beyond Bitcoin and Ethereum, with Solana, XRP, and Dogecoin emerging as significant alternatives under consideration.
The post Wall Street Giant ProShares Launches 2x Leveraged Solana and XRP ETFs – Institutions Coming? appeared first on Finance Newso.
