ProShares Launches 2x Daily Return ETFs for Solana and XRP

ProShares launches two new ETFs, SLON and UXRP, targeting 2x daily returns of Solana and XRP, two of the world's largest cryptocurrencies. The ETFs provide leveraged exposure to these cryptocurrencies, overcoming challenges of acquiring leveraged exposure. ProShares has a history of innovation in the ETF market, offering a range of crypto-linked funds with over $1.5 billion in assets under management.

ProShares has expanded its suite of cryptocurrency-linked exchange-traded funds (ETFs) with the launch of two new ETFs, SLON and UXRP, targeting 2x daily returns of Solana and XRP, respectively. The ETFs, which will trade under the ticker symbols SLON and UXRP, aim to provide investors with leveraged exposure to these two of the world's largest cryptocurrencies. The funds, which are set to launch by the end of this week, are designed to overcome the challenges of acquiring leveraged exposure to cryptocurrencies [3].

The ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP) will deliver twice the daily performance of their respective underlying cryptocurrencies. The ETFs will not invest directly in cryptocurrencies but will instead use derivatives, including swap agreements and futures contracts, to provide indirect exposure. This structure allows investors to gain leveraged exposure to Solana and XRP without necessarily possessing the assets directly [3].

ProShares, known for its innovative approach in the ETF market, has already launched several cryptocurrency-linked funds, including the first U.S. bitcoin-linked ETF (BITO) in October 2021. The company currently manages over $85 billion in assets across its ETF lineup, with the new ETFs collectively managing more than $1.5 billion in assets under management as of July 10, 2025 [3].

The launch of these ETFs coincides with increasing institutional interest in cryptocurrencies and the ongoing regulatory developments during Crypto Week in Washington, D.C. The approval of the ProShares Ultra XRP ETF by the U.S. Securities and Exchange Commission (SEC) has also drawn renewed attention to XRP and its expanding investment ecosystem. The XRP ETF, which is set to launch on the NYSE Arca, offers twice the daily exposure to XRP's performance through a blend of futures contracts and swap agreements [1].

While the new ETFs offer the potential for significant daily gains, they also come with higher risks associated with leveraged investing, cryptocurrency market volatility, and the use of derivatives. ProShares cautions that the funds may experience significant value declines and may not be suitable for all investors [3].

The launch of these ETFs is expected to boost trading interest and volumes in Solana and XRP, as investors seek to gain leveraged exposure to these cryptocurrencies. The approval of the ProShares Ultra XRP ETF has already led to a 25% increase in the price of XRP over the past week, highlighting the market's positive response to the news [1].

In conclusion, ProShares' new ETFs offer investors a regulated and accessible way to gain leveraged exposure to Solana and XRP. However, investors should be aware of the higher risks associated with leveraged investing and ensure that these funds align with their investment objectives and risk tolerance.

References:
[1] https://cryptopotato.com/sec-approves-proshares-xrp-etf-launch-imminent/
[2] https://www.fxempire.com/forecasts/article/xrp-price-prediction-can-xrp-rise-to-9-etf-hype-causes-major-breakout-1533391
[3] https://www.investing.com/news/cryptocurrency-news/proshares-launches-leveraged-etfs-for-solana-and-xrp-exposure-432SI-4135642
[4] https://invezz.com/news/2025/07/15/sec-approves-proshares-ultra-xrp-etf-for-nyse-arca-listing/