ProShares has launched two new crypto exchange-traded funds (ETFs) in the U.S., offering leveraged exposure to Solana (SOL) and XRP. The ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP) aim to deliver twice the daily performance of their respective cryptocurrencies through regulated futures contracts rather than directly holding the tokens.
The ETFs were approved for listing on NYSE Arca in coordination with the U.S. Securities and Exchange Commission (SEC), as confirmed in regulatory filings. Although these funds don’t provide direct spot exposure to SOL or XRP, they highlight growing institutional interest in crypto-backed products that operate within existing regulatory frameworks.
Futures-based ETFs like SLON and UXRP are often viewed as a stepping stone toward eventual spot ETF approval. They offer regulators insight into key metrics such as market liquidity, pricing mechanisms, and investor safeguards, which are critical in evaluating spot ETF applications. Major asset managers including VanEck and Bitwise currently have proposals pending with the SEC for spot Solana and XRP ETFs, though no spot approvals have yet been granted.
The launch reflects rising demand from institutional investors and active traders seeking leveraged access to altcoins without navigating crypto custody or compliance issues. As crypto and traditional finance continue to converge, products like these may further normalize digital assets in mainstream portfolios while shaping the regulatory landscape for future offerings.
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