• ProShares has launched leveraged ETFs, UXRP and SLON, based on XRP and Solana futures, not the physical assets.
  • Both ETFs aim to deliver 2x the daily performance of their respective cryptocurrencies using Bloomberg indexes.

ProShares, a major asset management firm, has announced the official launch of two new cryptocurrency exchange-traded funds (ETFs) in the United States.

The ETFs, ProShares Ultra XRP ETF (UXRP) and ProShares Ultra Solana ETF (SLON), are designed to offer investors leveraged exposure to XRP and Solana (SOL), respectively.

Unlike traditional ETFs that invest in physical assets, both UXRP and SLON are managed using futures contracts. This means they are based on the performance of XRP and Solana futures rather than the cryptocurrencies themselves.

Targeting Double Daily Performance

The two products are structured to double the daily performance of their respective cryptocurrencies. This leverage is achieved by tracking Bloomberg indexes tied to XRP and Solana.

Essentially, if the daily price of XRP or Solana increases by 1%, UXRP and SLON aim to increase by 2%, and vice versa.

The move signals growing institutional interest in alternative crypto assets beyond Bitcoin and Ethereum. ProShares already manages a broad range of cryptocurrency-related ETFs and currently has over $85 billion in assets under management.

Michael L. Sapir, CEO of ProShares, emphasised the growing role of platforms like Solana and XRP in the evolving digital economy.

“As cryptocurrencies gain wider acceptance, investors have turned to platforms like Solana and XRP to gain exposure to the next generation of blockchain technology,” said Sapir.
“SLON and UXRP offer easier access to leveraged exposure to Solana and XRP, respectively.”

ProShares had previously revealed plans to launch three XRP futures ETFs in April, including the Ultra XRP ETF now listed as UXRP.

With this rollout, ProShares continues to expand its footprint in the rapidly evolving digital asset investment space.

Edited by Annette George