ProShares, a prominent issuer of exchange-traded funds (ETFs) known for its leveraged and inverse products and pioneering work in crypto-linked ETFs, has expanded its offerings with the introduction of the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP).
Launched from Bethesda, Maryland, these new ETFs aim to provide investors with leveraged exposure to two of the largest cryptocurrencies by market capitalization. SLON is designed to target 2x the daily performance of Solana, while UXRP seeks to achieve 2x the daily performance of XRP.
Michael L. Sapir, CEO of ProShares, stated, “As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies. SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.”
ProShares has been a notable entity in the crypto-linked ETF market since launching the first U.S. bitcoin-linked ETF (BITO) in October 2021. The firm has since introduced the first U.S. short bitcoin ETF (BITI), the first U.S. ETF targeting the performance of ether (EETH), and the first U.S. short ether ETF (SETH). With these additions, ProShares now offers the largest lineup of crypto-linked funds in the U.S., comprising 12 ETFs and three ProFunds mutual funds. The leveraged crypto-linked ETFs, including SLON and UXRP, collectively managed over $1.5 billion in assets as of July 10, 2025.
It is important to note that these ETFs, including SLON and UXRP, do not invest directly in cryptocurrencies. Instead, they gain exposure through derivatives such as swap agreements and futures contracts. Investing in these products involves inherent risks, including the potential loss of principal. As new asset classes, digital assets like Solana and XRP are subject to significant volatility, rapid price swings, and liquidity concerns, influenced by factors such as supply and demand dynamics, media coverage, and regulatory developments. These assets are largely unregulated and may be more susceptible to fraud and manipulation. The leveraged nature of SLON and UXRP amplifies volatility, and their daily investment objectives mean that returns for holding periods longer than a single day may differ significantly from the stated daily target.
Established in 2006, ProShares manages over $85 billion in assets and offers a diverse range of ETFs. The company specializes in crypto-linked, dividend growth, high-income, interest-rate hedged bond, and geared (leveraged and inverse) ETF strategies, aiming to provide strategic and tactical opportunities for investors.
