Wall Street investment firm ProShares has announced the launch of two new leveraged exchange-traded funds: the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP) . Both products offer 2x leveraged exposure to the performance of Solana and XRP, respectively, two of the world’s largest cryptocurrencies by market capitalization. #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 newly launched SLON and UXRP expand ProShares’ existing portfolio of leveraged crypto-linked ETFs, which collectively manage more than $1.5 billion in assets. ProShares Granted NYSE Arca Approval—Could XRP And SOL Trading Begin This Week? In an official announcement dated July 15, ProShares CEO Michael L. Sapir stated, “As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies.” However, these ETFs do not hold cryptocurrencies directly. Instead, ProShares employs financial derivatives and debt instruments to amplify returns from the underlying assets. This structure means the SOL and XRP ETFs are designed to deliver daily returns that are double (2x) the benchmark’s price performance, magnifying both gains and losses. The launch follows ProShares’ receipt of approval for listing from the New York Stock Exchange Arca (NYSE Arca), as stated in a letter submitted to the U.S. Securities and Exchange Commission on July 14. NYSE Arca, one of the largest exchanges in the United States, has validated the product’s regulatory compliance and market readiness. 🔔 The SEC has cleared ProShares to debut three XRP futures ETFs this week, though spot ETF applications are still pending. #ProShares #XRPETF https://t.co/B3UoTew2Ir — Cryptonews.com (@cryptonews) April 28, 2025 This development creates new opportunities for institutional investors to gain exposure to XRP and SOL through traditional stock market channels, offering a more accessible and regulated pathway compared to direct cryptocurrency trading. Additionally, futures-based crypto ETFs have historically secured regulatory approvals and commenced trading more rapidly than their spot counterparts. While the exact trading commencement date for SLON and UXRP remains unconfirmed, market observers have speculated that trading could begin as early as this week. This launch occurs within the context of a maturing cryptocurrency market, demonstrating the continued integration of digital assets into traditional financial infrastructure. Double Returns, Double Risk: What 2x Leverage Really Means For both Solana and Ripple, these ETFs could potentially enhance market liquidity and attract additional institutional capital from financial companies that have previously remained cautious due to volatility concerns and regulatory uncertainty. However, these investment vehicles carry inherent risks that cannot be overlooked. Given their objective of achieving double daily returns, the ETFs may experience heightened volatility amplification from underlying asset price fluctuations, particularly during periods of market instability. 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 experienced price declines , with the Ripple-backed token falling 3.11% and Solana declining 3.96% over the same trading period. ProShares’ entry into leveraged XRP and Solana ETFs follows similar moves by other firms. In April, Teucrium launched the first XRP futures ETF , which recorded more than $5 million in trading volume on its debut day, marking the firm’s most successful product launch to date. Similarly, in March, Volatility Shares LLC introduced the first Solana ETFs : the Volatility Shares Solana ETF (SOLZ), which tracks Solana futures, and the Volatility Shares 2X Solana ETF (SOLT), offering leveraged exposure. ProShares’ Billion-Dollar Crypto ETF Empire ProShares has maintained a leadership position in the ETF space since 2006, currently managing over $85 billion in assets and offering one of the industry’s most comprehensive ETF lineups. The firm introduced cryptocurrency ETF offerings 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 — Cryptonews.com (@cryptonews) October 28, 2021 Currently, ProShares operates the largest lineup of crypto-linked funds in the United States, comprising 12 ETFs and three ProFunds mutual funds. In January, ProShares submitted proposals for three XRP-based funds, including UXRP, a Short XRP ETF, and an Ultra Short XRP ETF. Multiple financial firms have submitted proposals for ETFs tracking cryptocurrencies beyond Bitcoin and Ethereum, with Solana, XRP, and Dogecoin emerging as the most prominent alternatives under consideration.Wall Street investment firm ProShares has announced the launch of two new leveraged exchange-traded funds: the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP) . Both products offer 2x leveraged exposure to the performance of Solana and XRP, respectively, two of the world’s largest cryptocurrencies by market capitalization. #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 newly launched SLON and UXRP expand ProShares’ existing portfolio of leveraged crypto-linked ETFs, which collectively manage more than $1.5 billion in assets. ProShares Granted NYSE Arca Approval—Could XRP And SOL Trading Begin This Week? In an official announcement dated July 15, ProShares CEO Michael L. Sapir stated, “As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies.” However, these ETFs do not hold cryptocurrencies directly. Instead, ProShares employs financial derivatives and debt instruments to amplify returns from the underlying assets. This structure means the SOL and XRP ETFs are designed to deliver daily returns that are double (2x) the benchmark’s price performance, magnifying both gains and losses. The launch follows ProShares’ receipt of approval for listing from the New York Stock Exchange Arca (NYSE Arca), as stated in a letter submitted to the U.S. Securities and Exchange Commission on July 14. NYSE Arca, one of the largest exchanges in the United States, has validated the product’s regulatory compliance and market readiness. 🔔 The SEC has cleared ProShares to debut three XRP futures ETFs this week, though spot ETF applications are still pending. #ProShares #XRPETF https://t.co/B3UoTew2Ir — Cryptonews.com (@cryptonews) April 28, 2025 This development creates new opportunities for institutional investors to gain exposure to XRP and SOL through traditional stock market channels, offering a more accessible and regulated pathway compared to direct cryptocurrency trading. Additionally, futures-based crypto ETFs have historically secured regulatory approvals and commenced trading more rapidly than their spot counterparts. While the exact trading commencement date for SLON and UXRP remains unconfirmed, market observers have speculated that trading could begin as early as this week. This launch occurs within the context of a maturing cryptocurrency market, demonstrating the continued integration of digital assets into traditional financial infrastructure. Double Returns, Double Risk: What 2x Leverage Really Means For both Solana and Ripple, these ETFs could potentially enhance market liquidity and attract additional institutional capital from financial companies that have previously remained cautious due to volatility concerns and regulatory uncertainty. However, these investment vehicles carry inherent risks that cannot be overlooked. Given their objective of achieving double daily returns, the ETFs may experience heightened volatility amplification from underlying asset price fluctuations, particularly during periods of market instability. 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 experienced price declines , with the Ripple-backed token falling 3.11% and Solana declining 3.96% over the same trading period. ProShares’ entry into leveraged XRP and Solana ETFs follows similar moves by other firms. In April, Teucrium launched the first XRP futures ETF , which recorded more than $5 million in trading volume on its debut day, marking the firm’s most successful product launch to date. Similarly, in March, Volatility Shares LLC introduced the first Solana ETFs : the Volatility Shares Solana ETF (SOLZ), which tracks Solana futures, and the Volatility Shares 2X Solana ETF (SOLT), offering leveraged exposure. ProShares’ Billion-Dollar Crypto ETF Empire ProShares has maintained a leadership position in the ETF space since 2006, currently managing over $85 billion in assets and offering one of the industry’s most comprehensive ETF lineups. The firm introduced cryptocurrency ETF offerings 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 — Cryptonews.com (@cryptonews) October 28, 2021 Currently, ProShares operates the largest lineup of crypto-linked funds in the United States, comprising 12 ETFs and three ProFunds mutual funds. In January, ProShares submitted proposals for three XRP-based funds, including UXRP, a Short XRP ETF, and an Ultra Short XRP ETF. Multiple financial firms have submitted proposals for ETFs tracking cryptocurrencies beyond Bitcoin and Ethereum, with Solana, XRP, and Dogecoin emerging as the most prominent alternatives under consideration.