ProShares announced the launch of two new exchange-traded funds targeting leveraged exposure to cryptocurrencies Solana and XRP. The ProShares Ultra Solana ETF (SLON) and ProShares Ultra XRP ETF (UXRP) each seek to deliver twice the daily performance of their respective underlying cryptocurrencies.

The funds expand ProShares’ cryptocurrency-linked ETF lineup to 12 ETFs and three ProFunds mutual funds, representing what the company describes as the largest suite of crypto-linked funds in the United States. The leveraged crypto-linked ETFs collectively manage more than $1.5 billion in assets under management as of July 10, 2025.

"As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies," said ProShares CEO Michael L. Sapir. "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."

The ETFs do not invest directly in cryptocurrencies but instead use derivatives including swap agreements and futures contracts to provide indirect exposure. ProShares notes that Solana and XRP rank among the world’s largest cryptocurrencies by market capitalization, according to CoinMarketCap data.

ProShares entered the cryptocurrency ETF market in October 2021 with the launch of the first U.S. bitcoin-linked ETF (BITO), followed by additional products including short bitcoin and ether ETFs. The Bethesda, Maryland-based company manages over $85 billion in assets across its ETF lineup.

The new funds carry 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.