Emre Yumlu 
ProShares, a recognized leader in leveraged and inverse ETFs, has unveiled its latest innovation in the crypto investment space. The firm has introduced two new exchange-traded funds (ETFs): SLON, which tracks Solana (SOL), and UXRP, which tracks XRP. Both funds aim to deliver 2x the daily returns of their respective cryptocurrencies.
What Are SLON and UXRP ETFs?
These newly launched ETFs are designed for investors seeking leveraged exposure to popular altcoins without directly purchasing the underlying assets:
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SLON ETF: Targets twice the daily performance of Solana.
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UXRP ETF: Aims for 2x the daily returns of XRP.
These ETFs provide an accessible route for investors to participate in the price movements of these major cryptocurrencies using traditional financial instruments.
ProShares CEO Highlights the Growing Demand
In a statement about the launch, ProShares CEO Michael L. Sapir commented:
“As cryptocurrencies continue to gain traction, investors are increasingly looking at next-generation blockchain platforms like Solana and XRP. SLON and UXRP offer investors the ability to access leveraged exposure to these networks, overcoming the typical challenges associated with such positions.”
ProShares’ History of Crypto ETF Innovation
ProShares is no stranger to groundbreaking crypto-linked ETF products. Its notable milestones include:
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BITO: The first Bitcoin-linked ETF in the U.S. (launched October 2021)
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BITI: The first inverse Bitcoin ETF
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EETH: The first ETF tracking Ether’s performance
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SETH: The first short Ether ETF
With these additions, ProShares now offers the largest lineup of crypto-related ETFs in the U.S., including 12 ETFs and three ProFunds mutual funds. The firm manages over $1.5 billion in assets across these products.
SLON and UXRP Do Not Hold Crypto Directly
It’s important to note that neither SLON nor UXRP holds Solana or XRP directly. Instead, they use derivative instruments to track the price movements of these digital assets. This allows ProShares to offer exposure while avoiding the complexities of custody and regulation involved in holding the cryptocurrencies themselves.
What This Means for Investors
Leveraged ETFs such as SLON and UXRP are designed for short-term trading strategies. While they offer the potential for high returns, they also carry significant risk, especially in volatile markets. These products are best suited for traders with a deep understanding of crypto price dynamics and leverage mechanics.
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