ProShares Launches New ETFs for XRP and Solana
ProShares has launched two new exchange-traded funds (ETFs) that give investors more exposure to XRP and Solana (SOL). These funds are called ProShares Ultra XRP ETF and ProShares Ultra Solana ETF.
The goal of these ETFs is to give investors twice the daily return of the performance of XRP and Solana.
“As crypto becomes more popular, many investors are looking at platforms like Solana and XRP to benefit from new blockchain technologies,” said Michael L. Sapir, CEO of ProShares.
These new ETFs are part of a trend where companies offer more crypto-related investment products — including leveraged funds, which aim to amplify daily returns. However, leveraged ETFs also carry higher risks. If the market moves in the opposite direction than expected, the losses can be much bigger.
“SLON and UXRP allow investors to gain leveraged exposure to Solana and XRP without the difficulty of doing it directly,” Sapir added.
These ETFs started trading on the New York Stock Exchange (NYSE) on Tuesday after receiving approval from the U.S. Securities and Exchange Commission (SEC). They do not directly hold XRP or Solana.
XRP and Solana are currently the 3rd and 6th largest cryptocurrencies by market cap. Both coins recently dropped over 1% in the last 24 hours, based on data from CoinGecko.
Many fund managers in the U.S. have recently applied to launch more crypto-focused ETFs. This comes after the huge success of Bitcoin and Ethereum spot ETFs, which were approved last year. Bitcoin ETFs have seen over $52 billion in inflows, while Ethereum ETFs have attracted more than $5.5 billion.
