NYSE Arca Greenlights ProShares’ Leveraged Solana and XRP ETFs

ProShares Unveils Leveraged Solana and XRP ETFs Following NYSE Arca Approval

ProShares has officially launched two new futures-based cryptocurrency ETFs, giving investors leveraged access to Solana (SOL) and XRP, two of the market’s leading altcoins. The move follows formal approval from NYSE Arca, clearing the way for both products to begin trading in U.S. markets.

The ProShares Ultra Solana ETF (SLON) and ProShares Ultra XRP ETF (UXRP) are designed to deliver 2x the daily performance of SOL and XRP, respectively. Rather than holding the digital assets directly, these ETFs use regulated futures contracts, offering exposure without the custody or security concerns associated with spot holdings.

This launch marks a significant expansion of ProShares’ crypto-focused ETF lineup and reflects the growing institutional interest in altcoin strategies. While the funds do not offer spot exposure, they are seen as an important step in bridging traditional finance with the evolving digital asset ecosystem.

Futures-based products have historically served as a testing ground for the SEC, allowing regulators to monitor market activity before approving spot-based counterparts. At present, multiple proposals for spot Solana and XRP ETFs—including those from VanEck and Bitwise—are still under SEC review.

Despite the lack of spot approval, ProShares’ move suggests that demand for crypto exposure through traditional financial instruments is accelerating. The SLON and UXRP ETFs cater to a growing segment of investors looking for higher-risk, higher-reward strategies in the crypto space—particularly through leveraged vehicles.

As more players enter the market and regulators become increasingly familiar with altcoin futures, the debut of these ETFs could set the stage for broader crypto ETF adoption in the months ahead.