Two new crypto exchange-traded funds (ETFs) targeting Solana (SOL) and XRP (XRP) are launching in the U.S. on Tuesday, marking another step in the expanding intersection of traditional finance and digital assets.
ProShares, a major player in leveraged ETFs, rolled out the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). Both products aim to deliver twice the daily performance of their respective underlying cryptocurrencies, but do so using regulated futures contracts — not by holding the tokens themselves, ProShares said in a press release.
The launches follow confirmation from NYSE Arca, which certified the “approval for listing” of both funds in coordination with the U.S. Securities and Exchange Commission (SEC), according to two letters filed Monday.
While these ETFs won’t offer investors direct exposure to the price movements of SOL or XRP, their arrival on U.S. exchanges reflects growing institutional comfort with crypto-backed products — particularly when tied to regulated derivatives markets.
Futures-based ETFs have historically played a role in paving the way for spot-based versions. The presence of a regulated futures market can help regulators gauge liquidity, pricing mechanisms and investor protection, all key factors in evaluating applications for spot ETFs.
Several asset managers, including VanEck and Bitwise, currently have active proposals with the SEC for spot Solana and spot XRP ETFs. The SEC has not yet approved any spot ETFs tied to either asset, but futures-based products like SLON and UXRP could influence that path.
The new funds also speak to increasing demand from traders and institutions looking for leveraged exposure to major altcoins, even as the regulatory picture for spot crypto products continues to evolve.